IBM Exec: CBDCs Can Alleviate Risks That Contributed to 2008 Financial Crash

Stanley Yong, global lead for central bank digital currency (CBDC) solutions at IBM (NYSE:IBM), has said that CBDCs can help to mitigate the risks that contributed to the 2008 financial crash. Yong spoke on his perspective of how to overcome the fragmentation of existing digital payment systems during an interview for CNBC’s Squawk Box Nov. 14.

CBDCs, or national digital currencies, are virtual currencies that are issued and controlled by a federal regulator. CBDCs are not decentralized, like most cryptocurrencies — instead, they represent fiat money, only in digital form.

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