ING's Chief Economist Mark Cliffe thinks central banks will be moving towards creating a digital currency in the next two to three years, iHodl Russia reports.
The chief economist at the Dutch financial conglomerate ING says Facebook's Libra-like currencies put a lot of pressure on the traditional financial market.
Thus, central banks have to release their digital assets in the near future in order to maintain competitiveness. Cliff also notes that "a certain sense of urgency" is clearly brewing among the political community.
Earlier iHodl reported that Hongkong and Shanghai Banking Corp (HSBC), India, and ING Bank have performed blockchain transaction for the first time from a U.S.-based firm to India's Reliance Industries.
Besides, American multinational investment bank and financial services holding company JP Morgan announced it expanded its blockchain network "dramatically," as more than 330 banks have signed up to be part of its network.
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