The Rise Of Digital Currencies - Tech Companies vs Central Banks

The Rise Of Digital Currencies - Tech Companies vs Central Banks

The Bank of England, the European Central Bank, the Bank of Japan and others recently met to discuss the use of cryptocurrencies to create a central bank digital currency (CBDCs). In the meantime, Facebook is developing Libra, which will be integrated with the social network’s services, including Messenger and WhatsApp, to cross nations’ borders and potentially become a new currency heavyweight. How will this situation evolve? Will central banks remain relevant and continue to control currencies in the future?
In Asia, China has led the way to create its own CBDC while Singapore and Facebook are in discussion to study Libra's potential and development. What does this tell about Singapore's stance on digital currencies? Will MAS issue its own CBDC?
While digital currencies like Libra could help solve inefficiencies in cross-border payments, which are now expensive and inconvenient, there are concerns that must be considered such as cyber risks, the centralization of power and the viability of their business model.

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