Central Bank Digital Currencies, Blockchains, and Digital Cash

Several central banks around the world, including the Bank of England and the central banks of Sweden and Uruguay, have been studying the idea of introducing central bank digital currencies (CBDC) as a means of moving toward a cashless future. According to Wikipedia, “central bank digital currency is different from ‘digital currency’ (or virtual currency and cryptocurrency), which are not issued by the state and lack the legal tender status declared by the government.” As legal tender, CBDC could compete with commercial bank deposits and challenge the existing system in which only a fraction of bank deposits are backed by actual cash on hand.

To help explain the potential percussions for the financial sector, the AmCham Technology Committee sponsored a presentation on June 9 in AmCham Taipei’s Lincoln Room. Antony Lewis, Singapore Director of Research at blockchain software firm R3, spoke on “Central Bank Digital Currencies, Blockchains, and Digital Cash,” addressing the prospective challenges for financial regulators and the potential advantages that the advent of digital cash could bring, including more secure settlement methods.

From left to right: Carl Wegner, Managing Director, R3 / Head of AsiaAntony Lewis, Director of Research, R3 / Central Bank Digital Currency lead; AmCham Technology Committee Co-chair Revital Shpangental Golan, CEO, Anemone Ventures;

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.