Most of the Central Banks around the world keep away their distance from cryptocurrencies but on the other hand, show a big interest in issuing their own digital currencies and this is why in today’s crypto news we tackle the relationship banks have with cryptocurrencies.
According to a survey conducted by IBM, central banks are adopting digital currencies issued by the central banks themselves. Most of them keep away from cryptocurrencies because of the inconsistencies in how these digital currencies are categorized.
IBM explained how the wholesale central bank digital currencies could be issued within a centrally-governed payment system. Also, the study explains how central banks undergo many challenges and all of the policy risks they have to take in order to experiment with the CBDC.
A stunning 70 percent of central banks admit that they have many issues and problems with the current cross-border financial infrastructure. They believe that issuing a central bank digital currency could massively improve the speed and efficiency of the cross-border payments while almost 40 percent of the banks are actively searching a digital currency solution.
Also, the study done by IBM and OMFIF shows that central banks, on the other hand, show no interest in using blockchain technology to issue their own CBDC. 60 percent of them believe that the digital ledger technology gives no substantial advantages. These banks believe that this technology is still in its infant stage and that issuing a CBDC can be done without it.
It’s interesting to know that at the same time, central banks show the willingness to build CBDC solutions.
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