The future is here: Central Bank Digital Currency – Academia
Darmo Wicaksono (The Jakarta Post)
PREMIUM
Jakarta ●
Tue, January 10, 2023
The future of central banking is at a crossroads. The flow of digital innovation has ostensibly not only disrupted the banking system but also penetrated more broadly the disruption of official currencies and central banking itself, primarily through the emergence of a private digital currency, commonly referred to as crypto-assets and stablecoins.
Technological innovation and changes in public behavior are the main drivers of these dynamics. New technologies, particularly Web 3.0 and Distributed Ledger Technology (DLT), have further accelerated the massive development of crypto-assets and stablecoins, along with their various inherent opportunities and risks.
On one hand, this phenomenon could potentially increase financial system inclusion and efficiency, including cross-border payments, while establishing a foundation for decentralized finance that offers instant access to a variety of financial products. On the other hand, however, crypto-assets and stablecoins also pose risks associated with money laundering and terrorist financing as well as illegal transactions.
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