Digital Currency by Central Banks

  Central banks on many countries have started studying the likely impact of issuing Digital currency, on matters including financial inclusion, economic growth, technological innovation and increased efficiency of transactions. “Mostly Economics” has blogged about it here.

 

Rafael Sarres de Almeida, also from Deinf and alternate coordinator of the study group, points out that “the subject of digital coins issued by central banks has been on the research agenda of many central banks for some time, however, this year, there was a greater focus in a more practical approach. China has already entered the final testing phase of its digital currency and many monetary authorities have announced new projects ”. According to Rafael, the initiative of the Central Bank aims to deepen studies “on the future of our currency. It is important to emphasize, however, that the group’s approval does not mean that the BC will issue a digital currency, but that the monetary authority will study the issue and give society a response on the topic. ”

Studying the digital currency issuance model is essential to understand the phenomenon and its potential impacts. This is what Arnaldo Francisco Vitaliano Filho, from the Department of Promotion of Financial Citizenship (Depef) of the Central Bank believes. “The working group will allow us to evaluate possible implications in areas such as financial inclusion, economic growth, technological innovation and increased efficiency of transactions, and, thus, give more clarity on the subject to the BC”, he says.