Central Banks Urged To Speed Up Digital Cash Development

By Najiyya Budaly (September 10, 2021, 12:43 PM BST) -- Major central banks must accelerate programs for designing digital currencies to help them keep up with Big Tech companies offering innovative payment solutions, a Bank for International Settlements chief said on Friday.

Benoît Cœuré, who heads the innovation hub at BIS, said that European Union central banks should speed up their work on creating central bank digital currencies, or CBDCs. The currencies are traditional money in digital form and are issued and governed by national central banks.

Cœuré, a former board member of the European Central Bank, said central banks must act fast to begin rolling out their digital currencies because...

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