The COVID-19 pandemic has accelerated the ‘digital money revolution’, the long-term consequence of which will be the replacement of cash by national digital currencies (CBDCs). This view was expressed by Deutsche Bank analysts in a report on current challenges.<\/p>\n
Deutsche Bank has urged European authorities to accelerate the development of CBDCs. They believe that, in the current geopolitical environment, this step will strengthen the euro.<\/p>\n
\n“Widespread lockdowns and social distancing measures have driven a shift toward card payments over cash. In response, companies and policymakers should develop alternatives to cashless payment methods and remove intermediary fees. The priority should be given to regional digital payment systems,” the analysts say.<\/p>\n<\/blockquote>\n
According to Deutsche Bank, lagging in the digital-currency race in light of China’s progress<\/a> and Sweden’s advances in the field could prompt early adopters to embrace CBDCs.<\/p>\n
\n“If other countries do not catch up with the leaders, they may find that national companies are forced to accept CBDCs and standards from other countries as payment methods,” the experts explain.<\/p>\n<\/blockquote>\n
Konzept # 19 What We Must Do to Rebuild<\/a> by ForkLog<\/a> on Scribd<\/p>\n