The cost of inaction on wholesale CBDCs
A gap exists between demand in capital markets and most central banks’ research priorities as evolving risks accrue
In the aftermath of the global financial crisis, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions set out the ninth principle for settling in systemically important financial market infrastructure: institutions should settle in central bank money, if “practical and available”.
Settlement in digital central bank money already takes place in financial markets. In this respect, officials at the US Federal Reserve, European Central
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