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- Central banks also aim towards the creation of their Digital currencies and later on issue them for using it in the market.
- The BIS has surveyed some 66 Central banks, and of them, about 20% of these seem to issue a digital currency of its own within the next six years.
- Libra also seems to have a catalytic impact on the world, according to the former bank of Japan executives.
Every business empire wants to have a monopoly, and the same is with the banks as well. Nowadays, the Central banks also aim towards the creation of their Digital currencies and later on issue them for using it in the market.
Recent research by the Bank for International Settlements (BIS), says the next few years would see a boom in the individual currencies of the banks. This was reported on Thursday and is probably because the technology has been at the hype in recent times.
The BIS has surveyed some 66 Central banks, and of them, about 20% of these seem to issue a digital currency of its own within the next six years.
Some have even mentioned that they would do it within the next three years. Many Central banks (approximately 80%) said that they have thought of technology for the past ten years as well.
One-third of the central banks surveyed found the firms were from the advanced economies and the others from the emerging phase. And those of the emerging stage, showed much more interest in the CDBCs as they might replace the traditional mode of payments, the cash.
With the news of Facebook launching, it’s Libra Cryptocurrency, many of the significant countries look up to the central bank digital currencies (CBDCs). These CBDCs are traditional money, but which are in the digital format.
The country’s central banks govern this digital fiat currency. Also, even before Libra launched, many of the central banks had already shown their trust in the cryptocurrencies. Moreover, Libra also seems to have a catalytic impact on the world, according to the former bank of Japan executives.
Users solve the complex algorithms and many of the complex mathematical problems to earn or gain from the digital currency. Five central banks in the region of Japan, Britain and the eurozone, announced that they would be joining allies for more of a debate on the issue of the tokens.
Thus, finally, the Hong Kong and Thai central banks also mention that they have taken a step further for making the cross -border payments possible.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
