Widespread adoption of central bank digital currencies (CBDC) will reduce the profits of credit institutions and reduce their role in the global financial system. This view was presented in a new report by analysts of the international rating agency Moody’s. Wrote News portal about cryptocurrencies Cointelegraph.
According to the agency’s report, the development of cross-border payments in digital national currencies will transform the global economy by providing faster, cheaper and more secure services to its participants, but traditional banks will not benefit much.
It was noted that a new infrastructure is needed for cross-border digital transactions, but there is no need for intermediaries. As a result, the transition to CBDC will reduce the profits banks make from commissions, correspondent services and possibly foreign exchange transactions.
The previous day, Chairman of the State Duma Financial Market Committee Anatoly Aksakov declarationHe said the digital ruble law would be passed in April.
Last week, American investor Robert Kiyosaki, bestselling author of Rich Dad Poor Dad He insisted Buying bitcoin in anticipation of a “fake infestation”.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.