Central Banks Urged To Fast-Track Digital Currency Adoption

Law360, London (June 25, 2020, 5:07 PM BST) -- Policymakers should step up efforts to integrate digital currencies into the national payments system as market-disrupting events such as COVID-19 expose the shortfalls of the traditional monetary structure, the Bank for International Settlements said.

The global standards-setter for central banks pointed to concerns that the poor and those without bank accounts have unequal access to funds.

The BIS said in a study published on Wednesday that it has identified a need for governments to design policies that can meet the challenges presented by innovative payment methods that lie outside the structure provided by central and commercial banks.

Central banks with their...

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