The crypto enthusiasts, experts, traders, and investors have divided opinions about the Central Bank Digital Currencies (CBDC), as shown in the latest survey carried out by the International Monetary Fund IMF. The financial institution engaged many crypto enthusiasts in an online survey by asking them if CBDC is a real currency that can be deployed as an alternative to national fiat currency. The survey was carried out on Twitter by the Kristalina Georgieva-led International Monetary Fund (IMF) due to the desire to know what the public feels about CBDC, which many banks are currently ineligible to establish in their country.
Central bank digital currencies isn’t real money
Expectedly, there were divided opinions of the people involved in the survey exercise. Some believe it has all it takes to serve as an alternative to fiat currency and function as real money, while others opined that the CBDC lacks all the features needed to function as a good real money currency.
Bitcoin, Ethereum, Litecoin, and other digital assets are gaining more popularity among the public, judging by the increasing number of crypto investors and traders. The public believes most digital assets are more rated and more valuable than the Central Bank Digital Currency.
Hence, they tipped Bitcoin and the likes to be a major threat to fiat currency’s long-term use across the world. Despite apex banks’ decision to explore distributed ledger technology (DLT) to manufacture digital versions of their fiat currencies, the people who participated in the short exercise are very much far from seeing the CBDC as real money.
Apex banks keen on launching their unique digital currency
Meanwhile, 80% of Apex banks worldwide are more than ready to adopt digital currency for transactions, albeit in a different way. According to a statement released by the International Monetary Fund, apex banks are presently studying the idea of CBDCs to launch their unique digital currency. IMF went on to disclose that over 50% of the banks have gone beyond the conceptual stage as they are now at the ‘proof of concept and pilot project’ stages.
It equally stressed that close to 10% of the banks are on the verge of creating their unique currencies, having gone past all the phases mentioned earlier. Should they eventually develop their new digital currency, it means most countries will have a unique currency of their own. Just as dollars is for the US and Yuan is for China, we all should expect the same scenario in term of the digital currency. That will be an interesting move as it will further boost the fame and adoption of the crypto world.
