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How many central banks are actually considering their own version of cryptocurrency is unclear, Russia and Venezuela being the most infamous examples. To perhaps ward off serious consideration from more established economies, the Bank for International Settlements (BIS), the world’s central bank to central bankers, is suggesting state-backed crypto might destabilize commercial banks’ customer deposits, negatively impacting the “efficiency of financial intermediation.” Also read: Québec Premier: We’re Not Really Interested in Bitcoin Mining Central Banks Warned About State-Backed Crypto Chairs of two BIS working groups, Klaus Löber (European Central Bank) and Aerdt Houben (Netherlands Bank), submitted Central Bank Digital Currencies, a 34-page document meant to be a “high-level overview of [central bank digital currency (CBDC)] implications for payments, monetary policy and financial stability. The analysis of the committees reflects initial thinking in this rapidly evolving area and is a starting point for further discussion and research. It also highlights that the issuance of a CBDC requires careful consideration,” it outlines in the Foreword. The word, “careful,” in one form or another, is sprinkled half a dozen times throughout, as in “Any steps towards the possible launch of a CBDC should be subject to careful and thorough consideration. Further research on the possible effects on interest rates, the structure of intermediation, financial stability and financial supervision is warranted. The effects on movements in exchange rates and other asset prices remain largely unknown and also deserve further exploration.” The BIS has been particularly vocal of late on the subject of crypto, as when last month…
Source: World’s Central Bank: Crypto Could Risk Bank Runs
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