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Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble.This is why several central banks are advocating regulations to impose control.Commercial banks have so far been lukewarm regarding existing digital currencies.For this reason, Swiss banking giant UBS is leading a consortium of six banks trying to create its own digital cash equivalent of each of the major currencies backed by central banks.Some central banks such as Sweden's Riksbank and the Bank of England are also looking at the merits of introducing their own digital currency.Holders would have a direct claim on the central bank – just like with banknotes but without the inconvenience of storing large amounts of cash.A central bank digital currency (CBDC) could also change the way monetary policy is carried out by allowing central banks to inject liquidity directly into the real economy, bypassing the financial sector, if they want to boost inflation.
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