Deloitte called the way of using bitcoin by governments

The analytical company Deloitte believes that bitcoin will create cheaper national cryptocurrencies

15.03.2022 - 10:10

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What’s new? Bitcoin can significantly improve the traditional financial system and help develop national cryptocurrencies. These are the conclusions reached by the Deloitte analysts in a report titled “State-sponsored cryptocurrency: Adapting the best of bitcoin’s innovation to the payments ecosystem.”

The full version of the report

What conclusions did the analysts come to? According to Deloitte experts, bitcoin has the potential to create a more effective central bank digital currency (CBDC). A total of five key areas for improvement are highlighted: speed, security, cross-border payments, efficiency, and interaction with other ecosystem participants. That said, bitcoin does not require any commercial or federal centralized organization to run such a system. These advantages of cryptocurrencies can also be used by governments to develop a national digital currency.

According to the results of the analysis, those countries that first implement CBDC will have an advantage in the international market. In this, banks will retain their role as intermediaries and act as custodians of the distributed ledger, receiving remuneration for processing transactions.

In conclusion, the analysts emphasize that CBDCs will not completely replace bitcoin, but will be an additional option for users, allowing them to choose the most appropriate means of payment depending on their requirements.

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