Saturday, May 28

Bank of America says adoption of stablecoins and CBDC is ‘inevitable’ By Cointelegraph


©Reuters. Bank of America says adoption of stablecoins and CBDC is “inevitable”

It looks like the United States will finally move forward with creating its own central bank digital currency (CBDC), according to Bank of America (NYSE:).

Bank of America crypto strategists Andrew Moss and Alkesh Shah wrote in a Jan. 24 note that CBDCs “are an inevitable evolution of today’s electronic currencies,” according to a report by Bloomberg. Analysts wrote:

“We expect the adoption and use of stablecoins for payments to increase significantly in the coming years as financial institutions explore digital asset trading and custody solutions and as payment companies incorporate blockchain technology into their platforms.”

  • Russian Tech Executives, Politicians Denounce Proposed Crypto Ban

Meanwhile, a January 20 report titled “Money and Payments: The US Dollar in the Age of Digital Transformation” from the Federal Reserve Bank (FRB) weighed the benefits and drawbacks of the United States potentially adopting a CBDC.

Read the full article on Cointelegraph

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