Singaporean multinational Bank DBS Bank in its latest paper on digital currencies has pointed out that the coronavirus pandemic has caused a “troubled and intrigued” dilemma for central banks around the world with respect to digital currencies and payments.
The report noted that while central banks and monetary authorities stalled, private entities have adapted to government regulations to churn out tons of private tokens that have multiplied over time. Of all the digital currencies out there, the DBS Bank data shows Bitcoin’s massive lead against other altcoins.
In a way to wade off increasing influence by private firms, The Marina Bay-based banking giant acknowledged most central banks saw the need to fast-track their research and development involving digital currencies. This rekindled interest was necessary to “maintain control over money supply and transactions.”