General World News

Central banks must start issuing digital currencies in the coming years because cash will become irrelevant, UBS chief economist says

GettyImages 157012308

Summary List Placement

  • Central banks need to issue digital currencies as cash will become outdated, a UBS chief economist said.
  • These digital currencies won’t operate like cryptocurrencies and will have no wild swings in value, Paul Donovan said.
  • The supply of an officially backed coin depends on a central bank’s authority to regulate the currency’s spending power.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Central banks will soon need to issue digital currencies as the use of cash slowly becomes irrelevant, according to UBS chief economist Paul Donovan.

“Central bank digital currencies details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com