Consumer deposits at banks could shift to digital currencies: BOE
The Bank of England has discussed the possibility of shifting consumer deposits at retail banks to digital currencies if governments start offering them. At the moment, central banks globally are researching or actively developing their central bank digital currencies (CBDCs).
Deposits at retail banks could shift to digital currencies
Central bank digital currencies are gaining a lot of traction globally as more governments consider creating the digital version of their fiat currencies. In a discussion paper published by the Bank of England, the bank said a portion of consumer deposits at banks could shift to digital currencies if governments start offering them.According to the paper, digital currencies could boost economic activities thanks to their faster, cheaper and more efficient payment mechanisms. However, the problem of transition from cash currencies to digital currencies is something central banks have to look into. The paper said, “Any large-scale reallocation of cash around the financial system has the potential to impact how money markets function. Hence, there is a risk of some disruption to money markets in the short term, as new forms of digital money emerge. But in the long-run, these markets should adapt.”
Central banks are doubling down on CBDCs
Central banks in Europe and other parts of the world are increasing their efforts towards developing their CBDCs. So far, China is one of the countries that is already carrying out live tests to see how its digital Yuan performs. More apex banks could start their CBDC development over the next few months and years.Continue reading by joining Cryptonary Pro
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