The Timeline for Central Bank Digital Currencies Is Accelerating

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 12 September 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

A reading of a recent speech by Benoit Cœuré, the head of the BIS Innovation Hub, on “Central bank digital currency: the future starts today.” Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Hiroshi Watanabe/DigitalVision/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Sunday, September 12th, and that means it's time for Long Reads Sunday.
0:29.0	And today we are reading a speech from last week's Euro5 Financial Forum.
0:34.3	It's a speech by Benoit Curie, who's the head of the BIS Innovation Hub, BIS being, of course,
0:40.2	the Bank for International Settlements. For those of you who are not familiar, the Bank for
0:44.6	international settlements is basically the central banker central bank. And so understanding where
0:49.5	their heads are at with issues regarding digital assets, cryptocurrencies, and, as we'll discuss today,
0:55.6	central bank digital currencies, gives a sense of where the mainstream of central banker thought
1:01.0	might be. The speech is called Central Bank Digital Currency, The Future, starts today.
1:07.9	Distinguished guests, ladies and gentlemen, thank you for inviting me to speak here today.
1:11.6	We all experienced how the pandemic accelerated the shift to virtual events, but I am pleased that today we are gathering in person.
1:17.6	Yet the world is not returning to the old normal. Payments are a case in point. The pandemic has accelerated a longer running move to digital.
1:25.6	Mobile and contactless payments are already a part of
1:28.0	our daily lives. QR codes and buy now pay later options are gaining popularity. Gloves, badges, and
1:33.7	Olympic uniforms with payment functions are being prepared for the Beijing Winter Olympics.
1:37.9	And the tech-savvy generation will soon dream about money and payments for the Metaverse.
1:42.0	Alongside these developments, the world central banks are stepping up efforts to prepare the ground for digital cash, central bank digital currency,
1:48.1	or CBDC. They have a job to do, delivering price stability and financial stability, and they
1:52.7	must retain their ability to do it. Let me explain. Central bank money has unique advantages,
1:58.0	safety, finality, liquidity, and integrity. As our economies
	...

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