Global lead for CBDC solutions at IBM has said that CBDCs can help to mitigate the risks that contributed to the 2008 financial crash

Global lead for central bank digital currency (CBDC) solutions at IBM Stanley Young has stated that CBDCs can reduce financial risks such as those that contributed to the 2008 market crash. Young made these comments to CNBC’s Squawk Box, focusing on ways to eliminate the fragmentation of digital payment systems.

CBDCs are simply fiat money in digital form, and Young believes that CBDCs are “the only way you can have the certainty of settlement that is required for financial services, especially when you think about the kinds of risks that came about during the Lehman crisis of 2008”.

Also read: Kakao Corp and a new stablecoin project, dubbed Terra, have signed a partnership agreement to develop the latter’s Blockchain -based payment system

Source: https://www.cryptodigest.com/featured/cbdcs-can-alleviate-financial-risks-ibm-exec/