The possibility of transmission of infection through banknotes will stimulate the development of digital currencies, according to BIS

According to the report of the Bank of Internationalpayments, concerns that cash could be a conduit for the spread of pathogens will increase central bank interest in developing digital payment methods.

The COVID-19 pandemic has increased concernspublic about this, despite the measures taken by banks to sterilize banknotes. The risk of individuals and businesses moving away from using cash could create a payment gap between those with access to digital channels and those without.there is no such possibility.

According to researchers, one of the optionsThe solution to this problem is the creation of a flexible and affordable payment infrastructure controlled by the Central Bank, such as the digital currency of the central bank (CBDC). To do this, you will need to develop access to non-banking and contactless interfaces suitable for the entire population.

The authors also note that the current crisis and falling demand for cash may take the issue of developing digital currencies and more advanced payment methods to a new level.

A recent quarterly report from the Bank for International Settlements also stated that peer-to-peer settlement is the most progressive option for improving the payments industry.

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