The official recognition and use of cryptocurrencies by countries is a constant topic of discussion in the cryptocurrency community and among governments’ regulatory agencies.
Finally, Bank of England Vice President Jon Cunliffe stated that the central bank’s duties are not to protect commercial banks from the potential future impact of digital currencies.
“Our job is not to protect bank business models. Banks will need to adapt to cryptocurrencies. Our job is to manage the financial and macroeconomic consequences of bank business models if they change. ”
Central bank digital currencies (CBDC) are believed to have the potential to significantly influence the will of investors who want to hold money in traditional bank accounts. Because the funds to be created will be able to be stored even in wallets provided by central banks.
Some of the world’s largest central banks, including the Bank of England, are continuing to investigate the launch of their digital currencies. As local and international payments with digital currencies will become quite simple, many governments still have doubts, although they look favorably on the issue.
Commercial banks are the most opposed to digital currencies. Because digital currencies have the potential power to deprive commercial banks of stable financial resources such as retail deposits.
China is one of the countries that have carried out the deepest study on CBDCs. China is trying to make big strides in both digital currencies and blockchain. While Digital Yuan studies continued without slowing down, on the other hand, jobs related to blockchain were accepted as professions. Due to these factors, China seems to enter the cryptocurrency market faster than other countries.