Deutsche Bank Analyst: “State cryptocurrencies will appear within three years”

Deutsche Bank analyst Marion Laboure opined that major central banks could takespecific actions to issue state cryptocurrencies over three years.

Labour said central banks recentlyhaving formed a group for testing state cryptocurrencies, it is likely to release the first “general-purpose digital currency" within three years. In this case, the coronavirus pandemic, in her opinion, will accelerate this process.

This January, the central banks of Canada,The United Kingdom, Japan, Sweden and Switzerland, as well as the European Central Bank (ECB) and the Bank for International Settlements (BIS) have created a task force for a joint study of state cryptocurrencies.

Labour said that in mid-Aprilthe leaders of the six central banks and the BIS were to meet in Washington to discuss the possibility of creating their own digital currencies, but the status of the meeting is currently unknown.

Central banks must provide financecompanies and households because of the onset of the economic crisis, which could be the worst in decades. Digital currencies could help the Central Bank simplify many processes.

According to Labour, state cryptocurrencieswill help central banks improve foreign exchange incentive programs, as they can direct funds directly to companies and households. At the same time, state cryptocurrencies will work on managed blockchains, and individuals and companies in this system are likely to have digital wallets.

Despite the fact that many central banksseriously thinking about issuing the state cryptocurrency, the Central Bank of the Russian Federation is in no hurry to deploy a similar initiative. Recently, the first deputy chairman of the Bank of Russia Olga Skorobogatova said that she "does not believe in crypto assets as a means of payment."

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