BASEL, Switzerland—Central bank digital currencies (CBDC) will never have full interconnectedness due to cross-border limitations, according to the head of the Bank for International Settlements (BIS) Innovation Hub.
Cecilia Skingsley recently warned that efforts to push for central bank digital currencies will face geopolitical limits.
Skingsley noted crypto market recovery is pushing crypto prices higher, increasing investors’ sentiment on cryptocurrencies. Despite last year’s turmoil, the crypto market has survived. She believes a new outlook on CBDC and the crypto market has emerged after turmoil, CoinGape reported.
“I would assume that the industry will learn from these failures and they will come up with new things,” she said, according to the report.
Skingsley said CBDCs make currencies more high-tech, easier, and cheaper to send to other countries. However, they divide countries based on their CBDC and not all countries in the world will be prepared to cooperate fully with all the other countries in the world. CBDCs will never have interconnectedness due to cross-border limitations, she said.
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