{"id":590699,"date":"2019-12-31T04:21:32","date_gmt":"2019-12-31T04:21:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/"},"modified":"2019-12-31T04:21:32","modified_gmt":"2019-12-31T04:21:32","slug":"what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/","title":{"rendered":"What impact would a central bank cryptocurrency have on our global banking system?"},"content":{"rendered":"

<\/a> What impact would a central bank cryptocurrency have on our global banking system? <\/strong>China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece<\/a>. The digital RMB, which China has reportedly been developing for five years, is expected to be a private blockchain supplied by the People\u2019s Bank of China via the banking system, partially replacing physical money. Blockchain\u2019s distributed ledgers will effectively render correspondent banks redundant, Mukherjee argues, opening up new possibilities for rapid and cheap cross-border payment, especially for businesses that currently move some USD 124 tn across borders annually.<\/p>\n

With central banks in the driving seat, digital currencies could become a substitute for bank reserves<\/strong>, as well as physical cash. This process is likely to be fueled by a stagnating global economy, driven by negative interest rates, as official digital currencies would allow central banks to offer monetary easing in an efficient way. And as companies,including Facebook<\/a>, plough ahead with research into developing mega-cryptocurrencies, central banks all over the world are being spurred to look more seriously<\/a> at what it would mean to set up their own digital currencies. This is in spite of some major risks, which range from sidelining commercial banks \u2014 a key funding source of the real economy \u2014 to reducing a state\u2019s ability to use currency as a tool in foreign policy negotiations, and cybersecurity issues.<\/p>\n

Reminder: Egypt is among the countries said to be considering a central bank cryptocurrency.<\/strong> The Central Bank of Egypt is mulling<\/a> over the introduction of its own cryptocurrency, as a way of making the banking sector more efficient and to avoid being left behind by new tech developments. The CBE had previously slammed crypto on more than one occasion, citing high risks, but began warming up to the idea after Sweden\u2019s central bank governor made the case for why central banks should investigate state-issued e-currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

What impact would a central bank cryptocurrency have on our global banking system? China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece. The digital RMB, which China has reportedly been […]<\/p>\n","protected":false},"author":1,"featured_media":590700,"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":[9003],"tags":[204,707,10850,116,10851,344,10843,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-banking","tag-blockchain","tag-central-banks","tag-china","tag-cross-border-payments","tag-cryptocurrency","tag-egypt","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"5e162460-bfe2-478a-afbb-4ef88eab12e3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/12\/792.jpg","photo_position":"above","related_issue":[590678],"teaser":"","voice_url":""},"yoast_head":"\nWhat impact would a central bank cryptocurrency have on our global banking system? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What impact would a central bank cryptocurrency have on our global banking system?\" \/>\n<meta property=\"og:description\" content=\"What impact would a central bank cryptocurrency have on our global banking system? China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece. 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Ripple sells financial institutions a cryptocurrency called the XRP ledger, which enables direct cross-border payments\u2026","rel":"","context":"In "WORTH A LISTEN"","block_context":{"text":"WORTH A LISTEN","link":"https:\/\/enterpriseam.com\/egypt\/category\/worth-a-listen\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/175.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594189,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/","url_meta":{"origin":590699,"position":1},"title":"Digital currencies are now on the agenda for many central banks","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Cryptocurrencies are now firmly on the radar of central banks: Facebook\u2019s controversial plans to launch its Libra cryptocurrency has \u201cspooked\u201d central bankers, and driven home the message that if they don\u2019t make their own digital currencies, someone else will, writes Brendan Greeley in the Financial Times. As a result, central\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595378,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","url_meta":{"origin":590699,"position":2},"title":"USD dominance under threat as digital currencies look to transform global financial system","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564590,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/what-the-hell-is-an-e-currency\/","url_meta":{"origin":590699,"position":3},"title":"What the hell is an e-currency?","author":"enterpriseam admin","date":"15 February 2021","format":false,"excerpt":"Central bank digital currencies (aka e-currency). There have been a handful of countries announcing over the past couple of years that they are either considering or actively working towards issuing a digital currency \u2014 including Egypt, with the central bank saying back in 2018 that it\u2019s working on feasibility studies\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/456.jpg?fit=%2C&ssl=1&resize=350%2C200","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":590699,"position":4},"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 "THE MACRO PICTURE"","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":[]},{"id":623177,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/24\/central-bank-of-egypt-sets-a-mandatory-10-active-e-wallet-quota-for-the-banking-sector\/","url_meta":{"origin":590699,"position":5},"title":"Central Bank of Egypt sets a mandatory 10% active e-wallet quota for the banking sector","author":"enterpriseam admin","date":"24 October 2018","format":false,"excerpt":"CBE sets a mandatory 10% active e-wallet quota for the banking sector: The central bank bank has set a September 2019 deadline for banks to ensure that 10% of their e-wallet customers are active users. A directive to banks in August (pdf) also mandates that banks grow their active e-wallet\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590699","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=590699"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590699\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590700"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590699"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590699"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}