At an event, the governor of the Central Bank of Chile spoke about the possibilities of a Chilean CBDC.
La central bank digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. (CBDC) of Chile would need to accept paymentsofflinesaid the governor of the Central Bank of Chile, Rossana Costa, at an event in Switzerland organized by the Bank for International Settlements, BIS. The senior official promised a policy paper on the issue by the end of this week, but added that no final decision had been made on whether to issue a digital form of the Chilean peso. .
Costa stressed that the CBDC should “should operate both online and offline” and added that the technology to do so “is not necessarily efficient today”.
The system should “to enable the authorities to trace the transaction at a later date “while protecting personal data, Costa added.
He also said that the CBDC would have to co-exist and be convertible with cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. and commercial banks, and be secure. He added that pilot projects could be implemented after further discussions. with the public and private sectors later this year. .
Also in jurisdictions such as the European Union (EU), officials are considering how to balance the ability to conduct discrete cash-like transactions with the need to track illicit finances, and are considering offer more private means of payment for small purchases. Ghana has also considered making their CBDC availableoffline.
Others think the problem is a waste of time and that central banks should focus on areas where payments are now difficult.
“We’re barking up the wrong tree with retail CBDCs.” dijo Ravi Menon de la Monetary Authority of Singapore at the same event as the BIS, arguing that existing payment networks are sufficient to meet the needs of ordinary citizens.
“The tree we should be barking up is wholesale CBDCs for cross-border payments. Menon added, which means banks could conduct large international transactions without traditional tools such as the correspondent banking system and the SWIFT messaging service, which he described as “a very expensive and time-consuming process,” he said. “laborious” y “ archaic”.
What BIS says
As told by DiarioBitcoin, a recent BIS survey says that 9 out of 10 central banks are considering issuing their own virtual assets, in part because of competition from Bitcoin, but are grappling with design issues to ensure access and privacy.
Issuers of international standards have been broadly supportive of moves to issue CBDCs, but are concerned that central banks may lose their power.
“In many countries with weak institutions, citizens may have incentives to take money out of the country.” said Tobias Adrian, director of the Monetary and Capital Markets Department of the International Monetary Fund. “The vast majority of countries have some forms of capital capital is most commonly defined as the large sum of money you would use to invest. controls and there is both direct and anecdotal evidence that cryptoassets are used for that.”
The IMF recently said that countries should expand their laws to ensure that measures such as restrictions on foreign payments include cryptoassets.
Chile at work
It is worth recalling that at the end of last year, the Central Bank of Chile reported the creation of a team of 25 people which would study the possibility of the creation of the digital peso and its consequences.
It should also be recalled that – in parallel to this development – the investigative police has been working to dismantle fake cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. scams.
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