Central bank digital currencies face a tricky trilemma when it comes to ensuring they are well designed. What’s the answer?
The BoE has recently taken greater steps towards the rollout of a central bank digital currency.
Mark Carney, one of the most prominent central bankers of the post-financial crisis era, has officially joined the digital payments company. Stripe has all but abandoned cryptocurrency payment solutions for the time being, but its founders are positive about the emerging industry.
The U.K. central bank governor believes existing cryptocurrencies will fail over the longer term due to their robust privacy features.
Deputy Governor Jon Cunliffe says protecting bank business models is not BoE’s responsibility.
ECB President Christine Lagarde says the impetus for a central bank digital currency could come from the need to facilitate cross-border finance.
“We will continue to explore the pros and cons of CBDC,” said Tom Mutton.
Central bank digital currency interest continues gaining global traction.
“It may have extrinsic value in the sense that people want it,” said Bailey.
Speculation clogs up blockchains, making them harder to use and ultimately less valuable, a working paper suggests.