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China faces up to limits of technology, The case for CBDC

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China faces up to limits of technology, The case for CBDC

Friday 6 November 2020  –   Vol.11 Ed.45.5

Commentary: China faces up to limits of technology

By Herbert Poenisch in Penang

China has demonstrated impressive technological prowess in digital payments, e-commerce, blockchain, artificial intelligence and machine learning. These innovations have arguably made life easier and safer. However, technology alone cannot solve major economic challenges. One of the main difficulties that China faces is shifting its focus from exports to domestic priorities, consumption and investment. This restructuring will change how resources are deployed, a problem that technology alone cannot remedy.

Read the full commentary on the website.

Podcast: The case for CBDC

Dmitry Tokarev, chief executive officer of Copper, joins David Marsh, chairman of OMFIF, to discuss central banks’ interest in digital currencies, as well as their impact on commercial banks. They look at whether the pandemic has moved society towards being cashless and what threats CBDCs pose to the financial system and monetary policy. In addition, they cover how essential blockchain and distributed ledger technology would be in developing a CBDC.

Listen to the recording, or search ‘OMFIF’ on your smartphone’s podcast app.

 

 

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