Altcoin News: ING Study: Digital Currencies of the Central Bank Will Appear in the Next Five Years

October 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Financial experts at ING, a Dutch bank, are confident that the emergence of “fully-fledged digital currencies of the Central Banks” is only a matter of time.

“We might well see a fully-fledged central bank digital currency emerge within the next five years,” they wrote in an article that was published on Monday on the THINK banking analytics platform.

“The current financial infrastructure can not cope with their responsibilities. It is expensive to maintain, requires a lot of time, and makes it difficult to ensure legal compliance. Meanwhile, government digital currency can be fast, cheap, and easy to use. Its appearance will mean a huge leap forward,” says Teunis Brosens, ING’s leading digital finance economist.

“Along with the emergence of state digital currencies, conditions will emerge for realizing a number of new opportunities,” added ING chief economist Mark Cliffe.

However, not everyone agrees with this statement. For example, IMF economist Priscilla Toffano noted that much more time is needed before the digital currencies of central banks become a reality.

Earlier, the head of the Central Bank of the Russian Federation Elvira Nabiullina said that now there are no prerequisites for issuing a state cryptocurrency.

“We have carefully studied the possibilities and have not yet discovered the obvious advantages of this initiative. It’s not just technological reasons. It is not clear what digital currency will be better, for example, existing electronic cashless payments “, — she said.