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IBM Releases Insightful Report on Central Bank Digital Currencies

IBM Releases Insightful Report on Central Bank Digital Currencies

IBM recently released a report that carefully examines the issue of CBDC. The report claims that such digital currencies are inevitable. This report was created for use by economic commentators, industry specialists, and those in charge of formulating policies. To come up with the report, experts from IBM surveyed about a dozen central banks in emerging and developed nations.

The report concluded that it was quite likely that central bank digital currencies would begin launching in the coming five years. They would either complement existing systems or act as a substitute for notes issued by central banks.

Besides that, talking to central bankers suggests that smaller economies were the most likely to trial these digital currencies. The report says that it does not believe any G20 nation will be the first to issue a digital currency. Instead, a smaller economy that is less complex will be the most likely to issues a coin for a given policy objective. For instance, they could be used to improve the resilience and effectiveness of payment systems by reducing how prevalent the use of cash becomes. Besides that, it could be used to make it easier for migrant workers to send their earnings back home.

Not Enthusiastic about Bitcoin

When it comes to digital currencies such as Bitcoin, the authors of the report are not as enthusiastic. In fact, they do not believe these coins will ever gain mainstream acceptance. This is mainly due to opposition from national governments that want to maintain their monopoly over the control of money.

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