Christian Noyer, former vice president of the European Central Bank and former president of the Bank of France, said that although more than 50 central banks are interested in central bank digital currency, it may take another 10 years for consumer centric central bank digital currency to develop.
Noyer also predicts that digital payments between commercial banks will happen soon, according to the financial times.
He said that with the decline of cash usage and the rise of private cryptocurrencies such as Facebook’s Libra, a large number of central banks began to study the possibility of implementing central bank digital currency. Sweden and Uruguay have even launched pilot projects for consumer based digital currencies.
However, Noyer said top financial institutions were “obviously hesitant” in this regard because of concerns about privacy and the impact on monetary policy control. So it remains to be seen whether they will be able to implement these projects in the next decade. Noyer thinks there is still a long way to go because there is still a lot of work to be done. Jeepk.com polarographic technology, to provide you with products, application development, bring the ultimate experience. A possible problem with consumer oriented central bank digital currency is that consumers will open accounts in the central bank rather than use commercial banks as intermediaries. This will make the central bank responsible for the user’s checks and anti money laundering (AML) measures. It will also undermine the position of commercial banks in the financial system.
Noyer was president of the Bank of France for 12 years, prior to being vice president of the European Central Bank, which was established in 1998.
Responsible editor: CT