The latest survey, published by Bank of International Settlements, has revealed conclusions on the adoption trend of central bank digital currencies (CBDC) worldwide. According to the survey, banks in the economies of developing countries are more inclined to develop CBDC, while the banks of developed countries are more reluctant in this regard.
In fact, the fact that the banks that will ensure the adoption of CBDCs around the world are the ones that are abstaining, will seem to change the way of business.
Next 3 Years and CBDCs
There are 66 banks representing 75% of the world population and 90% of their economic production participating in the survey. They announced that 10% of the participating banks will release the first CBDCs that represent 20% of the world's population in the next three years.
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In addition, Himanshu Yadav, co-founder and managing partner of the Woodstock Fund, a multi-wealth investment fund that made statements to the Cointelegraph about the survey, said:
As CBDCs become available, more and more people will want to understand what the digital currency is. Some will ignore them, some will discover more and lead to a clear positive gain in the cryptocurrency ecosystem. The developers will create tools to allow a smooth exchange between CBDCs and cryptocurrencies, and the digital currency supremacy race will take place on a central stage this decade.
Emerging Economies
According to the data revealed in the research, developing countries' economies will form the best adoption area for CBDCs. Because there are things that go wrong in these economies and a new system is needed to correct them. CBDCs can meet this need…
Nataly Simson, chief operating officer of Coinsbit.io, an Estonian-based cryptocurrency exchange, said the following in his statements regarding the issue:
By increasing the number of users using blockchain technology, industries need to support these currencies not only for trading but also for daily purchases. In underdeveloped countries that are considering developing CBDC applications, new market areas can grow, and therefore our marketplace connects directly to Amazon and eBay to strengthen the acceptance and use of CBDCs and cryptocurrencies. More consumers take advantage of the entire cryptocurrency ecosystem when unlocked.
Advanced Economies and CBDCs
Although the central banks of developing countries have already started to develop CBDC, the central banks of developed economies are more cautious about this issue and state that they are still in the research phase.
However, a report published by the IMF revealed that central banks are divided into three in developing digital currencies .
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