• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

From PayPal to Libra: Big Tech Has Forced Central Banks to Wake Up to CBDCs, Says Benoit Coeure

by CBDC Insider
November 13, 2020
in Business, US
Reading Time: 2min read
0
From PayPal to Libra: Big Tech Has Forced Central Banks to Wake Up to CBDCs, Says Benoit Coeure
Share on FacebookShare on Twitter

RELATED STORIES

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

June 30, 2022
Montran and eCurrency Announce the Very First CBDC Solution

Montran and eCurrency Announce the Very First CBDC Solution

June 30, 2022

In an interview with French newspaper L’Express published on the BIS website Friday, Coeure acknowledged central banks had been resting on their laurels when it came to advances in payments. Thirty years ago, he said, “the banking world was innovative.”

But increasing digitization and the advent of tech such as PayPal, Apple Pay and smartphones payments brought a “revolution” to the sector. Even so, he continued, these advances were restricted to the user interface and didn’t offer a fundamental disruption to payment channels.

According to Coeure, the “real trigger” for the move toward central bank digital currencies (CBDCs) was the unveiling of the Facebook-initiated Libra project, which offered more than just an advance in the user interface.

“[Libra] is a global, closed and self-sufficient project since there is at the same time a means of payment, a storage mechanism with a wallet and a global network which makes it possible to ensure transfers from one place to another without going through the central bank settlement systems,” he said.

Acknowledging the project offers benefits to users, Coeure also cautioned that “the emergence of closed payment channels dominated by tech giants poses risks for both competition and data protection.”

Even so, as the public increasingly moves away from cash and online transactions soar (“especially with the COVID” pandemic), “we can see the figures, it is impressive.”

“Central banks must rethink their software and review their role in this new environment,” he said.

Citing a recent report published by the BIS along with seven central banks, Coeure said, “We must move forward on digital currencies, which are part of the solution” although individual nations should proceed at “their own pace.”

Read more: https://www.coindesk.com/paypal-libra-big-tech-central-banks-digital-currencies-benoit-coeure

Previous Post

$300M in Bitcoin Flow to Binance From Huobi as China Gets Tougher on Exchanges

Next Post

Ukraine Is Prepared to Lead Eastern Europe’s Crypto Space

Next Post
Ukraine Is Prepared to Lead Eastern Europe’s Crypto Space

Ukraine Is Prepared to Lead Eastern Europe’s Crypto Space

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register