Central banks take a cautious approach to electronic money
The Bank for International Settlements, which groups the main central banks of the world, published a study according to which the substitution of fiat money for digital still generates distrust
The cryptocurrencies have gained popularity in the world despite the fall in prices that affected the market in recent months. However, the main central banks are still cautious about the possible substitution of fiat for digital money.
A recent study by the Bank for International Settlements (BIS), an organization that groups the main central banks of the world, emphasizes the distrust of the entities regarding the definitive incursion into the cryptographic ecosystem, much more if it is to launch their own digital currencies.
According to the study, 85% of the 63 banks surveyed consider unlikely the launch of electronic assets linked to their institutions in the short term (three years). The same proportion is presented in the long-term projections, where more than 60% considers the proposal unviable.
Although 70% of the banks surveyed currently study the possibility of introducing digital currencies in their markets, the study concludes: “they are still not convinced that the benefits can outweigh the costs“.
A small number of global banks have projects under test and have conducted controlled tests. Uruguay is one of the countries where pilot projects have been developed. In November 2017, it launched the “e-peso”, the program ended in April of last year and is currently under evaluation.
Sweden, on the other hand, has surpassed all the projections, having a system where 85% of transactions are made in the digital mode, leaving only 15% to cash payments.
M.Pino
Source: Bancaynegocios
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