\u0027If people don\u0027t trust the central banks, then the CBDC is presumably a non\u002Dstarter\u0027
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“Central banks’ involvement might well be creating something that is basically digital fiat, but then it would be for the private sector to innovate and figure out ways of using it and incorporating it in smart contracts,” Lane said, referring to the self-executing contracts that can facilitate direct peer-to-peer transactions on blockchain networks.
“The central bank would still be issuing the CBDC and it would still be a liability to the central bank, but all a lot of those uses and sort of how it would be brought to the public … would inevitably involve a high degree of private sector development and collaboration,” he said.
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