RATE Group | Rise of Libra and Digital Yuan Spur Action from Global Powers
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Rise of Libra and Digital Yuan Spur Action from Global Powers

08 Feb Rise of Libra and Digital Yuan Spur Action from Global Powers

Posted at 19:04h in Cryptocurrency News by

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Facebook’s Libra may have nudged central banks to open their eyes to the world of digital currencies, but China’s brisk progress on its digital yuan has compelled global powers to take CBDCs much more seriously. 

Building a Neutral Settlement Currency

A member of the Federal Reserve Board of Governors, Lael Brainard, confirmed that the central bank is examining the prospects of a CBDC. Just like the ECB, the Federal Reserve has already begun research and experimentation.

Supranational agencies are key drivers in the push for digital currencies. Both the World Bank annual meeting in October 2019 and the World Economic Forum (WEF) meeting in Davos, Switzerland, these agencies have requested central banks around the world to investigate digital currencies.

The WEF went as far as publishing broad guidelines for how to study digital currencies. As it stands today, 80% of central banks are exploring the viability of digital currencies. 

Facebook’s announcement of its crypto project,…

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