“There is no urgent need for CBDC” Hungarian central bank executive | coindesk JAPAN | Coindesk Japan

Hungary believes there is no pressing need for a central bank digital currency (CBDC) that is widely available to the public, but is experimenting with whether it can help the unbanked, the central bank said. official said on May 10.

European Union member Hungary, which in principle is obligated to adopt the euro, does not appear to be in much of a hurry to decide when to abandon its currency, the forint.

Many European authorities, including central banks that issue currencies such as the pound, euro and Swedish krona, are actively considering whether to issue their currencies in digital form. The European Central Bank (ECB) is due to decide by the end of this year whether to start developing a digital euro, and in the UK the Bank of England has said it is “likely” that a digital pound will be needed in the future. there is

“At the moment, there is no retail market for the general public and merchants,” said Anikó Szombati, chief digital officer of the Central Bank of Hungary, at an event hosted by the think tank OMFIF (Official Monetary and Financial Institutions Forum). We do not see any pressing need for large-scale introduction of CBDC.”

However, she said that she is “exploring the possibility of issuing a digital currency” through demonstration experiments, and said, “I would like to continue to be at the forefront of CBDC research.”

According to a survey by the Bank for International Settlements (BIS), 90% of central banks around the world are considering a CBDC.

“When considering a CBDC, we first need to identify motivations based on either severe market failures or very strong policy objectives,” Sombati said, adding that 13% of Hungarian adults He added that one motivation could be to get more people into the financial system because they don’t have bank accounts.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Hungarian Central Bank Sees No Imminent Need for e-Forint