Banking and financial experts from Dutch bank ING have indicated that soon they will offer a fully-fledged central bank
ING’s lead economist for digital finance Teunis Bronsens and chief economist Mark Cliffe gave insight on the merits and drawbacks of a central bank-backed
However, the launch of central bank-backed digital currencies could be fraught with problems for some. According to a TNW Hard Fork report, the shedding of notes and hard currency could do more harm to
According to the report, one drawback of having a central bank-backed digital currency is that users will lose the anonymity they have when using cash. Having a central bank controlled virtual currency will mean that all transactions will be traceable by regulators.
The ING officials indicate that although no country has yet launched a digital currency of its own, it could be possible soon.
Among the countries that may develop a central bank
According to Mark Cliffe, the launch of the Facebook-backed
Facebook’s Libra has suffered setbacks in recent weeks. The
According to a report to be presented to finance ministers at the IMF’s Annual Conference,
Despite these setbacks, central banks are no longer waiting for Facebook or some other big tech player to force their hand. They have been set on a path to develop their own digital currencies and now it is just a matter of time.