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Should Central Banks Adopt Digital Currencies?

November 20, 2016 daniel Are Central Bank Issued Cryptocurrencies a Good Idea?, bank issued digital currencies, Bank of New York Mellon (NYSE: BK), blockchain-based mediums of exchange, Central Bank Issued Cryptocurrencies, Central Bank Issued Cryptocurrency, Central Bank Issued Digital Currency, Citicoin, Citigroup (NYSE: C), CME Bitcoin Real Time Index, CME Bitcoin Reference Rate, CME Group Inc., COIN, cryptocurrencies, Cryptocurrency, Cryptocurrency Market Developing, Deutsche Bank (NYSE: DB), Digital Currencies, Fan Yifei, FinTech Accelerator, Goldman Sachs (NYSE: GS), Monetary Agency of Singapore, Narenda Modi, next-generation currency, PBOC, People’s Bank of China, replacement of paper money with digital currencies, SETLCoin, The World’s First Central Bank Issued Cryptocurrency is Here, UBS (NYSE: UBS), US Federal Reserve, Utility Settlement Coin, Zhou Xlaochuan

The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.

The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.