Law Commons^™

Central Bank Digital Currencies: The New Era Of Mondern-Day Banking, Benjamin Geva

Benjamin Geva

An internal report submitted in March to the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS), presents an initial analysis of Central Bank Digital Currency (CBDC).

What You Need To Know

• The report poses no immediate legal implications.
• Lawyers and policy makers ought to be prepared to engage in discussions which lead to decision making as to such developments as well as to address the developments as they arise.
• The introduction of a CBDC in one jurisdiction could adversely affect others. Central banks that have introduced or are seeking to introduce a CBDC should …

Banking In The Digital Age - Who Is Afraid Of Payment Disintermediation?, Benjamin Geva

Benjamin Geva

Throughout the ages, banks have evolved as intermediaries taking deposits of funds, lending money, and providing payment services. In the process they became also suppliers of commercial bank money, now only in the form of bank deposits. Following a historical review as to how moneychangers and goldsmiths became bankers, the paper points out that money and payment digitization has brought some challenges to the traditional role of banks as intermediaries. First, the digital age is about to facilitate the availability of central bank money balances or their equivalent to the public. Second, cryptocurrencies and blockchains were born. Third, claim-check centralized …