Bank of America: stablecoin adoption and CBDC is inevitable
25.01.2022 - 11:35
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The bank’s analysts said that the digital dollar will appear before 2030.
What’s new? Bank of America analysts Andrew Moss and Alkesh Shah wrote in a note that CBDCs “are an inevitable evolution of today’s electronic currencies.” They also added that stablecoins will grow in popularity until the digital dollar appears. Its emergence is predicted between 2025 and 2030.
What else did the analysts report? Shah and Moss write:
“We expect stablecoin adoption and use for payments to increase significantly over the next several years as financial institutions explore digital asset custody and trading solutions and as payments companies incorporate blockchain technology into their platforms.”
The analysts stressed that until a CBDC is released, the responsibility for existing forms of digital currency will lie with individuals, such as commercial banks. Earlier, the Fed issued a detailed report stating that the digital dollar has the potential to fundamentally change the US financial system.
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