BANK FOR INTERNATIONAL SETTLEMENTS PUBLISHES GUIDE TO CRYPTOCURRENCIES

On 9 October, 7 central banks and the BIS released a report assessing the feasibility of publicly available Central bank digital currencies (CBDC) in helping central banks deliver their public policy objective.  It outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue, and central banks are to continue investigating CBDC feasibility without committing to issuance.  BIS and banks have identified the core features of any future CBDC system, which must be –

  • Resilient and secure to maintain operational integrity.
  • Convenient and available at very low or no cost to end users.
  • Underpinned by appropriate standards and a clear legal framework.
  • Have an appropriate role for the private sector, as well as promoting competition and innovation.

https://www.bis.org/press/p201009.htm

The report is at –

https://www.bis.org/publ/othp33.htm

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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