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International Settlement Bank: Many of the world’s central banks work on national digital currencies

A study by the Bank for International Settlements on National Digital Currencies, Stables, and Digital Currencies shows that many central banks are working on the supply of national digital currencies.

To Report Block Crypto Central banks spend their time working on and issuing digital currencies, but the results of a new survey conducted by the Bank for International Settlements show that they are very interested in stable coins.

The poll, released Wednesday, comes a year after the International Bank for Reconstruction and Development (IBRD) conducted its latest large-scale study of the status of central banks operating on digital currencies, interviewing 60 central banks. According to the survey organizers, since the previous study, more central banks have moved to pilot programs that go beyond initial testing. However, given that about 60% of the central banks under study are in the early stages, there is still a long way to go before national digital currencies are launched.

This research states:

Most central banks are now looking at national digital currencies in some way, and this research generally indicates a steady shift from purely conceptual research to practical testing programs; But despite these advances, it seems that there is still a long way to go before the widespread spread of national digital currencies.

On Stables, a study by the International Settlement Bank found that two-thirds of central banks focused on Stables, or digital currencies that are closely related to Fiat currencies, such as the US dollar. At this stage, they are examining the impact of stable coins on monetary and financial stability.

In this study, Tetra is briefly mentioned as the supplier of stable coin USDT and bitcoin as a digital currency. In the case of digital currencies, the study also found that central banks identified them as low-penetration products that lacked widespread use as payment instruments.

In this part of the research we read:

Many digital currencies in 2020 saw a jump in their price due to their nature as risky assets. This increase was while there was no change in their use in payments. In fact, most central banks still view digital currencies as special products.

In addition to the study, the Bank for International Settlements released a statement from the bank’s chairman, Agustín Carstens, who said that central banks were responsible for providing digital currencies.

According to Carstens, if digital currencies are needed, the issuers should be central banks. In this case, national digital currencies can act as an accelerator in innovation by stimulating competition and efficiency in payments.


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