What Central Banks Digital Currencies (CBDCs) Mean for Bitcoin

Central banks worldwide are exploring digital currencies… Especially after the Luna/Terra mess Do Kwon created.

According to the Bank of International Settlements (BIS), nine of 10 central banks are looking into the creation of digital currencies. 

A survey by BIS found that many central banks are already developing or testing retail-based central bank digital currencies (CBDC), which are designed to be used by everyday people. 

The report, which was published on May 6, compiled information from 81 central banks in late 2021. The BIS is owned by 63 central banks that account for roughly 95% of the global gross domestic product. 

And the data showed that more than half of the surveyed institutions are running “concrete experiments” on CBDC, with 20% already in the development or retail testing phase. Overall, 87 countries that represent 90% of the global economy are developing CBDCs. 

The BIS noted that central banks are doing this because they believe CBDCs will strengthen digital payments and banking infrastructure. 

They also reportedly say that it will improve financial inclusion, the pace of cross-border payments and transfers, and drive monetary sovereignty. 

And this will only benefit existing digital currencies like Bitcoin (BTC) and Ethereum (ETH) moving forward. 

Even with the sector’s recent decline, the rising adoption of cryptos for legal tender will inevitably send the market higher, as countries like El Salvador, Zimbabwe, the Central African Republic, and Panama have all approved Bitcoin for legal use.

This not only legitimizes the use of cryptocurrency as a valid payment option, but it will also likely spur even greater demand. 

And as this unfolds, it could drive bigger economic powers to accelerate the development of laws and regulations that help push the use of Bitcoin and other cryptos into the mainstream.

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