The digital renminbi has since been flagged as a “national security issue” threatening the U.S. dollar by Josh Lipsky, a former IMF staffer who is now at the Atlantic Council, an influential U.S. think tank. Yet the People’s Bank of China is hardly what you would call an outlier when it comes to experimenting with or piloting a digital upgrade of its national currency.
In total, 87 central banks in economies representing 90% of global GDP are currently at it, including the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England. The Reserve Bank of India recently announced that it will introduce a digital rupee in the coming financial year (April 2022 to March 2023)....
Efficiency. Welcome to the Digital Age.
Naked Capitalism
Will the World Soon Be Ready for Central Bank Digital Currencies? The IMF Seems to Think So
Nick Corbishley
https://www.nakedcapitalism.com/2022/03/is-the-world-ready-for-central-bank-digital-currencies-the-imf-chief-certainly-thinks-so.html
This all gets very silly.
ReplyDeleteWhy is having a bank account at the Bank of England such a big deal? They've been available since 1696.
What's particularly amusing is they outsourced those accounts in 2017. Now they are saying they will take them back in house and rebrand them.
https://www.bankofengland.co.uk/payment-and-settlement
ReplyDeleteAll done digitally!