{"id":92979,"date":"2019-07-01T16:03:40","date_gmt":"2019-07-01T23:03:40","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2019\/07\/facebooks-digital-currency-may-force-central-banks-to-create-their-own"},"modified":"2019-07-01T16:03:40","modified_gmt":"2019-07-01T23:03:40","slug":"facebooks-digital-currency-may-force-central-banks-to-create-their-own","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2019\/07\/facebooks-digital-currency-may-force-central-banks-to-create-their-own","title":{"rendered":"Facebook\u2019s digital currency may force central banks to create their own"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/facebooks-digital-currency-may-force-central-banks-to-create-their-own2.jpg\"><\/a><\/p>\n<p>Just a few months ago, August\u00edn Carstens, the general manager for the Bank for International Settlements (BIS), the so-called central bank for central banks, said his organization saw no value in the potential of central-bank-issued digital currencies. Well, he\u2019s apparently had a change of heart, and the entrance of Facebook and other \u201cbig techs\u201d into financial services appears to be the reason.<\/p>\n<p><strong>The news:<\/strong> Carstens told the <a class=\"\" href=\"https:\/\/www.ft.com\/content\/428a0b20-99b0-11e9-9573-ee5cbb98ed36\">Financial Times<\/a> that the BIS is supporting the \u201cmany\u201d central banks <a class=\"\" href=\"https:\/\/www.technologyreview.com\/s\/612573\/at-least-15-central-banks-are-serious-about-getting-into-digital-currency\/\">currently developing or researching digital currencies<\/a>. \u201cAnd it might be that it is sooner than we think that there is a market and we need to be able to provide central bank digital currencies,\u201d he said.<\/p>\n<p><strong>The context:<\/strong> Many other central bankers have dismissed cryptocurrencies like Bitcoin, which tend to be volatile and whose most popular use has been speculation. But <a class=\"\" href=\"https:\/\/www.technologyreview.com\/s\/613801\/facebooks-libra-three-things-we-dont-know-about-the-digital-currency\/\">Facebook\u2019s proposed digital currency<\/a>, Libra, will be backed by fiat money and designed to maintain a stable value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just a few months ago, August\u00edn Carstens, the general manager for the Bank for International Settlements (BIS), the so-called central bank for central banks, said his organization saw no value in the potential of central-bank-issued digital currencies. Well, he\u2019s apparently had a change of heart, and the entrance of Facebook and other \u201cbig techs\u201d into [\u2026]<\/p>\n","protected":false},"author":513,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,1761,45],"tags":[],"class_list":["post-92979","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrencies","category-finance"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/92979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/513"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=92979"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/92979\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=92979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=92979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=92979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}