Central banks must revise business model, embrace CBDCs — ECB member

Bundesbank’s president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit.

“If you would have asked me 20 years ago if the central bank business model” was “destroyable or not, I would have said no,” he reportedly stated in Basel, Switzerland. Nagel continued: The Bundesbank chief stressed the importance of integrating distributed ledger technology as physical money loses its appeal. “We need to speed up on all this . If part of your core product is losing attractiveness, then you have to think about another new core product,” Nagel stated.French ECB member Francois Villeroy de Galhau also discussed central banks and emerging technologies.

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