Banks are planning to destroy the current banking system?
As you well know, there are many debates about the value of business justification and the utility of CBDC, with some circles strongly emphasizing, while others take a more laissez-faire approach.
However, on May 6 during the annual BIS Innovation Summit - Joachim Nagel, the president of Bundesbank, during the Innovation Summit insisted that central banks should reform their business models and adopt digital currencies.
The future of central banks depends on revising their business model and quickly adopting central bank digital currencies, said Nagel, also a member of the European Central Bank (ECB).
Nagel allegedly warned of the uncertainty associated with central banks during a panel session.
"If someone had asked me 20 years ago whether the business model of a central bank could be destroyed or not, I would have answered no. Now I'm not so sure anymore - and that's why we're here. We need to work on our business model. And DLT is just a means, an instrument that can help us reach that point."
The head of Bundesbank emphasized the importance of integrating distributed ledger technology, in the face of waning appeal of physical money.
"We need to speed all this up. If part of your core product is losing appeal, you need to think of another, new core product" - he said.
The ECB is currently working on a digital version of the euro. It expects to complete the project by October 2025.
source: https://www.paymentscardsandmobile.com/bundesbank-central-banks-must-embrace-cbdcs
...
Our latest added film:
...
1 - You are also invited to join the geopolitical group so you don't miss important information:
By clicking on the above link, you will enter my group.
Log in to your account, then the "Join" button will appear.
After joining the group, when a new article is added, you will receive information to your email address.
2 - Visit my profile with movies and after logging in to your account, subscribe to us:
https://ccfound.com/pl/profile/27586?ref=NEXsXq88ux9Bb4hB
Thank you :)
As you well know, there are many debates about the value of business justification and the utility of CBDC, with some circles strongly emphasizing, while others take a more laissez-faire approach.
However, on May 6 during the annual BIS Innovation Summit - Joachim Nagel, the president of Bundesbank, during the Innovation Summit insisted that central banks should reform their business models and adopt digital currencies.
The future of central banks depends on revising their business model and quickly adopting central bank digital currencies, said Nagel, also a member of the European Central Bank (ECB).
Nagel allegedly warned of the uncertainty associated with central banks during a panel session.
"If someone had asked me 20 years ago whether the business model of a central bank could be destroyed or not, I would have answered no. Now I'm not so sure anymore - and that's why we're here. We need to work on our business model. And DLT is just a means, an instrument that can help us reach that point."
The head of Bundesbank emphasized the importance of integrating distributed ledger technology, in the face of waning appeal of physical money.
"We need to speed all this up. If part of your core product is losing appeal, you need to think of another, new core product" - he said.
The ECB is currently working on a digital version of the euro. It expects to complete the project by October 2025.
source: https://www.paymentscardsandmobile.com/bundesbank-central-banks-must-embrace-cbdcs
...
Our latest added film:
...
1 - You are also invited to join the geopolitical group so you don't miss important information:
By clicking on the above link, you will enter my group.
Log in to your account, then the "Join" button will appear.
After joining the group, when a new article is added, you will receive information to your email address.
2 - Visit my profile with movies and after logging in to your account, subscribe to us:
https://ccfound.com/pl/profile/27586?ref=NEXsXq88ux9Bb4hB
Thank you :)
7 users upvote it!
0 answers