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7th November, 2017

MNB evaluates digital currency usage

Central banks across the world are evaluating their options about whether to issue digital currencies, MNB director Lajos Bartha said at a conference on the topic.

There would be advantages, such as reduced costs in comparison to cash use, which in Hungary remains the dominant form of payment. Electronic payments is hindered by the lack of available POS terminals, he added.

One theoretical concept studied by research on the topic of central bank digital currencies is that businesses and retail users would have their accounts managed by central banks. This would not only require huge technological investments on their part, but would also reduce the importance of commercial banks, which clients may not welcome.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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