What’s needed before even discussing a wide implementation of central bank digital currencies (CBDCs) is a reality check, with several major, interconnected issues left to be solved first, stated a report by Deutsche Bank Wealth Management’s Chief Investment Office (CIO).
“CBDC is likely to change the financial world we live in – and soon, with some schemes possibly implemented over the next few years,” argued the September 2020 report by the CIO of this major bank’s asset management unit. It added that this currency will have “major and profound implications for all economic actors which should not be underestimated,” including easier transactions, improved effectiveness of the monetary policy, more transparent and better corporate governance, etc. But challenges are many too, with privacy, scalability, and regulation being among the topics that need addressing, it said.
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