Free Trial

MNI BRIEF: Riksbank Skingsley Sees Bank Deposit/CBDC Contest

LONDON (MNI)

Although bank deposit taking could be hit by the launch of central bank digital currencies, they would create fresh commercial opportunities as well, both Riksbank Deputy Governor Cecilia Skingsley and the BIS's Benoit Coeure said, in response to an MNI question Wednesday.

Skingsley said that deposits were "not a divine, given right for banks" and that they would have to compete to get them while Coeure said "the fact that money might move away from bank accounts and towards CBDC doesn't mean banks will lose contact with their clients" and that the most likely model would be one where central banks issue CBDCs and commercial banks distribute them. They were talking at the launch of the BIS' Nordic Innovation hub, with the BIS reporting that over 80% of central banks are now undertaking CBDC research and development.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.