New Forms of Digital Money Could Spur Growth

One banking innovation being developed is a new form of digital money known as Central Bank Digital Currencies (CBDCs). These are legal tender backed by a central bank or government authority, which means they are transparent and stable – avoiding many of the risks associated with some other forms of digital money, particularly cryptocurrencies and some stablecoins. They are already operating in certain countries and a number of major central banks are actively developing and piloting their own versions. Read more.