Why Central Banks Should Embrace Digital Currencies

In an interview with the Financial Times, the past president of Bundesbank and currently UBS chairman, Axel Weber, says central banks should be more

open to creating digital versions of their currencies,

FT’s Ralph Atkins and Laura Noonan  report.

While, he argues, financial stability of bitcoin is not the main issue as the currency is “simply too insignificant to matter” and to avoid the threat of the crypto world financing terrorism or money laundering “regulators will regulate it at some point”, nevertheless Weber says

central banks are wrong to think it is a case of either traditional cash or e-currencies. (…) If central banks regarded digital currencies as an opportunity, they could “probably provide non-account-related payment services for society in a cheaper and more economic way.”

However,

“It has to be a very secure means of payment.”

Find out more here.