Last week, the International Monetary Fund (IMF) published a recent speech about Central Bank Digital Currency (CBDC) made by Deputy Managing Director Tao Zhang at the London School of Economics. Zhang was with the People’s Bank of China, before joining the IMF.
The IMF executive referred to the Bank for International Settlements (BIS) survey, which showed that 80% of central banks are exploring CBDC at some level.
He provided a succinct outline of the pros and cons of digital currency. A key highlight of his speech was his discussion around the often quoted argument that a CBDC could encourage bank runs.
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