Central Banks’ Board Members to Discuss Ways of Better Using Blockchain in CBDC Rollout
As part of the OMFIF Digital Monetary Institute debate on how blockchain and distributed ledger technology (DLT) benefit central banks’ plans of rolling out digital currencies, a virtual discussion will be held on August 19, bringing together board members and specialists of several central banks according to a notification on Aug 18. Analysts project a future where central banks will increasingly embrace emerging technologies like DLT to implement monetary policies.
Through central bank digital currencies — which are minted not through public consensus but the express will of the bank of last resort, there will be efficiency and cost reduction in the management of the base money supply. Notably, the added benefit of blockchain’s high resilience and transparency can be leveraged by central banks who are encouragingly receptive to new technology.