While the world is witnessing an enormous inclination towards the cryptocurrency, one can never deny the fact that its time that the Banks start implementing this latest technology within their systems too. Well, luckily, this is what a majority of the Central Banks are upto now.
A recent survey of the Central Banks ended up showing some really astonishing data which shows that the majority of the Central Banks are quite optimistic about the idea of implementing the Central Bank Digital Currency.
Central Bank Digital Currency (CDBC), in simple words, may be seen as a methodology where Central Banks will implement or distribute digital money which could be redeemed for their respective domestic fiat currencies. Now the whole process of maintenance and security of these digital currencies would be done on various number of Blockchain networks. Moreover, this will undoubtedly showcase a handful of enormous advantages.
HOW DID THE WHOLE WORLD RESPOND TO THIS?
Since it already mentioned the Banks all around the world accepted this idea with utmost positivity, which is why the majority of them are actually working towards making this happen as soon as possible.
If we look at The Bank of England, it has started developing research since 2014. Moreover, this bank has clearly described how imperative it could be to implement cryptocurrencies within the banking systems.
Not just this, but November 2018 witnessed something really unusal when Central Banks from England, Canada as well as Singapore together wrote one of the first large scale reports. This report emphasized the fact that there enormous ways in which digital currencies could improve cross-border interbank payments as well as settlements.