Central bankers are determined to play down concerns around government digital currencies (CBDCs). Bloomberg reports. In particular, the publication notes that the head of the innovation department at the Bank for International Settlements, Benoit Kere, is inclined to see only benefits from CBDC. According to him, commercial banks should see CBDC as an “opportunity” that will provide new services for clients.
At the same time, the rating agency Fitch Ratings warned that CBDC could become a threat to the financial systems of the world. According to the agency, the launch of the CBDC will bring benefits to governments, but at the same time pose new risks. In particular, Fitch Ratings warns that digital currencies of central banks can provoke a sudden outflow of funds from bank deposits.
It is noteworthy that Morgan Stanley had previously warned of similar risks. According to the bank’s analysts, European commercial banks may lose up to 8% of money from deposit accounts due to the digital euro. At the same time, according to experts, in small countries the consequences can be even more serious.
The CBDC is also said to be beneficial by the Central Bank of the Russian Federation. For example, the head of the regulator Elvira Nabiullina said earlier that the digital ruble would make payments cheaper and make them “safer”. However, according to experts of the PRUE. G.V. Plekhanov, the digital version of the ruble will provoke an increase in loan rates. For example, according to the university’s calculations, the digital ruble can absorb up to 10 trillion non-cash rubles in the first year after launch.
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