As recently as 2016, almost no central banks were seriously looking at central-bank digital currencies. Now most are
Bank of Finland, the country’s central bank, launched a curious card called Avant. It looked like a debit card, except that it was meant to replicate the properties of cash. The money stored on an Avant card was backed by the Bank of Finland rather than a commercial bank, which made it, the bank claims, the world’s first central-bank digital currency . Cardholders did not have accounts with the bank. Instead their monetary value was tracked by chips physically inserted into them.
It took another 30 years for the idea of central-bank digital money to be seriously revived. As recently as 2016, almost no central banks were seriously looking ats. Now most are. Declining cash usage, the rise of cryptocurrencies and Facebook’s possible launch of a digital currency called Libra all pushed central banks to look for ways to avoid losing control of their financial systems.
Despite the hype, a small but growing group of politicians and central bankers are questioning the purpose ofs. In January 2022 a report by Britain’s House of Lords concluded that “We have yet to hear a convincing case for why the.” In March Sweden’s Riksbank released a 900-page report concluding that the case for an e-krona was not strong. It has been joined by others that see little advantage in pursuing aYet it would be wrong to write offs.
Yet these possible futures all remain experiments for now. “It is still early days,” admits Mr Turrin. In that, at least, it is not unlike the crypto industry.
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