According to a report conducted by large cap firm IBM and the Official Monetary Institutions Forum (OMFIF), they have confirmed they expect to see fiat-based digital currencies within the next five years.
IBM are not to sure however if they will take over traditional fiat currencies.
They commented they think the coins will “either a complement to or as a substitute for notes and coins.”
They join Dutch bank ING who recently stated in a public note:
We expect to see a “fully-fledged central bank digital currency” Mark Cliffe who is the lead economist for digital finance said we “might well see a central bank digital currency emerge within the next five years.”
More and more banks are looking to jump on the bandwagon with this opinion. It has been confirmed that the PBoC (Central Bank of China) are looking to create a digital currency and the Bank of England have also set up a digital task force.
Who will be the first western bank to set one up? We will have to wait and see but we are living in exciting times.
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