Central Bank Digital Currency Could Go Live This Year: R3 Research Director

A form of central bank issued digital currency (CBDC) could go live this year, according to Antony Lewis, R3 director of research, cash and CBDC strategy, speaking on panel of experts at the Deconomy conference this week at the Walkerhill Hotel in South Korea.

All panelists speaking on “Industry Evolution Through Distributed Ledger” were hopeful that CBDC will be launched for select financial institutions.

Lewis believes that blockchain technology will be used by select financial institutions.

Central Banks Voice Support

“We have had conversations with central banks who have mandates to fix certain payment problems, and one solution they look to is a blockchain type of platform,” Lewis said, according to a report posted by Korea Coin on YouTube.

Lewis said this does not mean consumers will have a new payment choice that functions like bitcoin or Ether. Instead, Lewis predicted that only select financial institutions would use such a cryptocurrency to start.

Such a system would likely even be used in situations such as disaster recovery, he said.

“Don’t make your secondary (decentralized) system look like your primary (centralized) system,” Lewis said. Otherwise, if a primary system goes down in an attack, the attackers would only need to play the same trick…

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