LONDON, June 23 (Reuters) - The Bank for International Settlements has given its full backing to the development of central bank digital currencies (CBDCs), saying they are needed to modernise finance and ensure ‘Big Tech’ does not take control of money.
Dubbed the central bank to the world’s central banks, the BIS, which is coordinating many of their discussions on digital currencies, set out recommendations on Wednesday on how a CBDC such as a digital dollar, euro, yen or yuan should look.
“The train has left the station,” said Benoit Coeure of the BIS, referring to the move towards central bank digital currencies and its support.
Without CBDCs, digital money would become increasingly dominated by big tech firms, Coeure warned, as they would leverage enormous social media user bases.
One reason being that it would prevent people using digital currencies from countries other than their own such as the safe-haven dollar.
”, Benoit Coeure, Diem, Coeure, ” Coeure, Hyun Song Shin
Bank for International, Big Tech, BIS, ‘ Big Tech, Facebook, Bank of France
bitcoin, Bahamas, China, Switzerland, CBDCs