Bank of America says 'digitalcurrencies appear inevitable,' calling CBDCs 'a natural evolution of today's monetary and payment systems.'
Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in all phases of CBDC implementation.”Bank of America ’s global research team published a report on global cryptocurrencies, digital assets, and central bank digital currencies earlier this week.
“Our view is CBDCs that leverage distributed ledger technology have the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money,” BOA described. According to Bank of America, “CBDC issuances by central banks appear inevitable for three reasons.” Firstly, they “may increase efficiencies for cross-border and domestic payments and transfers.” In addition, they “may decrease central banks’ risk of losing monetary control” and “increase financial inclusion.
For example, the report notes that governments may “award contracts to payments and consulting companies in exchange for expertise.”
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