Report suggests bright future for central bank digital currencies

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The biggest is whether they could expose a “vulnerability of the broader financial system”, it said, adding: “For example, participants’ access to liquidity and credit in one currency (or lack of it) could spill over to other currencies or markets at significant speed.

Besides, Kapron thinks the private sector is already making swift progress on improving the efficiency of cross-border payments, giving the example of Thai consumers using QR codes to make cheap, instant payments in Singapore.

By comparison, the Open Banking Implementation Entity [the body set up to implement open banking standards] estimates that 10 per cent of the UK’s digitally-enabled population are already actively using open banking four years after the launch of open banking.

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Author / Journalist: Siddharth Venkataramakrishnan

Category: MarketsFinanceInvesting

Topics: Payments Digital Banks Open Banking Central Currencies Financial Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-28, 16:38:32

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 9 minutes read

Article Length: 1541 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 18949

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