According to analysts, by 2030 at least 24 state cryptocurrency projects will be launched on the planet. Economists emphasize that such CBDCs could solve some of the banking industry's problems associated with interbank transfers and securities transactions.
“Central bank money is critical for interbank payments and securities transactions as it is virtually free of credit and liquidity risk, allows institutions to achieve settlement finality and promotes financial stability. They are ideal for systemically important transactions, despite the emergence of alternative payment instruments. CBDC could become the form of Central Bank money that will open up new economic models and integration points that are impossible today. At the same time, state-owned cryptocurrencies will retain their role as a risk-free payment instrument and provide the basis for digital payments in the new generation of financial markets,” the report notes.
Analysts also write that national digital currencies can provide faster and more secure cross-border transfers. However, for the widespread use of CBDC, a legal framework is needed, the creation of which “will take an unknown amount of time.”
It was recently reported that Hong Kong's financial regulator sees significant benefits in using government-owned digital currencies.
Source: Bits
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