{"id":49232,"date":"2021-09-10T16:13:54","date_gmt":"2021-09-10T13:13:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49232"},"modified":"2025-09-02T11:36:09","modified_gmt":"2025-09-02T08:36:09","slug":"bis-urges-central-banks-to-accelerate-cbdc-development","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bis-urges-central-banks-to-accelerate-cbdc-development\/","title":{"rendered":"BIS urges central banks to accelerate CBDC development"},"content":{"rendered":"

Stablecoins and the DeFi sector will challenge the business models of traditional banks, so monetary regulators should accelerate the creation of official alternatives to private instruments. BIS<\/span> head Beno\u00eet C\u0153ur\u00e9 said this, the Financial Times<\/a> reports.<\/p>\n

In his words, the digital asset industry threatens traditional depository institutions and intermediaries such as credit institutions. He noted that central banks and financial regulators must determine how to respond to this challenge.<\/p>\n

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“Central banks must do their job \u2014 to ensure price and financial stability \u2014 and they must preserve their ability to do so. [Regulators] must act while the existing system is still functioning \u2014 act right now,” said C\u0153ur\u00e9 at the Eurofi conference.<\/p>\n<\/blockquote>\n

The official urged colleagues to accelerate work on CBDC. Otherwise they risk losing their leading position in the financial system.<\/p>\n

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“The time when central banks should have started to act has already passed. It will take years to implement CBDC, while stablecoins and crypto assets have already appeared. This makes the initiative even more urgent,” he said.<\/p>\n<\/blockquote>\n

C\u0153ur\u00e9 also stressed that central banks and supervisors must define the role of banks and other intermediaries in the digital financial system, and study the implications of CBDC development.<\/p>\n

In his words, monetary regulators view banks as part of a new, crypto-asset\u2013oriented infrastructure.<\/p>\n

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“But do not be mistaken: global stablecoins, DeFi platforms and large technology companies will challenge the business model of banks regardless of anything,” he added.<\/p>\n<\/blockquote>\n

Earlier, journalists at The New York Times shared similar thoughts. The paper said that cryptocurrency and DeFi \u201cundermine the banking industry,\u201d sparking anxiety among regulators and \u201csome members of Congress.\u201d<\/p>\n

She noted a number of inaccuracies and omissions in the article<\/a>. In particular, she said that journalists, focusing on \u201cbad actors,\u201d overlooked companies that comply with regulatory requirements.<\/p>\n

Earlier, in July, Long said that the U.S. Federal Reserve intends to tighten access to the payments system and bank accounts<\/a> for companies tied to digital assets.<\/p>\n

Subscribe to ForkLog news on VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoins and the DeFi sector will challenge the business models of traditional banks, so monetary regulators should accelerate the creation of official alternatives to private instruments. This was stated by BIS head Beno\u00eet C\u0153ur\u00e9.<\/p>\n","protected":false},"author":1,"featured_media":49233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1430,1095],"class_list":["post-49232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-bis","tag-cbdc"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=49232"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49232\/revisions"}],"predecessor-version":[{"id":49234,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49232\/revisions\/49234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/49233"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=49232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=49232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=49232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}