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Macquarie Report: Central Banks May Lose The Race Of Digital Currencies In Competition With Bitcoin
Summary: As the adoption of Bitcoin or other private cryptocurrencies gradually increase, the Federal Reserve and the European Central Bank may lose their competitiveness in the race of digital currencies, according to the latest report from Macquarie, one of Australia’s largest banking groups. "The central bank digital currency (CBDC) landscape in free markets is lagging the pace ...
As the adoption of Bitcoin or other private cryptocurrencies gradually increase, the Federal Reserve and the European Central Bank may lose their competitiveness in the race of digital currencies, according to the latest report from Macquarie, one of Australia’s largest banking groups.
"The central bank digital currency (CBDC) landscape in free markets is lagging the pace of crypto adoption – it is still unclear how entrenched private cryptos will become before CBDCs become a viable alternative for more efficient transactions," The report states.
The report predicts that the CBDC from the Fed and the European Central Bank cannot be launched until at least 2022. Therefore, central banks' pressure and challenges coexist, the authorities not only have to decide how CBDC works but also make it run smoothly.
By Mary Liu
Tags: Bitcoin,CBDC,Central Bank,Cryptocurrency,European Central Bank,Fed,Macquarie
Link: Macquarie Report: Central Banks May Lose The Race Of Digital Currencies In Competition With Bitcoin [Copy]
