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Own Cryptocurrency of Central Bank Incoming in a Few Years — ING's Chief Economist

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Fri, 27/09/2019 - 13:56
Own Cryptocurrency of Central Bank Incoming in a Few Years — ING's Chief Economist
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In his article on ING website, Chief Economist of a Dutch multinational banking and financial services corporation ING, Mark Cliffe expressed his thoughts over a potential creating of digital currencies by central banks in coming years.

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Keeping up with the times

By his point of a look, next two to three years will be decisive for banks, as the many of G20 central banks could go for their own cryptocurrencies. He shared these thoughts after a joint event, with the participation of ING and the central bank thinktank, OMFIF.

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Discussion topic

During the meeting, issues related to CBDC were discussed: confidentiality, data administration, market power, cybersecurity, the division of labour between the public and private sectors, as well as issues of limitations and trade-offs associated with the rapid development of technology.

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