Bank of America: National digital currencies are more effective than cash
Representatives of the organization believe that regulators of all countries need to engage in the development of the instrument.
Analysts of Bank of America (BofA) think that digital currencies of the central bank (CBDC) are more effective financial instruments than traditional cash. CoinDesk wrote about it referring to the data of the research of the organization.
Bank of America: National digital currencies are more effective than cash
- According to the media, BofA analysts in another study came to the conclusion that on the basis of CBDC can be built a more effective payment system than traditional cash.
- Bank of America experts believe that the integration of digital analogues of national currencies in the current financial system was inevitable. Analysts attributed their viewpoint to the reduction of demand for cash, with the digitalization of the market and development of modern technologies.
- The BofA believes that the development of CBDC is a necessary step for modern countries. Refusal to launch a financial instrument, according to analysts, could lead to a reduction in demand for the local national currency.
- Recall that earlier Atlantic Council researchers conducted a market analysis and found that 40% of the countries around the world are studying the launch of CBDC. In particular, a financial instrument is being developed in Russia.
- Bank of America experts believe that the integration of digital analogues of national currencies in the current financial system was inevitable. Analysts attributed their viewpoint to the reduction of demand for cash, with the digitalization of the market and development of modern technologies.
- The BofA believes that the development of CBDC is a necessary step for modern countries. Refusal to launch a financial instrument, according to analysts, could lead to a reduction in demand for the local national currency.
- Recall that earlier Atlantic Council researchers conducted a market analysis and found that 40% of the countries around the world are studying the launch of CBDC. In particular, a financial instrument is being developed in Russia.
China is one of the leaders in the development of CBDC. Recently, the country's regulators announced that the digital yuan will be introduced during the Winter Olympics in Beijing in 2022. During the same period, the financial instrument will become available to foreigners.
The statement caused a political scandal between China and the U.S..
The Chinese authorities were forced to call on their U.S. counterparts not to politicize the decision to distribute CBDC during the Olympic Games.
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