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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, Stable Coins, and Digital Currencies shows that many central banks are working on the supply of national digital currencies.

To Report Block Crypto Central banks are slow and careful about the supply of national digital currencies. However, the results of a new survey show that these banks are very eager for stable coins.

A study released Wednesday, a year after the International Bank for Reconstruction and Development (IBRD)’s latest extensive study of central banks’ work on digital currencies, surveyed 60 central banks. According to the authors of the study, since the previous study, more central banks have passed the initial tests and moved to pilot programs. 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 testing and 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 the issue of stable coins, a study by the International Settlement Bank found that two-thirds of central banks focused on stable coins, or digital currencies that are somehow 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 saw a jump in price in 2020 due to their nature as speculative assets. This increase was while there was no change in their use in payments. In fact, most central banks continue to view digital currencies as special products.

In addition to the study, the Bank for International Settlements released a statement from Agustín Carstens, the bank’s chairman, who said it was the responsibility of central banks to supply 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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