{"id":16398,"date":"2021-10-27T10:39:07","date_gmt":"2021-10-27T10:39:07","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=16398"},"modified":"2021-10-27T10:39:07","modified_gmt":"2021-10-27T10:39:07","slug":"mckinsey-report-highlights-inevitable-changes-from-cbdc-adoption","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/mckinsey-report-highlights-inevitable-changes-from-cbdc-adoption\/","title":{"rendered":"McKinsey Report Highlights \u201cInevitable Changes\u201d from CBDC Adoption"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On the first day of the <\/span><i><span style=\"font-weight: 400;\">Sibos 2021<\/span><\/i><span style=\"font-weight: 400;\"> online conference, McKinsey released it annual <\/span><i><span style=\"font-weight: 400;\">Global Payments Report<\/span><\/i><span style=\"font-weight: 400;\">. Overall, the report outlined a positive (albeit somewhat unbalanced) forecast for post-COVID financial sector growth. Of particular interest was the report\u2019s section on central bank digital currencies (CBDCs). According to the report, recent trends toward cryptocurrencies and CBDCs (especially with the relative dramatic reduction in the use of cash) mean that companies need to prepare for \u201cinevitable changes on the horizon\u201d. In particular:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial service infrastructure<\/b> <b>providers<\/b><span style=\"font-weight: 400;\"> need to monitor the suitability of their design choices for future interoperability with digital currencies.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Retail financial institutions, merchants and payment service providers<\/b><span style=\"font-weight: 400;\"> need to consider how much infrastructure investment is needed for the implementation of multiple CBDC and stablecoin networks.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Private-sector financial institutions<\/b><span style=\"font-weight: 400;\"> need to consider the best pace for introduction of CBDCs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Chief risk and financial officers<\/b><span style=\"font-weight: 400;\"> need to evaluate the broad impact of digital currencies on bank liquidity and capital requirements.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Governments and central banks regulators<\/b><span style=\"font-weight: 400;\"> need to balance countervailing factors such as overregulation vs. measured regulation in their assessment of the impact of private currency on the efficacy of monetary policies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investors<\/b><span style=\"font-weight: 400;\"> need to anticipate the impact of CBDCs on their assets.<\/span><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16398 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='The Case for Payment Data Monetization'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-case-for-payment-data-monetization\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/07\/0635ed09-f1f3-b89d-97bb-6b037ed46f1f1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16148\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16148'>\n\t\t\t\tThe Case for Payment Data Monetization\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='What China can teach the world about digital transformation'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/what-china-can-teach-the-world-about-digital-transformation\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/12\/1016-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14253\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14253'>\n\t\t\t\tWhat China can teach the world about digital transformation\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='PrivatBank launches online credit service in Ukraine'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/privatbank-launches-online-credit-service-in-ukraine\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/lovely-woman-using-smartphone-in-office_23-2147801998-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9882\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9882'>\n\t\t\t\tPrivatBank launches online credit service in Ukraine\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>On the first day of the Sibos 2021 online conference, McKinsey released it annual Global Payments Report. Overall, the report outlined a positive (albeit somewhat unbalanced) forecast for post-COVID financial sector growth. Of particular interest was the report\u2019s section on central bank digital currencies (CBDCs). According to the report, recent trends toward cryptocurrencies and CBDCs &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16398"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16398"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16398\/revisions"}],"predecessor-version":[{"id":16399,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16398\/revisions\/16399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16332"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}