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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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