Cornell's Eswar Prasad takes us on a tour of existing and emerging forms of digital money and looks at the implications for finance, monetary. Crypto-currencies' market cap of more than one trillion us dollars makes them too important to ignore. Deutsche Bank Analyst Marion Laboure tells us how the. Cryptocurrencies - also known as digital currencies or virtual currencies - are a form of digital money. They allow payments to be made electronically and. BEST CANDLESTICK CHARTS FOR CRYPTO
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CBDC is sometimes thought of as equivalent to a digital banknote, although in some respects it may have as much in common with a bank deposit. We will continue to provide cash for as long as the public still want it. We are considering a central bank digital currency CBDC because the way people are choosing to pay for things is changing. Financial technology fintech firms have started to offer new forms of money and new ways to pay. People are using cash less.
These changes mean new opportunities and risks that we need to plan for. We have always looked for new ways to improve our money and payment services. For example, we now use polymer notes because they are harder to counterfeit than paper ones and they last longer. It is now time to look further ahead. We are examining the possibility of a CBDC for the UK alongside our physical notes so we can make sure we are ready for the future.
We are looking carefully at the case for a digital currency for the UK. We are looking at what it might mean if we did and how it could work in practice. We are also working closely with other public authorities. In June , we set out our thinking on the possible opportunities and risks it could bring in our discussion paper on new forms of digital money. It will also look at the merits of doing more work to develop an operational and technology model for one.
We are speaking to businesses and communities to find out what impact a CBDC would have on them. We are also working with international partners and organisations. For example we are working with the Bank for International Settlements.
And we are working with finance ministries and central banks in other countries. This outlined one possible approach to the design of a central bank digital currency. We sought feedback from the payments industry, academics, and other interested parties. You can read a summary of the responses to our discussion paper. We published the responses in July and produced a webinar based on them. This video requires third-party analytical cookies to play.
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