CONTENT
-
German financial conglomerate sees global impact from CBDC
-
So far, there are three types of potential central bank digital currency
-
Russia does not see the difference between electronic payments and CBDC
International consortium of news organizations developing transparency standards.
Large German bank believes the emergence of digital currencies from central banks will significantly affect financial relationships around the world
Germany’s largest financial conglomerate, Deutsche Bank, believes that central bank digital currencies (CBDC) Bills and coins may be a thing of the past due to a new financial instrument, central bank digital currencies (CBDC). As … More) will forever change the world’s financial model … This was stated by the specialists of the private wealth management department in a report entitled “Digital currencies of central banks. Reinventing money “.
Join our telegram channel to keep abreast of the main trends in the crypto market.
The document describes the main advantages and disadvantages of a CBDC, and also examines the interaction between such an asset and the government..
Christine Lagarde: ‘Central Bank digital currency is coming alive’
The potential benefits, according to the bank, relate to the speed and ease of cash transactions (between individuals, as well as between the state and individuals), as well as opportunities for improving and improving policy – whether it is the ability to reduce interest rates or the identification and suppression of illegal cash translations.
Huge consequences for society
At the same time, the problems posed by CBDC are numerous, and the consequences for the financial system and society as a whole are enormous, according to Deutsche Bank..
“It is necessary to study the topics related to confidentiality, scaling and regulation,” the bank said.
The emergence of CBDC may lead to the disappearance of commercial banks, which will also have implications for the entire global economy.
Source: db.com
So far, Deutsche Bank sees three models of potential CBDCs:
- Shared CBDC (account-based): Individual accounts are opened with the central bank and transfers are made directly through the central bank;
- Shared CBDC (token / based): The central bank issues a digital token As the use of cryptocurrencies increases, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More for the market. The transfer of the token will allow you to perform the same operations as in the case of cash. This CBDC option will provide immediate and anonymous settlement;
- Wholesale CBDC (token-based): limited access to banks and other financial institutions; CBDC is for bulk settlements such as interbank payments and securities settlement.

Wait-and-see tactics
The fever around CBDC is gaining momentum more and more every month of 2020. It is noteworthy that it is the Asian market that is most actively in favor of the issue..
Following the leading China, Japan and South Korea entered the race to create the CBDC. In Europe, they also do not want to lag behind digitalization, but so far they are only studying the potential impact of such currencies on financial markets..
Learn how to trade in the cryptocurrency market with BeInCrypto partner – cryptocurrency exchange StormGain
The Central Bank of the Czech Republic, for example, saw a similarity between “helicopter money” and CBDC, and also noted the difficulties at the legislative level for the implementation of the idea.
In the domestic market, the situation around CBDC is even more vague. Despite the fact that Russia ranks first in Eastern Europe in terms of the popularity of contactless payments, the development of a national CBDC remains in question.
In April, the First Deputy Governor of the Bank of Russia Olga Skorobogatova said that in Russia there is no convincing answer to the question of what exactly such an asset can give and “even explain the difference between electronic payments and CBDC”.
What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
Disclaimer
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
Share Article




Similar articles
-
Bank of England confirms plans to create national digital currency
CONTENT The Bank of England has recognized the potential impact of digital currency on society and payments. The first British “cryptocurrency” may appear …
-
Central banks are ready for CBDC, just not Libra
CONTENTS Central Banks Seek Salvation From Libra At CBDC China, Eurozone And Bahamas Are Already Testing CBDC Digital currencies may appear as early as …
Central bank digital currencies: foundational principles and core features
-
Banks still don’t understand why they need CBDC – opinion
CONTENTS Central banks do not need digital currency The implementation of CBDCash will strengthen the monopoly of banks and control the wallets of the Country’s users …
-
Central Bank Digital Currencies Are Coming.
CONTENT Russia is moving towards digitalization of the economy and the integration of cryptocurrencies into banking services Russians can now pay utility…
-
More than half of central banks want tokenized CBDC
CONTENTS Central banks are not interested in blockchain for CBDC. Everyone is watching China closely. For CBDC, you need wholesale tokens, not retail ones, which …
Recent Comments