Even Central Banks Are Losing Faith in CBDCs (ft.com)
(Thursday November 28, 2024 @11:08AM (msmash)
from the closer-look dept.)
- Reference: 0175559029
- News link: https://news.slashdot.org/story/24/11/28/168214/even-central-banks-are-losing-faith-in-cbdcs
- Source link: https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb
Central bank support for digital currencies [1]appears to have fallen sharply , with only 13% of central bankers surveyed by OMFIF Digital Monetary Institute backing CBDCs as a cross-border payment solution, down from 31% in 2023.
The survey found just 10% of respondents are actively developing CBDCs, compared with 21% last year. The decline comes despite major initiatives including the Bank for International Settlements' Project Agora and China's Project mBridge. The BIS recently withdrew from mBridge, creating a potential split between Western and emerging market payment systems. Nearly half of surveyed bankers favor improving existing instant payment infrastructure over CBDCs.
[1] https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb
The survey found just 10% of respondents are actively developing CBDCs, compared with 21% last year. The decline comes despite major initiatives including the Bank for International Settlements' Project Agora and China's Project mBridge. The BIS recently withdrew from mBridge, creating a potential split between Western and emerging market payment systems. Nearly half of surveyed bankers favor improving existing instant payment infrastructure over CBDCs.
[1] https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb
Fallback Plan (Score:2)
by bill_mcgonigle ( 4333 ) *
I'm old enough to remember when Crowdstrike took out commerce for a day and people used cash to carry on with life.
CBDC? (Score:2)
by 278MorkandMindy ( 922498 )
While there are context clues (Digital Currency and Central Bank), it doesn't hurt to assume a significant portion of the audience isn't familiar with a specific collection of letters. Putting the explanation in the article would be a good thing, especially as the article doesn't mention the DC's (Digital Currency) in question are not generic, but from/owned by the actual bank itself.
Environmental Disaster (Score:2)
The central banks never liked digital currencies. Now they can dislike them because digital currencies are bad for the environment.
Re: (Score:2)
Central banks are a disaster for the environment.
Fiat dollars can only exist because of the US Military.
It's the largest polluter in the world.