Bank for International Settlements Distances from Centralized Digital Currencies

A new joint European banking report has undermined the effectiveness of so-called central bank digital currencies (CBDCs).

The report, presented by two working groups under the auspices of the Bank for International Settlements (BIS) and the European Central Bank (ECB), warns of the "adverse" effect of the introduction of a CBDC

. banks and other authorities "continue their wide surveillance" of digital currencies out of centralized control like Bitcoin.

"All measures for the eventual launch of a CBDC should be the subject of careful and thorough scrutiny." Further research on the possible effects on interest rate, the structure of intermediation, financial stability and financial supervision are justified, "conclude the authors. In separate comments on the report's findings, ECB and BIS leaders Benoît Cœuré and Jacqueline Loh said that decentralized digital currency, especially Bitcoin, was "not the answer to the question". ". the economy without cash.

The CBDC's non-interventionist approach further widens the gap between the EU and the central banks of other countries over the concept

Russia, Venezuela, Islands Marshall, Cambodia. , Turkey and Iran emit conversely or at least sympathize with the concept of cryptocurrency of state.