The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Cash Out: Central Banks Poised to Opt in on Digital Currencies Within 5 Years – New IBM Report

by Daily Hodl Staff
October 30, 2019
in Regulators

A new report conducted by tech giant IBM and the Official Monetary and Financial Institutions Forum, a London-based forum for central banking, economic policy and public investment, analyzes findings from a survey of 23 central banks between July and September 2019. According to researchers, central banks are on track to issue retail digital currencies within the next five years as the digitization of money continues unabated and the use of cash declines.

Bankers are studying the concept of central bank digital currencies (CBDCs) because cash is on the decline in many developed countries. The report lists the substantial downside to handling cash: from complex logistics to high fees and administrative costs – especially when it comes to cross-border payments.

Central banks are also facing major competition. Tech companies are on the go, moving into the financial services space at a rapid pace. From Google to Apple to Square to Stripe to Revolut to Alibaba and Tencent, along with the threat of Facebook’s digital currency Libra, major corporations with top engineering talent and billion-sized user bases are showcasing how they can spin up new services for consumers.

Nifty apps that guarantee near-instant settlement speeds are increasingly highlighting the sluggish and slow procedures used by old school banks, displacing instruments like paper checks that require physical distribution, scanning and processing.

Says OMFIF deputy chairman Philip Middleton,

“The prospect of significant challenge to financial stability and to the dominance of national fiat currencies posed by potential currency issuance by nonbank private companies – global social media giants; telecommunications companies; technology specialists – has stimulated a great deal of new thought.”

According to the report, bankers can strive to eclipse cryptocurrencies.

“In the retail sector, efficiency gains and policy benefits may accompany the uptake of a digital version of sovereign fiat currency – one that adopts and exceeds the technical benefits of a cryptocurrency, but inherits all the underlying trust of a sovereign currency.

Facebook’s Libra has enlivened the CBDC debate.”

The researchers add,

“The principal conclusion is that we are likely to witness the introduction of a central bank – that is fiat – retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins. It is improbable that the first such issuance will come from a G20 central bank; it is considerably more likely to be launched in a smaller and less complex economy in response to a specific policy objective and use case.

This may relate to improving the overall effectiveness and resilience of a national payments system by reducing the prevalence of cash. Alternatively, it could be associated with extending financial inclusion; reducing the size of the dark economy; countering financial crime; or for a specific purpose, such as transforming the cross-border transmission of migrant worker remittances.”

Says Saket Sinha, global vice president of IBM Blockchain,

“Through scores of experiments and ambitious pilot programmes, central banks and regulators around the world are becoming closely acquainted with digital currencies. Some, in both advanced and emerging economies, whose policy objectives and motivations differ markedly, will soon be in a position to launch their own retail CBDCs, as the findings of this report make clear.”

You can check out the full report here.

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • LILPEPE Enters Fifth Presale Phase Following Rapid Sell-Out of Stage Four
    July 9, 2025
  • MultiBank Group Announces Early Access Waitlist for Pioneering MBG Token
    July 9, 2025
  • Status Unveils First Gasless L2 on Linea With 100% Community Yield Allocation Mechanism
    July 9, 2025
  • NEXBRIDGE and NEXPLACE Raise $8M Series A to Launch Integrated Bitcoin Capital Markets Ecosystem
    July 9, 2025
  • Little Pepe Becomes the Hottest Meme Coin of 2025 After Raising Over $4.5M in Presale
    July 9, 2025
  • G-Knot Appoints Fintech, Crypto Veteran Wes Kaplan as CEO To Launch the First Finger Vein Biometric Wallet
    July 8, 2025
  • GUNZ Announces GUN Token Expansion to Solana
    July 7, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$108,712.13
$108,712.13
0.01%
Ethereum
$2,639.31
$2,639.31
2.47%
BNB
$661.38
$661.38
0.15%
Solana
$153.41
$153.41
1.38%
XRP
$2.36
$2.36
3.08%

Spotlight

  • Rich Dad Poor Dad Author Buys More Bitcoin, Touts $1,000,000 BTC Price Prediction
    July 2, 2025
  • Scammers Drain $20,000 From Billion-Dollar Bank Customer Who Took Out Loan for Business Purposes: Report
    July 2, 2025
  • Markets Will Choose US-Regulated Stablecoins Over CBDCs ‘All Day, Every Day,’ Says Treasury Secretary Scott Bessent
    July 2, 2025
  • Trader Issues Bitcoin Warning, Says Only ‘Small Sliver’ of Time Left in Bull Market – Here’s His Timeline
    July 2, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl