Analysts at the financial company Deloitte believe that the Bitcoin network can be a benchmark for the development of the Central Bank’s own digital currencies around the world.
Deloitte has published a report saying that the first cryptocurrency could be the basis for creating a cheaper, safer and faster ecosystem for electronic fiat currencies or central bank digital currency (CBDC).
The specialists of the investment company emphasized the need for a complete overhaul of the traditional fiat ecosystem. High-tech industries should help prevent future problems with slowdowns, high costs and low productivity. The report identifies five key parameters of traditional currencies that could be improved with Bitcoin. These are speed, efficiency, security, cross-border payments and ease of interaction of all participants in the system.
One of the main advantages of the digital currency of the Central Bank is centralization, Deloitte analysts say. Governments themselves can determine the value of digital currency and control the flow of money. At the same time, analysts note that those states that are the first to launch a national digital currency will have advantages in the early stages, as they will be able to influence how their digital currency will be used in international markets.
At the same time, experts do not expect that the digital currencies of the Central Bank will replace BTC and other cryptocurrencies. However, Deloitte is confident that CBDCs will fill their niche and open up additional opportunities for users who have long been looking for a fast and secure way to make cross-border transfers and pay for purchases on the Internet.
In early January, the House of Lords Economic Committee of the UK Parliament issued a statement warning that the massive transition from cash to digital currencies of the Central Bank will bring many problems.
Source: Bits
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