Head of the Bank for International Settlements (BIS) Innovation Hub Benoît Cœuré at the Reinventing Bretton Woods Committee expressed an opinion according to which the current discussion on central bank digital currency (CBDC) came into sharper focus.
The Covid-19 pandemic has already highlighted the value of having access to diverse means of payments, and the need for any means of payments to be resilient against a broad range of threats, Cœuré said.
"Issues such as tokenisation, open banking, and using technology to support regulatory and supervisory compliance («regtech» and «suptech») are high on our agenda," he added.
According to Cœuré, Covid-19 will accelerate the digital transition beyond payments.
He also said that in the next months and years, the BIS Innovation Hub will remain busy "scanning technological trends in finance and their consequences for central banks and financial regulators."
Previously, BIS issued a bulletin in which described several advantages of using CBDC instead of fiat currencies to withstand a large range of shocks, including pandemics and cyberattacks.
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