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Deutsche Bank Publishes CBDC Findings in Crypto Report
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简介The report explains the impact of CBDCs on governments, individuals and institutionsDeutsche Bank, t...
The report explains the impact of CBDCs on governments, individuals and institutions
Deutsche Bank, the global banking giant, has released its latest cryptocurrency report discussing central bank digital currencies (CBDCs) as well as the impact of their existence on several entities, including governments, central banks and individuals.
The Deutsche Bank highlights that CBDCs may run into political resistance and encourage social unrest, in a section of the paper that discussed the effects on individuals.
With many governments and central banks around the world looking into the possibility of creating CBDCs of their own, the insights the paper provides are timely. Deutsche Bank notes that CBDCs can help users process faster payments and other transactions without having to rely on interference from a third party.
However, CBDCs are challenged to make their use case scenario far more appealing than conventional cash, in a way that will make it win over any skeptics in the market.
“To do this, the currency should serve as a medium of exchange, as a measurement of value and as a store of value. Payments need to be secure and simple. Universal access has to be guaranteed,” Deutsche Bank explained.
For central banks, the report states that CBDCs pave the path to more policy options that are both conventional and radical in nature. These include providing a remedy for low interest rates, the use of “helicopter money” and stimulating economic activity.
From the government’s perspective, CBDCs help regulatory authorities and commercial institutions see and trace every transaction. The government is in a better position to pinpoint behavioral patterns and identify users, which makes it easier for the authorities to crackdown on money laundering or tax evasion.
Furthermore, Deutsche Bank highlighted how CBDC payments could be used as a better control mechanism to transmit social benefit payments — a particularly important feature in the midst of the coronavirus pandemic.
“The implementation of CBDC could, through enforcing transparency and traceability around money transactions should help improve corporate governance generally,” the report explained.
However, the report added that CBDCs could become a political and criminal tool during times of specific tensions, such as events concerning trade, or for more long-term development purposes. Adopting CBDCs for key bilateral trading relationships also has the potential to chip away at the dollar’s dominance within the global financial market.
Lastly, governments need to be mindful of the capacity of CBDCs to reduce the independence of central banks and other institutions, effectively changing the institutional dynamics of a country.
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