Cryptocurrencies
Central Banks Want Digital Currencies That Don’t Nudge Out Cash
- Officials keen to guard against risk to financial stability
- ECB took major step last week toward issuing digital euro
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Central banks have identified key criteria for issuing their own digital currencies in a report from the Bank of International Settlements.
Digital money will have to co-exist with cash and other forms of tender, do no harm to monetary and financial stability, and be very cheap or free to use. There should also be “an appropriate role for the private sector,” according to a report by the BIS, the European Central Bank, the Federal Reserve and other institutions published on Friday.