The Central Bank Governors’ Club, which consists of 26 central banks across Central Asia, Black Sea Region and Balkans, on Friday said that the global crisis will have “far-reaching global implications,” and hence digital currencies will continue to thrive due to factors such as higher debt burden and financial vulnerability.
“The COVID-19 pandemic has, among other things, affected further expansion of e-commerce and electronic settlements technologies. This is one of the reasons why financial regulators are more and more interested in central bank digital currencies.” The banks said in a joint statement.
The group came to a conclusion that, before arranging the emission of a digital currency, a central bank should first assess the impact it will have on monetary policy and financial stability, and then develop a procedure to avoid and mitigate cyber risks.
Meanwhile, the price of Bitcoin crossed $15,500 on Friday to hit the highest level since January 2018.