SAN FRANCISCO—A new report by Ripple indicates key financial sector players are considering central bank digital currencies (CBDC) as the future of fiat money.
The Ripple New Value Report states that over 70% of respondents from five global regions opine that CBDCs have a greater potential to drive vital social changes within the next five years with benefits such as financial inclusion and access to credit, Finbold stated in its analysis.
The survey, which gathered feedback from 1,600 respondents, indicated that the Asia Pacific region is leading in CBDC popularity. Within the area, China’s central bank is taking the lead after recently announcing plans to expand its CBDC pilot project to more cities, Finbold reported.
“Notably, 85% of leaders at financial institutions are confident their respective countries will unveil CBDCs within the next four years. Besides enhancing financial inclusion, they believe that a digital currency will make their countries more competitive at 44%, improve payment systems at 43% alongside advance broader financial innovation at 42%,” Finbold explained.
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