Banks, Biz Told To Work Together To Create Digital Currency – Law360

Law360, London (June 23, 2021, 3:31 PM BST) — Central banks and private businesses should work together to create a digital currency that preserves the core features of fiat money, the Bank for International Settlements said on Wednesday as it threw its support behind virtual assets pegged to cash.

The global standards-setter for central banks said that central bank digital currencies, or CBDCs, would function best if they were part of a two-tier system. A central bank would operate the heart of the digital currency’s system to ensure that it is safe and efficient for users; private banks and payment service providers would offer the digital currency to customers, using…

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