Carney warns CBDC delays play into hands of big tech

Delays risk entrenching the power of tech firms, former BoE governor says

Mark Carney
Mark Carney
IMF Photograph/Cory Hancock

Mark Carney called on central banks today (June 28) to embrace digital forms of public money, or risk allowing tech firms to dominate a “new world” of money.

The former Bank of England governor said the world was heading for a new monetary system, potentially with a greater role for distributed forms of finance. But he cautioned that past episodes in which multiple forms of private money fought for supremacy led to inefficiency and instability.

The new monetary system, Carney said in the

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Outlook for e-FX: opportunities and risks for banks

As electronification spreads into new areas of FX trading, banks are under pressure to digitise more of their offerings to remain competitive. The race is now on to automate pricing, trading and hedging in areas such as non-deliverable forwards, swaps…

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