Bank of America…

“Digital currencies are inevitable”

Bank of America have published a report through their research team that has stated “digital currencies appear inevitable”.

Their view is that CBDCs and distributed ledger technology is the biggest advancement in money and value transfer in history.

The report states that currently 114 central banks are investigating digital currency and those banks span 59 percent of the world’s countries.

The Bank of America report claims three reasons that digital will succeed. Firstly, its possible they will increase cross border payments and transfers. In addition, they will increase financial inclusion and lastly they have the potential ability to decrease the central bank’s ability to lose control of monetary control. All good features in CleverRobot’s humble opinion.

CleverRobot newdesk 23rd January 2023

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