{"id":594189,"date":"2019-10-22T04:05:10","date_gmt":"2019-10-22T04:05:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/"},"modified":"2019-10-22T04:05:10","modified_gmt":"2019-10-22T04:05:10","slug":"digital-currencies-are-now-on-the-agenda-for-many-central-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/","title":{"rendered":"Digital currencies are now on the agenda for many central banks"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <b>Cryptocurrencies are now firmly on the radar of central banks:<\/b> 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 <a href=\"https:\/\/www.ft.com\/content\/6960c7a4-f313-11e9-b018-3ef8794b17c6\">Brendan Greeley in the Financial Times<\/a>. As a result, central banks all over the world are finally sitting up and taking notice of digital currencies, although their stance is far from unified.<\/p>\n<p><b>Central banks are either closely tracking developments, or looking into launching their own currencies:<\/b> Just last month, the meeting of the<a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/09\/AMF-PRL-AR-15-9-2019-Final.pdf\">Council of Arab Central Banks and Monetary Agencies Governors<\/a> <a href=\"https:\/\/enterprise.press\/issues\/2019\/09\/16\/cib-bringing-worlds-biggest-squash-event-pyramids\/#what-were-tracking-today\">gathered some 200<\/a> Arab bankers, central bank governors, ministers, economic experts, and Arab Monetary Fund officials <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/16\/egypt-sees-its-economy-growing-by-around-8-by-2022\/\">in Cairo to discuss<\/a>, amongst other things, the growth of digital currencies. Meanwhile, the People\u2019s Bank of China is the first major central bank to be striding ahead with actually creating a cryptocurrency, which is \u201cclose to being out\u201d after five years of research, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-10-20\/why-central-bankers-got-serious-about-digital-cash-quicktake?srnd=premium-middle-east\">according to Bloomberg<\/a>. And a host of other central banks are also reportedly undertaking serious research in the field. But at the other end of the spectrum, the US Fed has said it is not actively considering establishing a digital currency, citing issues related to cybersecurity and insufficient demand.<\/p>\n<p><b>This could involve sidelining commercial banks, which is risky business: <\/b>Central bank currencies could follow two main tracks: wholesale and retail. Wholesale projects would seek to make payment flows within the existing financial system faster and cheaper, with access to the central bank digital currency being limited to financial institutions. Retail projects, however, would involve more of a systemic transformation, with the general public either having access to digital currencies issued through the central banks themselves, or through commercial banks that partner with them. But this is an altogether riskier proposition: <b>If central banks sideline commercial banks, they threaten a key funding source for the real economy.<\/b> They would also have to assume the risks and responsibilities of banking, including performing customer due diligence, supplying tax information, and adhering to anti-money laundering financing requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 banks all over the world [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":594190,"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":[204,518,72,343,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-banking","tag-digital-currency","tag-enterpriseam","tag-regulation","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"61e52587-1298-49fa-9e5b-05aaee45cfa7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/409.jpg","photo_position":"above","related_issue":[594172],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Digital currencies are now on the agenda for many central banks - 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\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital currencies are now on the agenda for many central banks\" \/>\n<meta property=\"og:description\" content=\"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 banks all over the world [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-22T04:05:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Digital currencies are now on the agenda for many central banks\",\"datePublished\":\"2019-10-22T04:05:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\"},\"wordCount\":357,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"Digital currency\",\"EnterpriseAM\",\"regulation\",\"worth reading\"],\"articleSection\":[\"Worth reading\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/\",\"name\":\"Digital currencies are now on the agenda for many central banks - 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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 &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\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590699,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/","url_meta":{"origin":594189,"position":1},"title":"What impact would a central bank cryptocurrency have on our global banking system?","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"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,\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575469,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution\/","url_meta":{"origin":594189,"position":2},"title":"Global central banks are laying the foundations for a digital currency revolution","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"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)\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\/10\/170.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":594189,"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":589008,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/imf-working-on-digital-currency-platform-for-central-banks\/","url_meta":{"origin":594189,"position":4},"title":"IMF working on digital currency platform for central banks","author":"enterpriseam admin","date":"20 June 2023","format":false,"excerpt":"The Fund\u2019s MD says interoperability is key to the success of digital currencies","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\/2023\/6\/1002.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/the-end-of-times-for-the-usd\/","url_meta":{"origin":594189,"position":5},"title":"The end of times for the USD?","author":"enterpriseam admin","date":"27 May 2021","format":false,"excerpt":"It\u2019s Groundhog Day: There\u2019s talk of the USD\u2019s dominance being under threat as the global reserve currency. 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. But\u2026","rel":"","context":"In &quot;Macro picture&quot;","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/470.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\/594189","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=594189"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594189\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594190"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594189"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594189"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}