Wednesday
November 27
2019

A Country May Issue a Digital Currency in 5 Years

By Sintia Radu

With technological advancements, mobile payments and the advent of digital money, governments are looking at ways of adjusting to people increasingly going cashless. A recent report shows that a number of central banks around the world are considering developing and issuing a form of digital currency within the next five years.

“Central banks are responding to the reality that digital currencies, either privately or publicly issued, will be an unavoidable part of the global monetary system,” authors of the report by the Official Monetary and Financial Institutions Forum and IBM say.

The report, based on research this past summer involving 23 leading central banks, states that a digital currency may come from the central banks of leading rich and developing countries and could complement or even replace coins and bills.

Photo courtesy of EmilianDanaila.

Source: U.S. News (link opens in a new window)

Categories
Finance
Tags
banking, digital payments, financial inclusion, financial services, fintech, unbanked