More than two-thirds of the 1,600 CEOs surveyed from around the world called central bank digital currencies the future of the financial system, according to a study by crypto company Ripple.
More than 70% of respondents believe that CBDCs will be able to increase people’s access to financial services and provide major social change in the next five years. Respondents from the Asia-Pacific region (89%) are especially optimistic about digital currencies of central banks. For example, top managers of financial companies from Bhutan believe that with the help of state stablecoins, domestic and foreign payments will become faster and more economical, and by 2023, 85% of the country’s inhabitants will already have access to banking services.
Ripple specialists are confident that thanks to the introduction of CBDC, it will be easier for people to receive and repay loans, which will improve their credit history. In addition, a state-backed digital currency will help allocate the budget for social security programs efficiently and stimulate the economy in case of unforeseen situations, as was the case during the pandemic.
However, there are some restrictions that hinder the widespread adoption of state-owned cryptocurrencies, Ripple analysts say. Users need to learn how to use the CBDC and be prepared for identity verification for security purposes.
85% of the surveyed heads of financial institutions are confident that their country will launch its own digital currency within four years. In addition to increasing financial inclusion, survey participants believe that government stablecoins will make the country more competitive (44%), improve the efficiency of payment systems (43%) and open up opportunities for large-scale innovation (42%).
According to the Bank for International Settlements (BIS), about 90% of central banks are now exploring the possibility of launching their own digital currencies. It should be noted that in May, the International Monetary Fund (IMF) recognized the potential of the digital Bahamian Sand Dollar and proposed the Central Bank of the Bahamas to introduce training programs on its use.
Source: Bits
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