Gov't-Backed Digital Currencies On Horizon, ING Exec Says

Law360 (September 27, 2019, 4:00 PM EDT) -- Digital currency projects like Facebook-led Libra are putting pressure on central banks to move faster, making them likely to launch government-backed digital currencies within three years, according to Dutch bank ING Group's chief economist.

Speaking in a video posted Friday by ING, Mark Cliffe emphasized the “sense of urgency” among policymakers that has permeated the discussion of Libra since its announcement in June. Lawmakers and regulators in many of the large developed nations including the United States, Germany and France have been outwardly skeptical of Facebook’s plan to develop a private digital currency, with high-level officials seeking to block its development...

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