World Central Banks cannot ignore Bitcoin

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World’s Central Banks ignore the development in cryptocurrencies as it could take a risk to the stability of the financial system, based from the Bank for International Settlements (BIS).

They will need to figure out whether to issue a digital currency, though the decision is most expecting in countries like Sweden where cash use is shrinking.

Institutions need focus on the privacy issues and efficiency gains in payment systems; also the economic, financial and monetary policy repercussions, it will be check in quarterly. On the other hand, JPMorgan chief executive Jamie Dimon calling bitcoin a “fraud” and China restricted on domestic trading of cryptocurrencies.

Bitcoin and others gained popularity as mode of payment systems on mobile and encourage investors to invest, central banks are starting to delve into them and used blockchain technology, which speed up clearing and settlements. The Bank of England, Mark Carney has noted cryptocurrencies as part of a potential “revolution” in finance. The Dutch Central Bank has made its own cryptocurrency, for internal use only.

According BIS, one option for central banks will be a currency available to the public, w/ only the Central Bank able to issue units that would be convertible with cash and services. There might be a bigger risk of bank runs, however, commercial lenders might face a shortage of deposits. In Addition, another issue to be consider is the question of privacy.

Credit to www.independent.co.uk

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