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Digital dollars and central bank digital currencies are fast becoming a reality, with China this month reportedly expanding a pilot program for its digital yuan.
While the U.S. has barely even begun thinking about a digital dollar, its potential implications have generated extensive debate, with a former governor of the Reserve Bank of India, Raghuram Rajan, saying bitcoin and Facebook’s libra cryptocurrency may eventually be “in competition” with central bank digital currencies.
“I would like to think that [bitcoin and libra] are also in competition with the central bank digital currency,” Rajan, who served as the International Monetary Fund’s chief economist before taking the top job at India’s central bank, told CNBC’s Beyond the Valley podcast this week.
Central bank digital currencies, sometimes referred to as CBDCs, are expected to work just like regular coins and notes issued by central banks but exist entirely online, with the U.S. Federal Reserve potentially issuing digital dollars via Fed accounts.
“I would like to think that [bitcoin and libra] are also in competition with the central bank digital currency,” Rajan, who served as the International Monetary Fund’s chief economist before taking the top job at India’s central bank, told CNBC’s Beyond the Valley podcast this week.
Central bank digital currencies, sometimes referred to as CBDCs, are expected to work just like regular coins and notes issued by central banks but exist entirely online, with the U.S. Federal Reserve potentially issuing digital dollars via Fed accounts.
“I would like to think that [bitcoin and libra] are also in competition with the central bank digital currency,” Rajan, who served as the International Monetary Fund’s chief economist before taking the top job at India’s central bank, told CNBC’s Beyond the Valley podcast this week.
Central bank digital currencies, sometimes referred to as CBDCs, are expected to work just like regular coins and notes issued by central banks but exist entirely online, with the U.S. Federal Reserve potentially issuing digital dollars via Fed accounts.
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