TOKYO: No single digital currency will dominate global transactions if central banks strive to enhance their own settlement systems, a senior Bank of ...
TOKYO:
In efforts to catch up with China and private projects such as Facebook Inc's plan to issue its own virtual token, seven major central banks – including the BOJ – last week laid out key principles for issuing CBDCs. As with other central banks, the People's Bank of China is likely developing a digital yuan mainly for the purpose of creating a stable, efficient settlement system, he added.
But China's progress toward issuing a digital yuan has prompted the government to reconsider and pledge in this year's policy platform to look more closely at the idea. By sharing information on CBDC platforms, major central banks can make them mutually compatible and connect them in the future to offer cross-border settlement services, he said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banks disbursed RM120b for SMEs in H1 2020, says Bank Negara | Malay MailKUALA LUMPUR, Oct 14 ― The banking system as a whole disbursed RM120 billion in lending and financing to small and medium enterprises (SMEs) in the first half (H1) of 2020. Bank Negara Malaysia (BNM) said a total of 65,597 accounts were approved in H1 2020, which was higher than the 57,367...
Read more »
Financial market volatility to persist in near term, says Bank NegaraPETALING JAYA: Financial market volatility is expected to remain elevated in the near term as a resumption in the rise of Covid-19 infections in sever...
Read more »
Expansionary budget critical for country’s recovery, says Bank Negara | Malay MailKUALA LUMPUR, Oct 14 — Budget 2021, to be tabled on November 6, should boost the country’s recovery if the government remains supportive of expansion and growth. “As you know for this year the government has already stated that we will have a fiscal deficit of 5.5-6.0 per cent and that is to...
Read more »
Bank jangka pertumbuhan pinjaman isi rumah catat pemulihan | The Malaysian InsightBNM berkata keadaan pembiayaan telah disokong oleh kos pinjaman yang lebih rendah susulan pelonggaran dasar monetari baru-baru ini.
Read more »
Bank Negara: Most households can withstand extreme equity market shock | Malay MailKUALA LUMPUR, Oct 14 — Most households can withstand extreme equity market shock equivalent to that experienced during the Asian Financial Crisis as investments were funded by excess cash reserves and not borrowings, according to Bank Negara Malaysia (BNM). It said a notable development in the...
Read more »