Central bank governors from around the globe are currently in Thailand to discuss the role of central banks amid evolving financial technology. The conference is jointly hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS).
A panel discussion on digitalized monetary systems saw Eddie Yue, chief executive of the Hong Kong Monetary Authority, Changyong Rhee, governor of the Bank of Korea, Adrian Orr, governor of the Reserve Bank of New Zealand and Cecilia Skingsley from Bank for International Settlements discuss the rise of digital assets and central bank digital currencies (CBDC) and the risks associated with the new technology.
The Hong Kong Monetary Authority chief discussed the innovations and benefits of blockchain technology and its probable impact on central banks. Yue said that in the long term CBDCs and stablecoins can offer a more efficient and cost-effective way of transactions. However, he noted that with any new technology there are certain risks associated with it be it innovation or operational risks.
Read more: cointelegraph.com
Source: CRYPTO WORLD NETWORK NEWS