Think: Implications For International Banking Of Adopting The
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Central bank digital currencies CBDCs can have broad implications for the global balance of power in both finance and politics, but the optimal scenarios for adoption have yet to be found.
The panel was arranged by Policy 4. The discussion featured Policy 4. Griffoli outlined three scenarios for adoption for future digital currencies issued by Oc banks: a limited usage just for remittances, currency substitution for countries with weaker currencies, and a multipolar world using different CBDCs as reserve currencies.
The currency substitution scenario would be a continuation of an already ongoing trend, Griffoli said.
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But Griffoli noted that various countries issuing digital source could bring global benefits. This, in turn, allows the U. For the Bahamas, the Internationa is no longer an abstract discussion: the country is actively working on issuing its own CBDC. The new payment system should help to better connect the scattered archipelago population financially.
One of the main issues the Central Bank of the Bahamas is trying to solve is how to make the new digital cash available to everyone in the country, includiung the undocumented population immigrating from Haiti, without neglecting know-your-customer and anti-money laundering protocols, Bankinb said. Another important question is data protection, especially for young people who might leave an additional digital financial footprint by using new digital coins.
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