New look CBDCs and cryptomarket to emerge from turmoil, top BIS official says

02/06 10:03

According to Reuters, cryptomarkets have not been killed off by last year’s turmoil, while the new wave of central bank digital currencies will face geopolitical limits, the Bank for International Settlements’ new innovation head has predicted. “I would assume that the industry will learn from these failures and they will come up with new things,” Cecilia Skingsley, the new head of the BIS ‘Innovation Hub’, told Reuters in interview. The former Swedish central banker also said the problems had not appeared to have affected central banks’ plans for what could be swathes of nationally-issued digital currencies (CBDCs) in the coming years. This global push comes as physical cash use falls globally and authorities look to fend off the threat to their money-printing powers from bitcoin and ‘Big Tech’ firms. Sanctions imposed on countries like Russia and Venezuela in recent years have been another driver, including even for long-time U.S. allies like Europe, who want to ensure they have an alternative to the Visa, Mastercard and Swift networks. While CBDCs should make currencies more high-tech and easier and cheaper to send to other countries, “tectonic plates” were likely to form with the new forms of e-money only fully interoperable between geopolitically-aligned countries, Skingsley said.

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