CBDC may become an alternative to cash. Digital currencies issued by central banks may pose risks to the financial system in case of cyber attacks. The Central Bank of Russia published a report on benefits and deficiencies of central bank digital currencies (CBDC). The Russian mega regulator stated in the report the diminishing role of cash and a global move towards payments digitalization. This trend prompted many regulators to consider the launch of central bank digital currency, CBDC. “From the users point of view, CBDC might have numerous characteristics and become an alternative both to cash money and deposits,” the report states. Among the potential benefits, the Central Bank pointed out lower transaction costs and mentioned that such cryptocurrency may become a less risky and highly liquid asset available to a broad public. At the came time, the central bankers expressed concerns that in the environment of low inflation and low interest rates CBDC may compete with deposits in commercial banks. Speaking about major risks, the Bank noted cybersecurity aspects and the readiness of potential users to adopt the new form of money. “If a central bank falls victim to cyber attacks, the whole financial system will be under threat, which makes CBDC too risky in countries with immature financial institutes”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD stays calm in tight range below 1.34 as expected FX Street 4 years CBDC may become an alternative to cash. Digital currencies issued by central banks may pose risks to the financial system in case of cyber attacks. The Central Bank of Russia published a report on benefits and deficiencies of central bank digital currencies (CBDC). The Russian mega regulator stated in the report the diminishing role of cash and a global move towards payments digitalization. This trend prompted many regulators to consider the launch of central bank digital currency, CBDC. "From the users point of view, CBDC might have numerous characteristics and become an alternative both to cash money and deposits," the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.