According to a report that has been recently published by the World Economic Forum (WEF), more than 40 central banks around the world are experimenting with or considering the possibility of developing their own central bank digital coin (CBDC).
The World Economic Forum, making reference to a report published by the Bank for International Settlements (BIS), states that more than 40 central banks around the world are experimenting with blockchain technology in an attempt to improve financial inclusion, payment efficiency and cybersecurity.
The report has shown that central bank digital coins will increase the efficiency and speed of transactions. In addition, they can provide a wide range of benefits, such as:
- Improve customer verification (KYC) and anti-money laundering processes (AML);
- Reduce tax evasion, corruption and illegal activities;
- Avoid the monopoly of commercial banks;
- Provide alternatives to the payment technologies offered by private companies.
Moreover, the report notes that the use of CBDCs could play an essential role in the future when the use of cash becomes less common.
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