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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Fear takes over the crypto market

The BTC/USD pair is currently trading at $7,151 (-0.72%), after yesterday's sudden late drop, dragging the market down as a whole. The ETH/USD pair is currently trading at $142.01 (-1.02%). Technically, the decline has been inoffensive but it is moving very close to critical levels.

More Cryptocurrencies News

Litecoin (LTC) Price Analysis: LTC/USD on a trip to the South;  the next stop is $40.00

Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.8 billion, has been losing ground gradually. LTC/USD has lost about 1.5% of its value in recent 24 hours to trade at $43.40 at the time of writing. 

More Litecoin News

Stellar stopped the airdrop worth of $120M due to hordes of fake accounts

Stellar Foundation decided to stop the airdrop and closed the registration of new participants. The company explained the decision by "hordes of fake people" who had started to come in the last week or so. 

More Stellar Lumens News

Ethereum Classic (ETC) in retreat as the team prepares for Agarata.

Ethereum Classic, now the 25th largest digital asset with the current market value of $436 million and an average daily trading volume of $769 million, has recovered from the recent low of $3.55 to trade at $3.75 at the time of writing. 

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP