WEF Report: 40 Central Banks Are Considering Digital Currencies, Blockchain Tech

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Dozens of central banks around the world are currently or soon will be experimenting with central bank digital currencies (CBDCs), according to a recent report from the World Economic Forum.Citing a January 2019 report by the Bank for International Settlements (BIS), the WEF states that at least 40 central banks across globally are conducting research projects and pilots with blockchain technology that aim to address such issues as financial inclusion, payments efficiency and cybersecurity.The report states that CBDCs, which are issued on distributed ledgers and can be transacted in a peer-to-peer manner, will purportedly enable faster and more cost-efficient transactions.Among the most noteworthy benefits of CBDC, the report lists the potential to improve Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures procedures, reduce tax evasion, corruption and illicit activities, challenge commercial bank monopoly power of retail deposits, and potentially provide alternatives to private sector payments technologies. The report reads:“Moreover,…

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