The crypto currency Central banks may appear in 2018

This was announced by Anthony Lewis, research Director of the global banking blockchain consortium R3, during a panel discussion at the Deconomy event in Seoul.

CBDC is a digital (crypto) currency issued by the Central Bank, where its legal status depends on the regulation and the law.

In my opinion, the massive use of CBDC may begin as early as this year. We discussed the issue with the Central banks with mandates to correct some payment problems. The blockchain platform is one of the solutions they are counting on, " Lewis said.
He then explained that this does not mean that consumers will have a new payment method functioning like BTC or ETH. Lewis believes that first this cryptocurrency will be used by financial institutions.

However, other panellists were not so optimistic in their forecasts.

The former CBDC researcher at the Central Bank of Singapore and a global leader CBDC Stanley Yong believes that Blockchain, in the end, it is best to apply to commercial banking.

If you issue digital currency to millions and billions of citizens, you will need to be responsible for all these individual accounts. This will increase market and credit risks, " Yong said
According to a report by the Bank for international settlements in March, CBDC may lead to increased instability in the financing of commercial Bank deposits.

Lewis also noted:

It is not necessary to create a secondary decentralized system, which will be similar to the main centralized system. If the primary system is attacked, the attackers will attempt to do the same with the decentralized variant.
Despite this, in December 2017, financial sector researchers recognized the many benefits of CBDC. These include improved safety of consumers in advanced economies that take loans from banks, issued under collateral and greater financial integration.

By 2016, interest in CBDC had already emerged from the Bank of England and the people's Bank of China, which had studied the idea of issuing their own digital currencies.

Earlier this year, banks in Poland, Switzerland, Taiwan, Malaysia, as well as the Bank of Japan and the European Central Bank announced their intention to use a distributed accounting system. In February, the European Commission created a blockchain Observatory, the purpose of which is the use of blockchain technology in various fields.
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