Today BNY Mellon published two papers about innovation in payments, one of them focused on digital currencies. It separates them into three buckets, cryptocurrencies, central bank digital currencies (CBDC) and stablecoins.
The bank believes that digital currencies “could change the way we look at settlement speed, liquidity, reconciliation and risk.”
It predicts the current payment systems will persist, and “no one initiative or technology is a silver bullet for delivering optimized payments.” Nonetheless, it expects stablecoins will fill a digital currency void until CBDCs launch.
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