Deloitte analysts believe that the main crypto coin can become the basis for the development of central banks digital currencies
A new Deloitte report suggests that the bitcoin network could become the foundation for the development of digital currencies that central banks in different countries plan to issue. Financial company analysts believe that BTC has every chance of becoming the basis for creating a cheaper, safer and faster ecosystem for virtual fiat or digital assets of regulators.
“Bitcoin, the most popular virtual currency on the market today, continues to generate hype. The technology behind the currency is truly revolutionary. It is at the forefront of the new world for payment systems around the world,” experts say.
However, they stress that BTC has “significant flaws that could permanently limit its adoption in the mainstream economy.” In addition, Deloitte analysts believe that the existing fiat ecosystem needs to be completely rebuilt. The task of high-tech industries is to help prevent future problems with high costs and low productivity.
The report mentions 5 main parameters of existing currencies that could be improved with the help of the main crypto coin. We are talking about security, efficiency, speed, cross-border operations and ease of interaction between participants in the system.
The report also states that one of the key benefits of central bank digital assets is centralization. The authorities of various countries are able to determine the rate of the digital currency themselves and control the flow of funds.
Deloitte believes that countries that are the first to launch national digital currencies will have certain advantages at the beginning. They will be able to influence how their digital assets will be used in the global market.
Analysts do not expect central bank digital currencies to replace bitcoin and other crypto assets. But Deloitte claims that CBDCs will find their own niche and provide users with additional opportunities to safely and quickly conduct cross-border transactions.
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