Impact of Crypto Assets on Central Banks in Digital Economy
VerifiedAdded on  2023/06/03
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Report
AI Summary
This report delves into the transformative impact of crypto assets and distributed ledger technologies (DLT) on the future role of central banks within a digital, sharing, and decentralized service economy. It begins by highlighting the emergence of cryptocurrencies as a response to monetary policies and the increasing interest in crypto assets for investment and value storage. The report then explores how the adoption of crypto assets and DLT can revolutionize the financial system, enhancing transaction speed, reducing costs, and broadening access. It discusses the rise of crypto assets, their advantages like anonymity and quicker cross-border payments, and the emergence of Bitcoin and Ether. The role of DLT, including blockchain, and the challenges it addresses, such as the double-spending problem are analyzed. The report concludes by emphasizing the need for central banks to adapt to these changes, ensuring that the relationship between real and crypto currencies remains stable and that regulations are applied consistently to both.
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