{"id":111732,"date":"2020-11-13T21:13:39","date_gmt":"2020-11-13T18:13:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bis-head-says-physical-cash-still-important-even-if-cbdcs-take-over\/"},"modified":"2020-11-13T21:13:39","modified_gmt":"2020-11-13T18:13:39","slug":"bis-head-says-physical-cash-still-important-even-if-cbdcs-take-over","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bis-head-says-physical-cash-still-important-even-if-cbdcs-take-over\/","title":{"rendered":"# BIS head says physical cash still important, even if CBDCs take over"},"content":{"rendered":"

“# BIS head says physical cash still important, even if CBDCs take over <\/strong>”
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As numerous countries across the board navigate their feelings on central bank digital currencies, or CBDCs, Beno\u00eet C\u0153ur\u00e9 of the Bank for International Settlements thinks physical cash will retain its importance. Heading up the BIS\u2019 innovation wing, C\u0153ur\u00e9 formerly held a position with the European Central Bank on its executive board.<\/p>\n

\u201cIn the euro area, unlike Sweden or China, demand for banknotes is still strong,\u201d C\u0153ur\u00e9 said<\/a> in an interview on Thursday. \u201cTheir role is declining as a means of payment, but they remain a means of savings.\u201d He added:<\/p>\n

\u201cNo one wants to force consumers to choose their payment methods. Diversity is a good thing and it fosters innovation. The goal is to offer choice, which means allowing consumers to continue paying with currency issued by the central bank.\u201d<\/p><\/blockquote>\n

C\u0153ur\u00e9 expressed a multitude of points on the CBDC scene globally. He described innovation as a natural part of growth, mentioning other countries\u2019 varying stances and pacing on CBDCs, as well as Facebook<\/a>\u2019s Libra. <\/p>\n

China, in particular, has blazed a trail in the CBDC race, while the United States has taken more of a wait-and-see app<\/a>roach. <\/p>\n

CBDCs essentially hold the potential for removing physical cash altogether \u2014 a positive or negative outcome, depending on one\u2019s view. Contingent on the country, some regions, such as the U.S., operate largely digitally already. A CBDC could mean a blockchain-based solution. It could also involve banking with the Federal Reserve instead of commercial banks, based on the route the U.S. takes. <\/p>\n

\u201cCentral bank digital currency is simply the digital equivalent of coins and banknotes \u2014 the safest currency there is, issued by a public institution,\u201d C\u0153ur\u00e9 expressed, adding:<\/p>\n

\u201cIn the future, you will be able to pay for your coffee in various ways: Obviously with banknotes and coins, which will remain available as long as necessary, but also with bank cards, digital currency issued by the central bank, payment systems like Apple Pay, PayPal or \u2014 when an adequate regulatory framework has been decided \u2014 with Libra.\u201d<\/p><\/blockquote>\n

C\u0153ur\u00e9 even mentioned Bitcoin (BTC) as a viable payment route: \u201cIf you want to pay in Bitcoin, why not, if you and the trader understand and assume the risks associated with this active crypto.\u201d<\/p>\n

Physical cash holds important properties possibly unavailable in CBDCs, however, such as availability during power outages. <\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# BIS head says physical cash still important, even if CBDCs take over ” As numerous countries across the board navigate their feelings on central bank digital currencies, or CBDCs, Beno\u00eet C\u0153ur\u00e9 of the Bank for International Settlements thinks physical cash will retain its importance. Heading up the BIS\u2019 innovation wing, C\u0153ur\u00e9 formerly held a…<\/p>\n","protected":false},"author":1,"featured_media":111733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/50e3cca9-ada5-40f7-9a2a-9e4e44eed80a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75062,75583,75046,75022,75494,74889,4974,70934],"class_list":["post-111732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bis","tag-cash","tag-cbdc","tag-central-bank","tag-libra","tag-payments","tag-facebook","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=111732"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/111733"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=111732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=111732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=111732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}