The Bank for International Settlements has included in the agenda for this 2023, helping the more than 100 CBDC projects that exist by central banksin order to continue generating tools that allow financial stability.
Among its objectives is the modernization of financesFor this, the Committee of the Bank for International Settlements has proposed to continue with the analysis of the digitization of finance, as well as the development of the markets that have been generated around cryptoactives.
In this sense, understand that the current projects that exist on digital currencies issued by central banks represent 95% of the world’s GDPand it is imperative to use the means of innovation at its disposal, in the joint development of these projects.
Source: BIS Annual Report 2021-2022
The BIS has identified the modernization of finance as one of its objectives and is committed to the analysis and development of the digitization of finance and crypto-asset markets. In order to address the new challenges, the BIP is focused on key tasks such as the emerging risk, digitization of finance, assessment of standards and implementation of CBDCs in the global economy.
The importance of the digitization of finances for the BIS is reflected in its annual management report, to such an extent that CBDCs are considered as the evolution of the monetary systemIn this regard, they state that: “Central bank digital currencies present an opportunity for the monetary system. Building on society’s trust in the currency, they can offer the general public the unique advantages of central bank money in digital form”.
in such a way that, the BIS has added to the agenda of the “Consultative Group on Innovation and the Digital Economy” (CGIDE)specific meetings on security topics, use cases and functionalities that interest most central banks that have shown interest in CBDCs.
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