John Williams, president of the Federal Reserve Bank of New York, assures that the arrival of cryptocurrencies presents a challenge for current regulations at the economic level.

That is why, based on this principle, so that the Federal Reserve can work on issuing its own cbdc, it is important that certain aspects related to blockchain technology and regulation are first addressed.

During a panel hosted by the Bank for International Settlements, Williams assured that lawmakers should describe how blockchain-based payment systems would work alongside physical cash.

It is estimated that central banks representing a fifth of the world’s population could issue a cbdc in the next three years, although the pace and intent of implementations vary widely between jurisdictions.

According to the Bank for International Settlements, emerging markets have stronger motivations to go after such a currency, due to local economic and financial conditions.

K. Tovar

Source: Cointelegraph

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