{"id":26238,"date":"2023-12-07T00:25:44","date_gmt":"2023-12-07T00:25:44","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/global-policymakers-are-still-pushing-cbdcs-despite-their-failures\/"},"modified":"2023-12-07T00:25:46","modified_gmt":"2023-12-07T00:25:46","slug":"global-policymakers-are-still-pushing-cbdcs-despite-their-failures","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/global-policymakers-are-still-pushing-cbdcs-despite-their-failures\/","title":{"rendered":"Global policymakers are still pushing CBDCs despite their failures"},"content":{"rendered":"
Despite the risks and the failures associated with central bank digital currencies (CBDCs), global policymakers are pushing forward to make them a reality.\u00a0<\/p>\n
In November alone, officials from the International Monetary Fund (IMF), Bretton Woods Committee, and Bank for International Settlements (BIS) issued rallying calls for governments to push forward on CBDCs with courage and determination. But rather than double down on a bad idea and waste further resources in this pursuit, policymakers should let this idea go and focus on more fundamental reforms that would create a freer financial system. <\/p>\n
The November CBDC campaign began when IMF managing director Kristalina Georgieva told policymakers, \u201cIf anything\u2026 we need to pick up speed [with CBDC development].\u201d\u00a0Bretton Woods Committee chair Bill Dudley likewise called not only for the United States to develop a CBDC, but for the BIS to establish an international standard for CBDCs. And BIS Innovation Hub head Cecilia Skingsley told an audience that CBDCs should not be dismissed as a \u201csolution in search of a problem\u201d because they might be useful one day.<\/p>\n
Related:\u00a0Milei vowed to close Argentina\u2019s central bank \u2014 But will he do it?<\/strong><\/em><\/p>\n These calls come at a strange time. As the Human Rights Foundation\u2019s CBDC Tracker\u00a0indicates, nine countries and the eight islands that compose the Eastern Caribbean Currency Union have launched CBDCs; 38 countries and Hong Kong have CBDC pilot programs; and 68 countries and 2 currency unions are researching CBDCs. Yet, none of these projects have proven worthwhile. <\/p>\n