About 10 percent of the world’s central banks are likely to issue digital currency (CDBC) directly in the next three years, the survey showed. The figure is equivalent to more than 20 percent of the world’s population.
Wall Street Journal stated in an article that one out of ten stated CDBC is possible within the next 3 years. The article quotes a Bank for International Settlements survey of 66 central banks in 2019. Expanding the time to six years almost doubles this figure.
Considering that only one out of 20 respondents in a survey a year ago said they were considering issuing digital currency, they can feel that central banks have increased interest in digital currency.
Jerome Powell, chairman of the Federal Reserve, the U.S. central bank, earlier said the U.S. has no plans to disclose digital currency. Because compared to other countries, Americans preferred cash more.
The world’s CDBC: not the U.S.?
Digital payments, including cryptocurrency, expectedly increase to “speed of light” around the world over the next decade. According to a recent survey released by Deutsche Bank researchers in Germany.
The Deutsche Bank conducted a survey on more than 3,600 bank customers. It seeks to find out consumers’ awareness of the means of payment in several countries. Including the United States, Britain, China, Germany, France, and Italy.
The result is contrary to popular belief that cash use is on the decline. Thirty-three percent of Americans picked cash as their most preferred means of payment. And 69 percent said it will continue to serve as a major payment tool in the future.
The research team explained that cash will continue to exist as part of the economy for decades to come. Adding that people have developed deep-rooted trust in cash for centuries.
Meanwhile, the research team predicted that cash will still be safe for the time being from the recent growth of the cryptocurrency market. Yet digital mobile payments will rapidly increase to four times the current level in the next five years.
Now, what about other countries?