Private digital money refers to digital currencies issued and managed by private entities, as opposed to central banks. Examples include stablecoins pegged to fiat currencies or cryptocurrencies like Bitcoin. These forms of money operate outside direct government control in their issuance. They offer alternatives to traditional cash and central bank digital currencies.
Context
The discussion surrounding private digital money often involves its role in the broader financial system, particularly in relation to central bank digital currencies. Debates focus on issues of consumer protection, financial stability, and regulatory oversight for these privately issued assets. The ongoing policy dialogue seeks to establish appropriate frameworks for their operation and integration.
The consortium is establishing a compliant, shared-ledger framework to enhance global liquidity and reduce correspondent banking friction for wholesale settlement.
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