LONDON (Reuters) -A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest...
LONDON -A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth.
But questions remain why CBDCs represent an advance, with uptake low in countries such as Nigeria that have adopted them, as well as protests against the ECB’s plans, showing public concern about snooping. "You are potentially breaking some of the singleness of money" he said, flagging the risk of a two-tier system if CBDCs are allowed different functionality or data disclosure rules than bank accounts.A key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs.
An International Monetary Fund paper in May described public adoption of Nigeria's eNaira as "disappointingly low", with 98.5% of wallets never even used. "The overarching question" about developing CBDCs, Lipsky said, "is how does this improve the financial system? That it really what it's all about".
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