Private Sector Could Bring Value to Future CBDC Launches, Says IMF Official
The IMF’s Tobias Adrian gave a keynote address at the “Building CBDC: A Race To Reality” conference. Adrian offered two models for the provision of a CBDC, varying in how they would pair the private sector with central banks. The first model looked at synthetic CBDCs (sCBDC), which are backed by the liabilities of a central bank but issued with the aid of a private entity, such as a commercial bank. The second, “two-tiered,” model puts central banks in charge of CBDC issuance and transaction settlement, which would spur private sector-led innovation at a more fundamental level.
The IMF’s Tobias Adrian gave a keynote address at the “Building CBDC: A Race To Reality” conference. Adrian offered two models for the provision of a CBDC, varying in how they would pair the private sector with central banks. The first model looked at synthetic CBDCs (sCBDC), which are backed by the liabilities of a central bank but issued with the aid of a private entity, such as a commercial bank. The second, “two-tiered,” model puts central banks in charge of CBDC issuance and transaction settlement, which would spur private sector-led innovation at a more fundamental level.
Taiwan’s stimulus voucher scheme kicked in July
Stimulus vouchers aimed to boost Taiwan’s economy amid fallout from COVID-19 became available in July. Residents were able to select from four types of vouchers — hard copies, credit card payments, contactless smartcards, or mobile payments. The vouchers must be spent by December 31, 2020. Those favoring hard copies can “purchase” vouchers with a total value of NT$3,000 for NT$1,000. Individuals who prefer one of the three digital forms of vouchers will earn NT$2,000 back by spending NT$3,000.
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