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Follow us. Choose a dictionary. Clear explanations of natural written and spoken English. Usage explanations of natural written and spoken English. Grammar Thesaurus. Word Lists. Choose your language. My word lists. The seven central banks - including those in the United States, Britain and the ECB in the euro zone, but not China - said publicly-used "retail" CBDC must harness both public and private players to mesh with existing payment systems.
The tech should be useable with existing domestic payments systems, with strategies for adoption tailored to on-the-ground economic conditions, said the central banks, working alongside the Bank for International Settlements.
The existing financial system must be given time to adjust to the introduction of CBDC, they said, flagging risks of what could amount to slow-motion bank runs if commercial bank customers suddenly shifted savings to the new tech.
Unlike cryptocurrencies like bitcoin that are usually run by private actors, CBDCs would be equivalent to cash, issued and backed by central banks. They differ from the electronic money used in billions of transactions daily that is mostly funnelled via commercial banks. Sign Up. I Support Learn More. Latest Stories. Duran Nov 8, More ». Sign Up Now No Thanks. Become a member and go ad-free! Support Our Journalism.
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