BIS: “COVID-19 pandemic will accelerate the implementation of state cryptocurrencies”

The Bank for International Settlements (BIS) believes the COVID-19 pandemic will accelerate widespread adoptiongovernment cryptocurrencies from central banks.

According to a report published by BIS, COVID-19changes people's attitude towards cash, despite the opinions of various scientists that the possibility of contracting the virus through banknotes or coins is unlikely. Regardless of whether these fears are justified or not, people have become increasingly interested in digital forms of payments, including digital currencies from central banks.

However, according to BIS researchers, ifcash will no longer be used as a means of payment, there may be a “stratification” of the public into those who have access to cryptocurrencies and those who do not have the ability to make digital payments, especially for the elderly.

BIS analysts believe statestablecoins should be as simple and convenient as possible. Developers need to consider the needs of people who do not even have minimal knowledge about cryptocurrencies or access to banking services. At the same time, the infrastructure of stablecoins must be resistant to various threats, be it an epidemic or hacker attacks. States will also need to bear social responsibility to the population, providing people with the opportunity to use different payment methods.

Recently, the First Deputy Chairman of the BankRussia's Olga Skorobogatova said she is skeptical about crypto assets and blockchain. She believes that state cryptocurrencies are no different from ordinary electronic payments, and therefore have no value.

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