Global Central Banks Still Unsure of Digital Currencies

Central Banks

Want to know what the global central banks really feel about bitcoin, and cryptocurrencies in general? Of course you do. So, here is a complete run down, central bank by central bank, of the thinking around the world. Want a clue? “I say, these new crypto things will never catch on”. “Nyet”. “Never”. “Oh poo, lets study it for a while. Seems interesting”. “WHAT is cryptocurrency?” Well, you get the point. So, that’s why it will ultimately work and CONTINUE to change the world. Great read and insight.
(Bill Taylor/CEO)


“More than eight years since the birth of bitcoin, central banks around the world are increasingly recognizing the potential upsides and downsides of digital currencies.

The guardians of the global economy have two sets of issues to address. First is what to do, if anything, about the emergence and growth of the private cryptocurrencies that are grabbing more and more attention — with bitcoin climbing above $10,000. The second question is whether to issue official versions.

Following is an overview of how the world’s largest central banks (and some smaller ones) are approaching the subject:

U.S.: Privacy Worry

The Federal Reserve’s investigation into cryptocurrencies is in its early days, and it hasn’t been overtly enthusiastic about the idea of a central-bank issued answer to bitcoin. Jerome Powell, a board member and the chairman nominee, said earlier this year that technical issues remain with the technology and “governance and risk management will be critical.” Powell said there are “meaningful” challenges to a central bank cryptocurrency, that privacy issues could be a problem, and private-sector alternatives may do the job.

The volume of cryptocurrencies could at some point “matter” when it comes to monetary policy, Powell said in answering a question at his Senate confirmation hearing Tuesday…”


Full Story published at Bloomberg.com by Eric Lam (11/26/17)
Here’s What the World’s Central Banks Really Think About Bitcoin