Central bank cryptocurrency (CBCC) is a digital form of currency issued and regulated by a central bank. It meets all four criteria necessary for a successful implementation. Firstly, CBCC provides a secure and efficient payment system, allowing for quick and seamless transactions. Secondly, it ensures financial stability by reducing the risk of fraud and counterfeiting. Thirdly, CBCC promotes financial inclusion by providing access to banking services for individuals who are unbanked or underbanked. Lastly, it offers transparency and accountability as all transactions are recorded on a blockchain, making it easier to track and monitor. Overall, CBCC is a promising solution that satisfies the requirements for a central bank-issued cryptocurrency.
HomeDIGITAL ASSETS REGULATORYbis_asset_updateMedia Briefing for the September 2017 Quarterly Review by the Bank for...