The Bank of International Settlements has come out firmly in favor of central bank digital currencies (CBDCs) in a new report—calling them a potentially evolutionary change that can “set high standards for safety and risk management and serve as a basis for sound innovation in payments.”
A fifth of the world’s population to use CBDCs in 3 years, says BIS
The Bank for International Settlements surveyed 66 of the world’s central banks
The Bank for International Settlements, a consortium of banks based in Basel, Switzerland, polled 66 central banks last year. The results? One fifth of the world's population will use central bank digital currencies by 2023. CBDCs are a new type of digital money. They can be used for interbank settlements or as a type of general purpose “digital cash,” meant as a stand in for regular bank notes.
Bitcoin’s Proof-of-Work model will fail, economist for central banking organization argues
As the reward for mining new coins declines, finalizing transactions could take a year
Ultimately, it could take nearly a year, or 50,000 blocks, before a payment could be considered final
