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Almost nine years since the birth of bitcoin, central banks around the world are increasingly recognizing the potential upsides and downsides of digital currencies.President Mario Draghi said in November the impact of digital currencies on the euro-area economy was limited and they posed no threat to central banks' monopoly on money.Nevertheless, the Reserve Bank of India has a group studying whether digital currencies backed by global central banks can be used as legal tender.The bank is not planning to issue its own digital currency as a case hasn't been made to do so, Lowe said.ElementDigital currencies may contribute to financial stability if designed well, Turkish Central Bank Governor Murat Cetinkaya said in Istanbul in November. Digital currencies pose new risks to central banks, including their control of money supply and price stability, and the transmission of monetary policy, Cetinkaya said. DaringThe Dutch have been among the most daring when it comes to experimenting with digital currencies. Two years ago the central bank created its own cryptocurrency called DNBcoin – for internal circulation only – to better understand how it works. Bank for International Settlements: Can't IgnoreThe central bank for central banks has said that policymakers can't ignore the growth of cryptocurrencies and will likely have to consider whether it makes sense for them to issue their own digital currencies at some point.
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