Published on June 8th, 2018 | by bitcoin0
Bank of Italy Official says “Central Banks Are Not Ready to Issue Digital Currencies”
Central banks aren’t ready – at least in the short-term – to handle the implications of launching wholly digital currencies, the deputy governor of the Bank of Italy said Thursday.
In his remarks, he became the latest to discuss the possibility for central banks to issue currencies digitally, including those that incorporate elements of cryptocurrencies like bitcoin or some of the concepts that underpin blockchain.
He was quoted as saying (according to a transcript of his remarks published by the Bank of International Settlements):
“In fact – just like banknotes – a [central bank digital currency (CBDC)] would be a liability of the central bank and would be backed by its assets.
It would be supported by the credibility of the central bank and ultimately, by the rule of law.
For example, Panetta asked whether digital currencies should be traceable or “designed to guarantee, to the extent possible, anonymity.”