At Coindesk's Consensus conference this week, there have been several presentations on central bank digital currencies ("CBDCs"), including by individuals from the Bank of England, the European Central Bank, and the Republic of Mauritius. These follow announcements earlier this year from various central banks considering the issuance of CBDC and a report published by the Bank for International Settlements discussing how the spread of COVID-19 may increase the speed at which central banks consider issuing CBDCs.
As Jeff Alberts, co-head of the Financial Institutions Group, discusses in a new video, the issuance of CBDCs could be a game-changer for banks and give a relative advantage to FinTechs, especially relative to banks unfamiliar with APIs.
Check out the video to hear Jeff answer questions being asked now by banks and FinTechs, including:
- What are CBDCs?
- How will CBDCs impact retail banks and FinTechs?
- How can retail banks and FinTechs act now to prepare for the possible future issuance of CBDCs?
Article originally published on 14 May 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.