Monday, September 21, 2020

Central Banks Play Disruptors

 

By Lachlan Colquhoun

As if traditional banks didn't have enough to worry about with the rise of fintech companies and cryptocurrencies, they now have to ponder a world in which central banks are issuing their digital currencies.

The move for the so-called Central Bank Digital Currencies (CBDC) has been gaining momentum in recent years. But 2020 has seen a rash of new announcements.

The People's Bank of China, the Bank of Thailand, and the central banks of the Philippines and the Bahamas have all made recent moves towards digital currencies. Even the U.S. Federal Reserve is tipped to join the pack and create a digital greenback as early as next year.  Read more >>