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Innovation Lead Of Bank For International Settlements Says CBDCs Won't Displace Physical Cash
Summary: Benoît Cœuré of the Bank for International Settlements stated that central bank digital currencies will not displace the importance of physical cash during a recent interview. The statement comes as nations around the globe are moving forward with central bank digital currency research, most notably is China's digital yuan project. “No one wants to force ...
Benoît Cœuré of the Bank for International Settlements stated that central bank digital currencies will not displace the importance of physical cash during a recent interview.
The statement comes as nations around the globe are moving forward with central bank digital currency research, most notably is China's digital yuan project.
“No one wants to force consumers to choose their payment methods. Diversity is a good thing and it fosters innovation," Cœuré said. "The goal is to offer choice, which means allowing consumers to continue paying with currency issued by the central bank.”
He argued that offering diverse payment options including cash, central bank digital currencies or even Bitcoin, is the best option for consumers.
By Emily Mason
Tags: Bank for International Settlements,CBDCs,Digital Yuan,Dollar
Link: Innovation Lead Of Bank For International Settlements Says CBDCs Won't Displace Physical Cash [Copy]
