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Cooking Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingshortsLONDON - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for newest incarnation of money to prove its worth.
Supporters say CBDCs will modernise payments with new functionality and provide an alternative to physical cash, which seems in terminal decline. "It is one of the biggest central banks, so if it comes up with answers to the privacy and cyber security issues and the ability to use it offline, it will be a very influential."
"You are potentially breaking some of the singleness of money" he said, flagging the risk of a two-tier system if CBDCs are allowed different functionality or data disclosure rules than bank accounts.A key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs. Data this month from the Bahamas, which launched the world's first digital currency in 2020, showed personal transactions of its SandDollar were down 11% in the first seven months of the year while wallet top-ups had plunged four fold.
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