Do you know what the banks have planned?

The continued and growing adoption of cryptocurrencies has turned up the heat on governments around the world; their reckless money printing has only added fuel to the fire and now their is an ever growing eagerness to develop their Central Bank Digital Currencies (CBDCs) before its too late. In this article I will explore a recent report that reveals what features CBDCs will have, how governments plan on rolling them out, and what implications this could have for cryptocurrencies.

The report in question was compiled by the Bank of International Settlements (BIS). If you are unfamiliar with the role of BIS it is effectively the bank for central banks and its primary role is to facilitate co-ordination between central banks around the world.

Over the past few years BIS has been trying to come up with a template for CBDCs. If the name doesn't give it away, CBDCs are intended to be digital currencies issued by their respective central banks. However I have to emphasise that CBDCs are not cryptocurrencies by any stretch of the definition, this is because they are centralised, permissioned and offer next to no privacy. They would be controlled completely by central banks and the governments that they beholden to.

Almost every Central bank is working on a CBDC of its own and 7 of these have been actively helping BIS formulate a template. These are the US FED, the EU Central Bank, the Bank of England, the Bank of Japan, the Swiss National Bank, the Bank of Canada and the Swedish Central Bank.

In October 2020 these 7 Central banks and the BIS published the first of many reports detailing what the CBDCs will look like. The second report came out on September 30th 2021, which is what I will cover in this article and it is divided into 3 parts: design and interoperability, user needs and adoption and financial stability implications.

The authors provided a short 6 page summary of their 3 part CBDC report and