Central banks are studying retail central bank digital currency policies⤵️⤵️⤵️🎉🎉

What is the new paper published by the Bank for International Settlements? And what is its significance for the crypto space? 👇👇👇

The new paper published by the Bank for International Settlements, in collaboration with a group of central banks, discusses policies for central bank digital currencies (CBDC) for retail. This paper is the fifth of its kind and provides insights into ongoing political perspectives regarding CBDC.

The key points addressed in the paper include: ⤵️⤵️

- *Engaging stakeholders*: The necessity to engage with legislators to address legal issues related to CBDC, such as whether they represent the legal equivalent of cash or a new form of money.

- *Public acceptance*: Public acceptance of CBDC is critical for its successful rollout, and this role must be understood in advance.

- *CBDC design*: Key design issues include accommodating interactions between retail and wholesale CBDC, as well as cross-border interactions between CBDCs.

- *Blockchain technology*: Blockchain technology is not deemed necessary for the operation of a potential CBDC system, but it offers advantages such as programmability and ease of processing micro-payments.

This paper provides valuable insights into the challenges and opportunities related to CBDC, contributing to a better understanding of this field.

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