Digital Yuan Won’t Give China ‘First-Mover Advantage’ With CBDCs, BIS Chief Says
"Digital nature alone" will not be enough to give any one CBDC an edge as an international reserve asset, the BIS general manager asserts.
People with more security concerns about fiat money may seek information about crypto, but ultimately decide not to invest.
Cryptocurrencies are "speculative assets rather than money" used in many cases to facilitate financial crime, the central bank organization said.
Central banks are focusing on domestic CBDC use, even though the implications go beyond borders.
The committee proposed splitting crypto assets into two groups: those eligible for treatment under existing frameworks and those that are not.
The committee said it will publish a consultation document later this week.