Libra & CBDC - Implications for the banking sector
In a recent study of the Frankfurt School of Finance & Management about Libra and Central Bank Digital Currency (CBDC), it is stated that the launch of Libra and a Euro CBDC will have an extensive impact on the financial sector. A tokenized, local means of payment, such a Libra, could soon become a dreaded competitor for commercial banks when it comes to cross-border payments.
At the same time, the study points out that Libra and CBDC can also serve as catalyst of innovation in the banking sector. Several opportunities are pointed out:
Round table sessions DBC, 2Tokens & DNB
On the 13th of July, DBC, DNB, and 2Tokens hosted a private round table session to discuss point 4 mentioned above. DBC and 2Tokens have, partly based on submissions for the round table, expressed their preference for a CBDC system including smart contracts with complex logic. Although the complexity of launching such a CBDC system is higher, there are many advantages that highlight the importance of such a system:
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