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homerun token
Home Bitcoin News

BIS Reiterates Its Support For Central Bank Digital Currencies

Chide Austin by Chide Austin
11 months ago
in Bitcoin News, Breaking, Cryptocurrencies, News
Reading Time: 3 mins read
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The Bank for International Settlements (BIS) has confirmed its support for digital currencies issued by central banks (CBDCs).
BIS Reiterates Its Support For Central Bank Digital Currencies

CBDCs, according to the central bank of central banks, are required to preserve the status quo of the legacy financial system.

Researchers at the BIS stated in a report titled “CBDCs: an Opportunity for the Monetary System” that sovereign digital currencies offered “the unique advantages of central bank money.”

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According to the report, CBDCs are the embodiment of digital money designed for the public good and are best suited for interfacing with instant retail payment systems.

Indeed, several central banks around the world are experimenting with retail CBDCs with many of these projects examining ways to float a digital companion to their respective fiat currencies.

Detailing a probable retail CBDC architecture, the BIS report put forward the following:

“CBDCs are best designed as part of a two-tier system, where the central bank and the private sector each play their respective role,” adding:

“A logical step in their design is to delegate the majority of operational tasks and consumer-facing activities to commercial banks and non-bank PSPs that provide retail services on a competitive level playing field. Meanwhile, the central bank can focus on operating the core of the system.”

The BIS researchers endorsed the idea of strong customer identification protocols when it came to privacy issues. A token-based CBDC with complete confidentiality features, according to the report, would provide avenues for illegitimate financial activity.

Rather, the BIS suggests that central banks create account-based CBDCs that ensure the sustainability digital identity infrastructure and services such as tax records, property registries, and education certificates, among other things.

With account-based CBDCs and accompanying digital identification systems, a specialized organization entrusted with identity verification and user data protection will almost certainly be required.

Robust security solutions will be essential in any CBDC architecture, as user data in both public and private enterprises is frequently a target of cyberattacks.

Issues regarding data privacy may become far more pressing in the case of multinational transactions that require the communication of client information across borders.

The BIS report on this topic asked for more international collaboration to address the vulnerabilities of sharing digital IDs across national borders.

The BIS report used the conventional speculative investments, money laundering, carbon footprint, and ransomware arguments to target Bitcoin (BTC) and cryptocurrencies.

El Salvador’s endorsement of BTC was described as a “interesting experiment” by Benoît Curé, a BTC enthusiast and the head of the BIS innovation unit, earlier in June.

In terms of stablecoins, the BIS experts found that CBDCs and privately produced stable digital currencies may coexist.

Tags: BISCBDCs

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