{"id":575469,"date":"2020-10-15T04:18:09","date_gmt":"2020-10-15T04:18:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution\/"},"modified":"2020-10-15T04:18:09","modified_gmt":"2020-10-15T04:18:09","slug":"global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution\/","title":{"rendered":"Global central banks are laying the foundations for a digital currency revolution"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Global central banks are laying the foundations for a digital currency revolution:<\/strong> Thinking among global central bankers about how best to usher in national digital currencies has moved into higher gear over the past week, with both <a href=\"https:\/\/www.bis.org\/publ\/othp33.pdf\">the Bank of International Settlements (BIS) (pdf)<\/a> and <a href=\"https:\/\/www.fsb.org\/wp-content\/uploads\/P131020-3.pdf\">the Financial Stability Board (FSB) (pdf)<\/a> releasing papers on how policymakers can integrate virtual cash into the financial system. Facebook\u2019s ambitions to launch its stablecoin, Libra, has placed <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\">central banks in a quandary<\/a> about how to prevent private digital currencies from superseding government-issued monies, and how to introduce them without <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system-9423\/\">undermining financial stability<\/a> and facilitating cross-border crime.<\/p>\n<p><strong>What are the key risks?<\/strong> Existing national legislation does not fully cover global stablecoins, and their widespread use risks destabilizing exchange rates and might expose financial institutions to adverse confidence effects if they are seen as a more reliable store of value than state-issued currencies, the FSB said. Meanwhile, central bank-backed currencies risk increasing the reliance on payment systems and data storage capacity beyond the control of domestic institutions, and provoking runs into central bank currency, the BIS said.<\/p>\n<p><strong>How can regulators overcome them?<\/strong> The FSB recommends that authorities put in place a comprehensive governance framework that entails cross-border cooperation, and ensure that stablecoin issuers include effective risk management and robust data security capabilities. It also urged further reviews of how existing regulations are being implemented, which will be completed by July 2023, as well as a review of whether the new regulations are doing enough to prevent money laundering, which will be done in December 2021.<\/p>\n<p><strong>We\u2019re rapidly moving into an era of digital currencies:<\/strong> China, which is planning to be the first nation to issue a digital currency, <a href=\"https:\/\/www.bbc.com\/news\/business-54519326\">has just begun trialling its digital yuan in Shenzhen<\/a> ahead of a possible nationwide roll-out later this year. Sweden started <a href=\"https:\/\/www.reuters.com\/article\/us-cenbank-digital-sweden-idUSKBN20E26G\">testing its e-krona<\/a> in February, Russia has announced it is <a href=\"https:\/\/bit.ly\/3jVIQkY\">considering launching a digitized ruble<\/a>, and the European Central Bank is <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/ecb-euro-digital-currency-lagarde-2020-10-1029670309#\">floating the idea of a digital Euro<\/a>, with President Christine Lagarde saying the digital euro would supplement, not replace cash. The Central Bank of Egypt is also said to be<a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/19\/cbe-looking-into-issuing-digital-currency\/\">mulling its own cryptocurrency.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global central banks are laying the foundations for a digital currency revolution: Thinking among global central bankers about how best to usher in national digital currencies has moved into higher gear over the past week, with both the Bank of International Settlements (BIS) (pdf) and the Financial Stability Board (FSB) (pdf) releasing papers on how [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[4193,518,72,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-bank-of-international-settlements","tag-digital-currency","tag-enterpriseam","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"64497544-2fb6-4494-a99c-5b9de7c415cc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/170.jpg","photo_position":"above","related_issue":[575445],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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We know, we\u2019ve talked about this possibility what seems like two dozen times before \u2014 and the world has speculated that the USD would exit stage right for at least forty years. 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Having emerged last year with a swashbuckling raison d\u2019etre to overturn the global financial system as we know it, successive beatdowns from regulators\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/694.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/forget-about-crypto-central-banks-are-worried-about-their-own-digital-currencies\/","url_meta":{"origin":575469,"position":3},"title":"Forget about crypto \u2014 central banks are worried about their own digital currencies","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Central banks are still worrying about the effects of central bank digital currencies (CBDCs) on the global financial system: Adoption of national digital currencies could exacerbate financial crises in the future by intensifying runs on commercial banks, according to a report (pdf) by the Bank of International Settlements picked up\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605012,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/cbe-looking-into-issuing-digital-currency\/","url_meta":{"origin":575469,"position":4},"title":"CBE looking into issuing digital currency","author":"enterpriseam admin","date":"19 December 2018","format":false,"excerpt":"Central bank still poking into crypto: The CBE is still working on feasibility studies on the potential issuance of a digital currency, Sub-Governor Ayman Hussein said earlier this week, positioning the study as part of the Sisi administration\u2019s drive toward a cashless society. The sub-governor did not name the international\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556655,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/imf-says-em-policymakers-should-act-to-mitigate-risk-amid-global-cryptocurrency-boom\/","url_meta":{"origin":575469,"position":5},"title":"IMF says EM policymakers should act to mitigate risk amid global cryptocurrency boom","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"The IMF is urging emerging-market policymakers to get a grip on cryptocurrencies, as miners, exchanges, wallets and stablecoin issuers crowd into the unregulated, Wild-West-style ecosystem that has sprung up around the digital gold rush. The latest chapter of the International Monetary Fund\u2019s (IMF) Global Financial Stability Report (pdf) acknowledges that\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575469"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575469\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575470"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575469"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575469"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}