BIS Features CBDCs as the Center of a Future Monetary System

The Bank for International Settlements (BIS) has drawn up a blueprint for a future monetary system that is grounded in central bank digital currencies (CBDCs), noting in its Annual Economic Report 2022 that such a system would combine innovation with essential attributes such as safety, stability, accountability, openness and efficiency. BIS also warns of the “deep structural inadequacies” and inherent risks of cryptocurrencies and decentralized finance (DeFi) models.