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Digital Currencies Will Continue To Thrive Due to Virus – Central Banks

Kenyan WallStreetbyKenyan WallStreet
November 8, 2020
in Blockchain & Digital Currencies, Global News
Reading Time: 2 min
Bitcoin

The Central Bank Governors’ Club, which consists of 26 central banks across Central Asia, Black Sea Region and Balkans, on Friday said that the global crisis will have “far-reaching global implications,” and hence digital currencies will continue to thrive due to factors such as higher debt burden and financial vulnerability.

“The COVID-19 pandemic has, among other things, affected further expansion of e-commerce and electronic settlements technologies. This is one of the reasons why financial regulators are more and more interested in central bank digital currencies.” The banks said in a joint statement.

The group came to a conclusion that, before arranging the emission of a digital currency, a central bank should first assess the impact it will have on monetary policy and financial stability, and then develop a procedure to avoid and mitigate cyber risks.

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Meanwhile, the price of Bitcoin crossed $15,500 on Friday to hit the highest level since January 2018.

ALSO READ;

Bitcoin surpasses $15,000 Mark

European Central Bank Considers Launching a Digital Euro

Crypto Prices Rise As Global Central Banks Explore Digital Currency Possibilities



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