CBDCs Could Come In 3 Years According to Deutsche Bank Analyst

CBDCs could arrive on the markets in about 3 years according to the Deutsche Bank analyst Marion Laboure who commented that the central banks already formed a think tank and are exploring the benefits of the digital currencies especially now since the pandemic is speeding up the process. Let’s find out more about the upcoming crypto news.

Once bitcoin was launched, the central banks didn’t believe the potential of the blockchain technology and even tried to avoid crypto adoption. Once they understood that the cryptocurrencies are not only a hype, some of them even showed signs of interest in central bank digital currencies and that sometimes in the future we could see their own coins. Now, they are rushing to adopt blockchain technology and to control the cash. Central Bankers still don’t like Bitcoin and they can create their own version of a digital currency that they will be able to control.

Marion Laboure, the Deutsche Bank analyst explained that the central banks recently formed a group to trial the central bank digital currencies and according to her, CBDCs could come in less than three years once they issue the first ‘’general-purpose digital currency.’’ Back in January of 2020, the European Central Bank along with the central banks of England, Sweden, Japan, Canada, and Switzerland, formed a think tank to create CBDCs while the Bank for International Settlement also joined the team.

Laboure explained that the group of central bankers should have met this month to talk about digital currencies but the status of the meeting is not clear currently. The central banks have to deliver cash to companies and individuals at a massive rate during the economic crisis in the following years. The Blockchain-powered digital currencies can help boost the processes. According to Laboure, CBDCs will help the central banks to improve their quantitative easing programmes and they will be able to pump cash directly to the companies and individuals. While we do have digital money on our credit cards, central bank digital currencies will be much different because they will be based on permissioned blockchains and individuals and companies will have to own digital wallets.