The Bank for International Settlements Releases CBDC Growth Report

The Bank for International Settlement has recently published discoveries about the evolution of Central Bank Digital Currencies around the globe.

It is to be noted that the Bank for International Settlements serves as a bank for all the central banks around the world. The bank has issued a report on CBDCs today. The report asserts that the use of CBDCs is mounting in digitized economies. Nonetheless, the whys and wherefores of their evolution varies from nation to nation.

The crucial findings of the report are that most Central Bank Digital Currencies instigate in pioneering republics, and all of these initiatives are looking to offer a digital counterpart to cash instead of a straight substitute to it.

As per the report, the Swedish method depends on reputable mediators to carry out KYC and due diligence procedures on Central Bank Digital Currencies users. Notably, the central bank itself will obtain data concerning account balances and payments, not on the users of digital currency themselves.

The proliferation of blockchain technology hasn’t just helped the digital asset commerce, it’s now coming to the central banks too.