NewsEconomics“Trade wars are technology wars”: national digital currencies to...

“Trade wars are technology wars”: national digital currencies to limit Big Tech

-

The Bank for International Settlements has given its full support to the development of central bank digital currencies (CBDCs), saying they are needed to modernize finance and ensure Big Techs don’t take control of money. “The new trade wars are technology wars,” BIS Benoit Coeure explained: “The train left the station. It’s not like we’re getting carried away, we’re just looking around. ”The push comes at a time when the use of physical cash is decreasing globally and authorities are trying to fend off the threat to their money printing powers. which comes from bitcoin and the efforts of Big Tech like Facebook which is in the process of releasing its digital currency Diem, formerly Libra. “Central bank interest in CBDCs comes at a critical time. Several recent developments have posed a number of potential innovations involving digital currencies at the top of the agenda. The first of these is the growing attention received by bitcoin and other cryptocurrencies; the second is the debate over stablecoins; and the third is the entry of large tech companies (big tech ) in payment services and financial services more generally. It is now clear that cryptocurrencies are speculative assets rather than money, and in many cases they are used to facilitate laundering or money, ransomware attacks and other financial crimes. Bitcoin in particular has few attributes of public interest when considering its wasteful energy footprint. The stablecoins try to guarantee credibility by being backed by real currencies. “Dubbed the central bank of the world’s central banks, the BIS is also taking up the first European digital currency experiment: the Swiss National Bank and the Bank of France are in fact about to verify the first cross-border payments in the European Central Bank’s digital currency. The experiment will focus on the wholesale bank-to-bank lending market rather than day-to-day public transactions, but it will be the first time that a digital euro and a digital Swiss franc have been tested. The central bank plays four key roles in pursuing the goals for studying national digital currencies: “The first is to provide the unit of account in the monetary system. From that basic promise, all other promises in the economy follow. Second instead, central banks provide the means to secure the purpose of wholesale payments the central bank is the trusted intermediary that debits the payer’s account and credits the payee’s account. Once the accounts are debited and credited to this way, the payment is final and irrevocable. The third function is to ensure that the payment system works smoothly. To this end, the central bank provides sufficient liquidity so that no bottlenecks hinder the functioning of the payment system. The fourth role of the payment system. central bank is to supervise the integrity of the payment system, while maintaining a level playing field. isore, the central bank imposes requirements on participants to support the functioning of the payment system as a whole. ”Authorities are now being asked to decide whether citizens need digital IDs to use CBDCs or follow a token-based path that many cryptocurrencies use to keep transactions more anonymous. According to BIS, the identification system would be the “best way forward”. Thus, it would prevent people from using digital currencies from countries other than their own, such as the dollar. Most experts think that fully functional digital dollars or euros are still a long way off for at least two years, but establishing global rules around CBDCs is a highly necessary operation.

1 COMMENT

  1. https://kit.co/cashcashsayitlikey
    https://kit.co/chriztuckesytheticwa
    https://kit.co/mvtinyjurassicalbum
    https://hundred.org/en/users/download-jeezy-pressure
    https://kit.co/variousartponiesatda
    https://kit.co/comunidadekyriosshal
    https://hundred.org/en/users/mp3-album-depeche-mode-live-in-berlin-soundtrack
    https://hundred.org/en/users/download-steffen-kvidahl-enveisbillett
    https://kit.co/racheleckrracheleckr
    https://kit.co/maurizioveinmannorc
    https://kit.co/devilsoldhissoulloss
    https://kit.co/downloadzayowassup
    https://hundred.org/en/users/album-mp3-billy-f-gibbons-hardware
    https://kit.co/tomraineyountuckedin
    https://hundred.org/en/users/mp3-album-alice-lebain-chester-marie-bierstedt-dem-verbrechen-auf-der-spur-folge-20-meisterdetektivin-dr-al
    https://kit.co/elfaryesencialelfary
    https://kit.co/kuttemreeskuttdatboy
    https://hundred.org/en/users/download-various-artists-100-clubland-x-treme-mp3-zip-album
    https://kit.co/prophetdiekolonie
    https://kit.co/revessonorcrepuscule
    https://kit.co/thedumeseverything
    https://hundred.org/en/users/mp3-album-iamddb-waeveybby-vol-1-ep
    https://kit.co/variousartdrromeprod
    https://hundred.org/en/users/album-download-various-artists-so-fresh-the-hits-of-summer-2019
    https://kit.co/thefleeckspunkfeel
    https://hundred.org/en/users/download-various-artists-revamp-the-songs-of-elton-john-bernie-taupin-mp3-zip-album
    https://kit.co/djfrankiednervvol1
    https://kit.co/sebastianltalesofthe
    https://kit.co/alexandrovpobeda
    https://kit.co/team1frelameditation
    https://kit.co/sinclairhierseffac
    https://hundred.org/en/users/download-izal-autoterapia
    https://hundred.org/en/users/download-album-ben-howard-i-forget-where-we-were
    https://kit.co/dwnloadnoepfolktonic
    https://kit.co/pnkalliknowso
    https://kit.co/acaciawestinmydreams
    https://kit.co/variousartultimatesu
    https://kit.co/angeldutbiggerhouse
    https://kit.co/billyfgibbhardware
    https://kit.co/porterrobisecretsky2
    https://kit.co/lowlandhumsolowalbum
    https://kit.co/cityparkabouttoalbum
    https://hundred.org/en/users/download-album-elise-legrow-playing-chess-mp3-zip-album
    https://kit.co/jillandrewvulturesep
    https://kit.co/thechoirdeepcutsalbm
    https://kit.co/dizzyseparatepl
    https://kit.co/mistamaehameasycall
    https://kit.co/davidcarioarainofmus
    https://kit.co/variosartilareinadel
    https://kit.co/holidaysidfaceofgod
    https://kit.co/verschiedefinaledein
    https://hundred.org/en/users/download-the-prophecy-where-we-belong
    https://hundred.org/en/users/album-mp3-jordan-rakei-cloak
    https://kit.co/suffocateffyra
    https://kit.co/thorhorspithordeinma
    https://kit.co/seahorsetrhannibalth
    https://kit.co/emoilanenpeiliepalbm
    https://kit.co/hololiveidbouquet
    https://kit.co/otissandsjtremendoce
    https://hundred.org/en/users/download-album-manzano-mbm-karma-ep
    https://kit.co/alanvegamutatoralbum
    https://hundred.org/en/users/album-mp3-chris-brown-exclusive-deluxe-mp3-zip-album
    https://kit.co/rahsaanbarbermosaic
    https://kit.co/diedreijurjurgenthor
    https://kit.co/thefergusqzoopzoop
    https://kit.co/nathangriscitythatim
    https://kit.co/downloadben7trustep
    https://hundred.org/en/users/download-album-popcaan-block-traffic-ep
    https://kit.co/allanwilsounfadedmem
    https://hundred.org/en/users/album-download-blue-best-of-blue-mp3-zip-album
    https://hundred.org/en/users/mp3-album-rory-gallagher-blues-mp3-zip-album
    https://kit.co/martamovidoscastigar
    https://hundred.org/en/users/mp3-album-the-cranberries-the-ultimate-collection
    https://hundred.org/en/users/download-little-simz-stillness-in-wonderland
    https://kit.co/sonicemershastaqueel
    https://kit.co/dezzalaureghostremix
    https://kit.co/dwnloadnymatrulynyma
    https://kit.co/clewsloveluckomensep
    https://hundred.org/en/users/download-jane-s-death-a-story-of-love
    https://hundred.org/en/users/mp3-album-alpha-blondy-human-race
    https://kit.co/alicewondesuenoraroe
    https://kit.co/timkilethesething
    https://hundred.org/en/users/album-mp3-pote-a-tenuous-tale-of-her
    https://hundred.org/en/users/download-skrapz-be-right-back
    https://hundred.org/en/users/download-qry-dzieci-w-samochodach
    https://hundred.org/en/users/mp3-album-justine-skye-space-and-time
    https://kit.co/feelekwamwatoepalbum
    https://kit.co/danielquiearomaanost
    https://kit.co/gamichingoogujuwan2
    https://hundred.org/en/users/download-album-bear-mccreary-battlestar-galactica-season-3-original-soundtrack-remastered
    https://kit.co/variousartuncutrawge
    https://hundred.org/en/users/download-thomas-lang-progpop
    https://kit.co/nuitincoloinfernoep
    https://kit.co/jackharlonthemagneti
    https://hundred.org/en/users/download-pryda-pryda-15-vol-iii-mp3-zip-album
    https://kit.co/mariusdanilegendofva
    https://kit.co/carterbaizinstinctep
    https://kit.co/variousartphantomsin
    https://kit.co/gasoiidxdjperreocore
    https://hundred.org/en/users/download-paul-kalkbrenner-parts-of-life-mp3-zip-album

Comments are closed.

Latest news

Real Madrid’s record numbers: They don’t play finals, they win them – Goal.com

In their last 20 finals played...only Atlético has been able to beat this Real MadridIt's not a cliché. ...

Embarrassed Slovak presenter: She had herself improved… Did she really hide this under her clothes before?! – Topky.sk

For many years, she literally acted as an advertisement for the perfect body. In the end, however, it...

David Serrano (‘I’m going to have a good time’): “Men G was the first group that I decided I liked” – Movie’n’co

David Serrano ('I'm going to have a good time'): "Men G was the first group that I decided I...

“Pools full of fecal bacteria”, 10 water parks closed

Abusive structures or with water contaminated by fecal bacteria: there are...

Mercato live: medical visit this Thursday for Kalimuendo in Rennes – Teller Report

10:35Optimism at Barça for the registration of rookiesAccording to Mundo Deportivo, the management of FC Barcelona is still hopeful...

You might also likeRELATED
Recommended to you