The digitalization of currencies proceeds at pace irrespective of world events.

If anything, the COVID-19 crisis has accelerated consumers’ preference for tap payments over cash at points of sale, while central banks advance plans to introduce a retail central bank digital currency (CBDC) for both consumers and businesses.

However, to paraphrase a famous saying, reports of the death of cash are “greatly exaggerated,” and in the near term, it is more likely that retail CBDCs will complement physical coins and notes, not replace them.

In this video in support of his most recent research paper, CIGI Senior Fellow Pierre Siklos outlines both the potential benefits of retail CBDCs along with the hurdles that must be overcome to roll them out.

Read the full paper at:

https://www.cigionline.org/publicatio...