According to a new study, central banks in 46 countries are distrustful of blockchain andconsider the possibility of issuing their own cryptocurrency based on a limited form of DLT.
Bank-backed Central Banking Editioninternational payments (BIS) and the European Central Bank (ECB), conducted a survey among central banks of 46 countries regarding state cryptocurrencies. As it turned out, 65% of respondents are actively exploring the possibility of issuing their own digital currency, but only one Central Bank plans to use blockchain as a basis.
According to researchers, "little Africanthe central bank ”said it would consider using the blockchain“ only if the technology was recognized as the best available platform. ” The publication does not disclose the name of this bank, as well as the other 45 organizations participating in the survey.
Researchers noted that “oneNorth African Central Bank ”announced blockchain security and scalability issues. Most central banks researching the concept of state cryptocurrency do not plan to release it yet. At the same time, 71% of respondents said that they would consider the possibility of issuing their own cryptocurrency based on DLT - a wider category of network architectures.
DLT includes closed and managed networks,Shared by several well-known and trusted sites. In the survey, central bankers mentioned the need for a compromise when it comes to decentralization. Distributed structures have created operational resilience against a single point of failure, however, there are privacy issues as more parties have access to transaction data.
The publication also mentions a documentissued by the Bank of England last month, which stated that using distributed networks has clear advantages, but also poses a serious challenge to the existing monetary system. The same report stated that the Central Bank of Great Britain does not exclude the possibility that private cryptocurrencies can play an important role in the future of money.
Recall that last week the Bank of England said that the principles of designing a state cryptocurrency are more important than basic technology.
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