This week, HSBC Group CEO Noel Quinn shared his views on central bank digital currencies (CBDC) in a company insight article. He revealed that HSBC is already working with central banks of the UK, France, Canada, Singapore, mainland China, Hong Kong, Thailand and the UAE for research. He wrote favorably about the central bank-backed nature of CBDCs in comparison with other private digital currencies such as stablecoins and crypto-assets. However, not all commercial banks are embracing CBDCs.
“They (CBDCs) could also fuel innovation across the financial sector,” he said.
On the potential benefits offered by CBDCs, Quinn was optimistic. As a digital replacement for physical cash, CBDCs would eliminate the costs incurred from handling cash, leading to cheaper and more efficient payments.
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