central bank is planning to create their own digital currency

Central Bank Is Planning To Create Their Own Digital Currency

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The digital currency system, which is getting quite popular every day, is now changing the banking industry forever. Recently Facebook launched the cryptocurrency Libra, which is creating lots of buzz in the banking industry. Many experts are backing the idea of the cryptocurrency being used in daily transactions.

Now in a recent interview to a famous news magazine Agustín Carstens, who heads the Bank For International Settlements said that now many banks are trying to create a digital version of currencies. He said that now is the right time that central banks take things seriously and that’s why they are creating a digital version of currencies, and soon they will launch it. He also said that there might be a possibility that we might be able to see a centralized digitized currency sooner than before. There are many central banks around the world which are trying to give more importance to these digital currencies because they think it’s the future. Recently it’s been found that Switzerland’s Riksbank is trying to build a digital version of currencies.

Many experts don’t like the idea of bitcoin and similar cryptocurrencies. Since these currencies don’t add anything and they are highly volatile, which causes so much disturbance in the crypto world. Now since Facebook has launched Libra, which is going to have a proper authorization of the social giant company might be a game changer here. The banking industry is trying to do the same thing, and that’s why they are backing up digital currency method. There are many big questions which need to answer before using the fully digitized currency because there needs to be some provision made for money laundering in digitized currencies. Even if things might not be suitable as of now, it seems like central banks are also interested in utilizing cryptocurrencies in a better way.

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