Kairat Kelimbetov, Former Governor, National Bank of Kazakhstan

Building a global economic system requires a digital financial system, and central bank digital currency is a good solution. The central bank does not necessarily have to monopolize digital currency, but its role is to provide leadership and supervise the development of financial technology.

After the financial crisis in 2008, people's trust in financial services declined. The centralized currencies of many countries were affected, which also affected economic development. By the time the central bank realizes this problem, it is losing its initiative. Some activities are no longer regulated by the central bank. The central bank has played almost no role in the supervision of digital currencies.

We are living in an era of great changes, with digital divides, geopolitical tensions and conflicts, and we must build digital economic capabilities. To establish a global economic system requires a digital financial system, central bank digital currency is a good solution.

But the main question that is: What are the differences between digital currencies issued by central banks and virtual currencies issued by private institutions? The central bank does not necessarily have to monopolize digital currency. There are many other solutions now, but the central bank does not want to lag behind the market. The role of the central bank is to provide leadership and supervise the development of financial technology.