A bulletin from the Bank for International Settlements (BIS), the body owned by 62 central banks, highlights cash concerns because of the COVID-19 virus. It states that perceived risks, valid or not, brings the potential for digital payments to the fore. And the BIS specifically makes a case for Central Bank Digital Currencies (CBDC).
In recent weeks, internet searches have shot up relating to COVID-19 and cash, especially in jurisdictions that use small denomination banknotes.
Additionally, research has shown that viruses can persist on banknotes. That’s based on past research relating to influenza and other viruses as well as more recent COVID-19 research, which show non-porous surfaces are better at transferring the illness.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
