Page 114 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
nd
th
Countries where CBDCs are in development:
Eurozone The European Central Bank (ECB) publicized last July and
is very vigorously looking into creating a digital version
of the euro.

“Our work targets to ensure that in the digital age firms
and citizens continue to have admittance to the safest
form of Money, Central Bank Money”, Christine Lagarde,
the President of the ECB.
  As the Currency’s Custodian, the ECB has been
monitoring very closely the gradual increase of private
cryptocurrencies such as Bitcoin because the COVID-19
pandemic quickens a shift away from cash.

The European Commission announced that a bill for a
digital euro will be proposed in 2023.

The ECB will continue to work to develop its digital euro
in the meantime.

Conclusion: several nations throughout the world and
Central Banks have begun to investigate the events like COVID-19 may help to accelerate
use of CDBCs as a new kind of money. CBDC this process.
is estimated to be used as a digital currency to References:
address the deteriorating use of cash in some
countries while the remaining see CBDC as an RBI Circulars on Currency Chests.
innovative way to bring financial stability to National Council for Applied Research
the economy. CBDC as a new payment system, Working Paper No: WP 138.
on the other hand, may soon be available in

The Institute Of Cost Accountants Of India

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