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A new Report shows that over 40 banks are considering blockchain currencies

A new report from the World Economic Forum indicates that over 40 banks are considering offering their own blockchain cryptocurrencies. The report was published earlier today and takes an analysis of how different central banks are either studying how the blockchain technology can be utilized or are outrightly experimenting with central bank digital currencies (CBDCs).

According to Ashley Lannquist who is a project lead in distributed ledger technology at the WEF and the principal author of the report; “It’s very much the case that several central banks are looking at this.”

She goes on to count at least 44 different central banks that are currently exploring, researching or actively experimenting with the distributed ledger technology with hopes of issuing a digital currency soon.

Speaking to CoinDesk Lannquist noted:

“Pilot and experimentation work thus far on this subject has yielded some mixed results, some optimistic results, and the summary of where we are right now is that central banks are proceeding with caution, yet highly involved in research.”

She added that as of now these institutions have to navigate a host of technical and other policy issues. Also on the technical side of things, these banks need to ensure that these new systems will work as intended by preserving data accurately.

There are also other issues especially on the policy side of things that need to be studied to avoid any unintended consequences according to the author of the report.

However, these caveats aside, the present trends are bonding well for blockchain currencies. Lannquist said:

“I’d say in the next couple years, speculating towards the future and being a bit conservative, I would expect a couple of central banks to issue a central bank digital currency, and that’s because we know that at least a few are.”

What’s your take on this report that shows over 40 central banks are considering blockchain currencies? Share your thoughts in the comment section below.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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