Hire a professional hacker here atTheHackersPro!
(Monday - Sunday)
Submit request

BIS reveals CBDC handbook for fintech development



In a recent development, the Bank for International Settlements (BIS) Innovation Hub has unveiled a comprehensive handbook. Its primary aim is to support central banks in navigating the complexities of implementing offline central bank digital currency (CBDC) technology.

The guide emphasizes that various technological, security, and operational considerations are integral to the early development stages of CBDCs.

The use of CBDCs in an offline capacity could potentially enable central banks to achieve public policy objectives that resonate with their fundamental mandate. A striking 98% of surveyed banks deemed the offline use of a centrally-issued digital currency as beneficial or essential.

Notably, the handbook offers guidance on critical aspects related to offline CBDC transactions, such as security measures, risk management, privacy issues, and resilience options.

The concept of an offline digital dollar or euro could potentially advance the objectives of central banks, encompassing financial inclusion, payment system resiliency, economic stability, and monetary policy efficiency.

However, BIS underscores that a delicate balance must be struck between the requirement for privacy and the necessity to combat financial crimes, a point of contention for some critics.

While discussions about CBDCs continue in the U.S., the issuance timeline remains uncertain. The debate has intensified in recent times.

Presidential candidate Robert Kennedy Jr. has voiced concerns over potential government overreach, while Florida governor Ron DeSantis warns of the possibility of the government gaining excessive oversight of individual finances through CBDCs.

These opinions from high-profile figures appear to be directed at voters who prioritize privacy, yet the actual impact of a centrally-issued digital currency on a nation’s economy remains a subject for future observation.

Follow Us on Google News

Leave A Comment

Professional hackers for hire at TheHackersPro

(Sat - Thursday)
(10am - 05 pm)

Subscribe to our newsletter

Sign up to receive latest news, updates, promotions, and special offers delivered directly to your inbox.
No, thanks