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Seven central banks including the Federal Reserve, the European Central Bank and the Bank of England released a comprehensive report on CBDC



A group of seven central banks and the Bank for International Settlements (BIS) has released a comprehensive report on digital currencies, detailing how they could be designed.

The 26-page report, published Friday, outlines the "fundamental principles and core features" of a central bank digital currency (CBDC). The report was prepared jointly by seven central banks (Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Sveriges Riksbank and Swiss National Bank) and the Bank for International Settlements (BIS).

Federal Reserve Williams: Regarding the possible implementation of central bank digital currency, there are some major policy issues to consider: On March 4th, Federal Reserve Williams stated that there are many financial innovations in payments, but not all of them meet the requirements of financial stability test. It is important to have good fences in place for payment technologies and digital currencies. There are some big policy issues to consider with regard to a possible central bank digital currency. (Golden Ten) [2022/3/4 13:36:34]

The central banks did not agree on whether to issue a central bank digital currency (CBDC), but they outlined common principles and key features of a CBDC that "needs to contribute to the central bank's public policy objectives."

TD Securities: The Federal Reserve is expected to speed up the pace of debt reduction: According to news on December 12, TD Securities said that the Fed will announce next week that it will accelerate the pace of debt reduction to $30 billion per month, in line with the end of QE in March next year. Fed officials may also strike a more hawkish tone through statements, economic forecasts and dot plots. The dot plot is expected to show a possible rate hike of 50 basis points in 2022. The slowdown in inflation and economic growth is enough to delay a rate hike until 2023, but for now, the strong data is encouraging a hawkish Fed. In reality, hawkish economic forecasts, a faster pace of debt drawdowns and a lessened threat from the americon variant still keep the greenback in favor. (Golden Ten) [2021/12/13 7:34:42]

The report said that the decline in the use of cash payments and the growth of digital payments was "huge", and that these central banks and the BIS therefore argued that CBDCs could be an "important means for central banks to continue to provide security services in the wider digital life" ".

JP Morgan: The Fed will begin tapering early next year: Strategists including Mislav Matejka said the tapering of stimulus measures is expected to start early next year as Fed policymakers move to normalize policy. The Federal Reserve will start discussing the path of reductions, and in the next few meetings, it may hint at the implementation time. Tapering is set to kick in, although the Fed's stance that inflation is "transient" will be confirmed. The start of the reduction process will not damage the bullish view of developed market stocks in the second half of the year, and US bond yields may resume their upward trend. After analyzing the last reduction in 2013, it was found that after the "initial period of slight turmoil" in the developed market stock market, the whole process was very stable, and the performance of the emerging market stock market was relatively weak. (Golden Ten) [2021/6/14 23:35:45]

European Central Bank President Christine Lagarde said: "While technology is changing the way we pay, central banks have a responsibility to maintain people's trust in our currencies. Central banks must complement their domestic efforts by working closely together, To guide the exploration of central bank digital currencies, to identify sound principles and encourage innovation. This report is compelling evidence of this international collaboration.”

The report highlights three principles that a CBDC should have:

1. Central banks should not harm currency or financial stability by issuing CBDC;

2. CBDC needs to coexist with and complement existing currency forms;

3. CBDC should promote innovation and efficiency.

As for the core functions of a CBDC, these include ease of use, low cost, convertibility, and continuous availability.

Jon Culleaf, Chairman of the BIS Payments Committee and Deputy Governor of the Bank of England, said: “It is real progress for this group of central banks that they agree on common principles and identify the key features that we believe are needed for a viable CBDC system ...this group of central banks has built a strong international consensus that will inform each of us as we explore the case and design for CBDCs in our own jurisdictions."

This article is transferred from Babbitt, invaded and deleted


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