CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,846.00
  • ethereum
    ETH$1,886.92
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » CBDCs Are Natural Evolution Necessary to Protect Fiat Monetary System: Swedish Central Banker 

    CBDCs Are Natural Evolution Necessary to Protect Fiat Monetary System: Swedish Central Banker 

    Author: Arun Srivastav

    Last Updated Jun 29, 2022 @ 14:44

    Skingsley’s remarks assume significance as she is going to head Bank for International Settlements’ (BIS) Innovation Hub from September 2022.

    CBDCs are an investment to protect the fiat-based monetary system. Cash is on its way out, and its share as a medium of payment will significantly reduce in the coming years. For central banks to stay up to date with modern developments and public demands, they must develop CBDCs.

    These remarks were made by Cecilia Skingsley, First Deputy Governor of Sweden’s central bank Sveriges Riksbank at the European Central Bank’s (ECB) Forum on Central Banking at Sintra, Portugal on Tuesday, media reports said.

    “I see it as an evolution of the central bank role, rather than a revolution… I think cash will disappear as a payment method, that’s for sure,” she said.

    CBDC Interoperability Concerns

    The Swedish central banker, who was seen as the front-runner to head Sveriges Riksbank till recently,  suggested that CBDCs may not provide a complete solution to cross-border payments because of a lack of agreement and unanimity on critical issues between governments.

    Talking about the future when most countries will have launched their CBDCs, she said interoperability or their interaction with each other can be complex.

    “We have to think about different levels of interoperability…. It’s going to be jolly hard for everybody who wants to be part of that to agree on governance and supervision and the like,” she opined.

    Lack of Agreement on CBDC Linking

    Stressing that CBDCs should work together for smooth cross-border transactions, global financial messaging service SWIFT has said that it is working on interoperability of CBDC systems to facilitate international payments.

    ADVERTISEMENT

    Last month, CryptoPotato reported that American politicians are insisting that China’s digital Yuan – e-CNY – should not be allowed in American app stores. Citing espionage concerns, some US politicians had advised American athletes not to use the e-CNY during the 2022 Beijing Winter Olympics.

    Skingsley as Head of BIS Innovation Hub

    Skingsley’s remarks on CBDCs and phasing out of cash assume significance in view of her appointment as the head of Bank for International Settlements’ (BIS) Innovation Hub early this month. She would assume charge of the new role in September 2022 for a period of five years.

    “Cecilia Skingsley is a highly respected leader on issues of innovation within the international community. She has played a pivotal role in advancing key international initiatives directed towards the development of CBDCs,” a BIS release on her appointment notes.

    The BIS is an association of central banks from around the globe, and its Innovation Hub is actively engaged with several CBDC projects. It’s also supposed to release a report on CBDC interoperability next month.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • SWIFT
      SWIFT Experiments With CBDC Interoperability for Facilitating Cross-Border Payments
    • Chile
      Chile's CBDC Should Operate Both Online and Offline Before Launch
    • jamaica_flag
      Jamaica Introduces Its CBDC to Support Those who are Financially Excluded
    Tags: CBDC Sweden
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Arun Shrivastav
    More posts by this author

    After being in the mainstream print media for over 10 years, Arun has been active in digital media. He joined the crypto industry in 2017 and since then, covering blockchain news. Besides news, he likes to blog about digital marketing. Contact: LinkedIn

  • bitcoin
    BTC$23,846.00
  • ethereum
    ETH$1,886.92
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Binance BNB Burn Explained: How Much is Burnt and When?

    Binance BNB Burn Explained: How Much is Burnt and When?

    Will New Tokens be Airdropped to ETH Holders After Ethereum’s Hard Fork?

    Will New Tokens be Airdropped to ETH Holders After Ethereum’s Hard Fork?

    Cardano’s Vasil Hard Fork Explained: What to Expect from the Major Upgrade?

    Cardano’s Vasil Hard Fork Explained: What to Expect from the Major Upgrade?

    Users in Web3 Will Do a lot More Than Just Trade Crypto: Cronos’ Ken Timsit (Interview)

    Users in Web3 Will Do a lot More Than Just Trade Crypto: Cronos’ Ken Timsit (Interview)

    Institutions Are Starting to Buy Back: Interview with Nansen

    Institutions Are Starting to Buy Back: Interview with Nansen

    Top 5 Most Common Scams Related to Ethereum 2.0

    Top 5 Most Common Scams Related to Ethereum 2.0

    What is the Merge? What You Need to Know About the Transition to Ethereum 2.0

    What is the Merge? What You Need to Know About the Transition to Ethereum 2.0

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!