CBDC
Jesse SmithBy
Share
by Tim Hinchcliffe | The Sociable

Central bank digital currencies (CBDCs) will hopefully replace physical cash and become fully digital, a central banker tells the World Economic Forum (WEF).

Speaking at the WEF’s Special Meeting on Global Collaboration, Growth and Energy Development on Sunday, Central Bank of Bahrain governor Khalid Humaidan told the panel“Open Forum: The Digital Currencies’ Opportunity in the Middle East” that one of the goals of CBDC was to replace cash, at least in Bahrain, and to go “one hundred percent digital.”

Humaidan likened physical cash as being an antiquated “analogue” technology and that CBDC was the digital solution that would hopefully replace cash.

“We’re probably going to stop calling it central bank digital currency; it’s going to be a digital form of the cash, and at some point in time hopefully we will be able to be one hundred percent digital”

Bahrain Central Bank Governor Khalid Humaidan, World Economic Forum, April 2024

“I thank this panel and this opportunity. It forced me to refine my thoughts and opinions where I’m at a place comfortably now that I’m ready to verbalize what I think about CBDC,” said Humaidan.

“If we think cash is the analogue and digital currency is the form of digital — CBDC is the digital form of cash — today, clearly we’re in a hybrid situation; we’re using both.

“We know in the past when it comes to cash, central bankers were very much in control with all aspects of cash, and now we’re comfortable to the point where the private sector plays a big role in the printing of the cash, in the distribution of the cash, and with the private sector we use interest rates to manage the supply of cash. Read Full Article >

More in:Central Bank Digital Currency (CBDC)

Leave a Comment