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Central Bank Digital Currencies
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Singapore's central bank chief predicts the eventual exit of private cryptocurrencies due to their failure to meet the test of money. He envisions a future monetary system with central bank digital currencies, tokenized bank liabilities, and well-regulated stablecoins. Meanwhile, Indian central banker sees central bank digital currencies as potentially successful if they meet user needs and are implemented with accessible technology and infrastructure.
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How can the concerns about data privacy and cybersecurity be addressed in the implementation of central bank digital currencies?
How might the eventual exit of private cryptocurrencies impact the global financial system?
What are the potential benefits and drawbacks of implementing central bank digital currencies?
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