Getting serious about digital fiat currencies
More and more central banks are considering issuing them, for good reason; so should the Reserve Bank of India
The digital revolution has profound implications for central banks. They have to decide whether to issue digital fiat currencies (DFCs) in order to maximize economic gains, remain relevant in a digital world, and respond to the cryptocurrency challenge. These considerations were apparent in the ITU DFC Focus Group conference at Cornell’s New York Tech Campus in late July, where central bankers formed the majority of more than 100 participants, and where I moderated the economic implications panel.