In a speech today, the head of the Bank for International Settlement’s (BIS) Innovation Hub, Benoît Cœuré, urged a sense of urgency around central bank digital currencies (CBDC). However, he stated there’s a need to move fast but NOT break things, in a twist on Facebook’s mantra.
“The financial system is shifting under our feet,” he said, and when it comes to CBDCs, “the time has passed for central banks to get going.” Instead, central banks need to accelerate their work.
He outlined a list of challenging questions that central banks need to ask, some rather progressive ones such as “should central bank money be used in DeFi rather than private stablecoins?”.
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