Facing up to the tech challenge

Central banks get a wake-up call from libra

The prospect of Facebook’s libra emerging as a viable third-party, multinational digital currency has served as a wake-up call for many central banks and payment operators. It highlighted the urgent need to upgrade existing payment infrastructure to ensure it works in real time and is cost-effective. It has also emphasised the need for central banks to more fully understand the implication of central bank digital currencies (CBDC) and other new technologies for the monetary and financial systems

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