Time is Money
When talking about Central Bank Digital Currencies (CBDCs) most commentators focus on their lack of privacy and ability to be blocked or controlled. Although this dystopian narrative is highly dynamic, in reality that’s not the aspect that central banks are attracted to. They’re interested in CBDCs due to their ability to solve many of the latency issues around cross-border settlements. During a recent discussion with a senior banker in Turkey, the topic of cryptocurrencies naturally arose. Their view was like many in the banking sector who aren’t directly involved with