Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns
Though new forms of electronic money may bring benefits, they have major drawbacks that central banks should be wary of, Norges Bank’s Jon Nicolaisen said on April 25.
The deputy governor said he believed central banks would need to come up with options that solve the trust, security and anonymity issues associated with many forms of electronic payments. Cash currently fulfils that role, but its use is declining, so central banks need to rethink the “future form” of money.
“Central banks were
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