EACC & Member News

Central Banks Develop Digital Currencies

Coronavirus accelerated the world’s move away from cash. Now central banks are considering developing digital versions of the notes and coins in our wallets. Sweden and mainland China could well launch CBDCs – central bank digital currencies – during 2021.These are not cryptocurrencies or units used in video games but means of payment being discussed by many central banks, including the US Federal Reserve, Bank of England, European Central Bank and Bank of Japan. With the Bank for International Settlements – the central bankers’ central bank – they have outlined the principles and core features of CBDCs. Read further.

 

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