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State-backed digital currencies need caution as pitfalls await, BIS committee says

By Tsering Namgyal ( March 13, 2018, 03:46 GMT | Insight) -- Central banks should take a cautious approach to state-backed digital money, given its potential risks to financial stability, according to a committee housed at the Bank of International Settlements. The Committee on Payments and Markets Infrastructure appeared to be trying to temper growing enthusiasm for central banks' experiments with digital currencies. It found that state-backed digital currencies wouldn't bring any significant benefits to the realm of retail payments.Central banks should take a cautious approach to state-backed cryptocurrencies given their potential risks to financial stability, according to a committee housed at the Bank of International Settlements. ...

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