At a recent BIS Innovation Summit, Joachim Nagel, head of the Deutsche Bundesbank and an ECB member, sounded the alarm for central banks to hop on the digital currency train pronto! 🚂

Nagel pointed out how the financial world is changing fast, leaving traditional banking models vulnerable in its wake.
Reflecting on the whirlwind of changes in banking over the past two decades, Nagel stressed the need to embrace new tech. He said, "We gotta shake things up and get with the times, and DLT is our ticket to ride this wave."

Nagel also waved the red flag on physical cash, urging central banks to speed up their innovation game. "We gotta hustle and bustle to keep up with the times," he said.

Backing Nagel's play, Francois Villeroy de Galhau, Governor of the Bank of France, gave a thumbs-up to digital currencies to keep things stable and modern.

The ECB's plan to roll out a digital euro by October 2025 is a big step toward joining the digital currency party. Meanwhile, the Swiss National Bank (SNB) is cautiously dipping its toes into digital currencies through Project Helvetia III.

Thomas J. Jordan, Chairman of the SNB, stressed the importance of central bank money for keeping things steady. But he's got reservations about retail CBDCs causing chaos. He's all in for wholesale CBDCs, though, seeing them as the safer bet for settling tokenized assets.

The BIS Summit discussion paints a clear picture: central banks are gearing up for a digital future, mixing innovation with a pinch of caution as they navigate the ever-changing financial landscape. 🌍💼

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