Impact of CBDCs in the USA
Deutsche Bank had previously warned that cryptocurrencies would replace cash by 2030. This time, the bank believes that CBDCs can have a particularly strong effect on the United States.
That’s because CBDCs adopted around the world can “erode the dollar’s hegemony in the global financial market”.
For the bank, countries could use their own digital currencies to conduct bilateral trade, avoiding the US dollar.
According to the report, about 80% of the world’s central banks are researching whether a CBDC could benefit their respective economies.
Some countries, like China, are already in advanced stages and may launch a CBDC soon. Others, like Brazil, are still conducting research on the currency’s viability.
Deutsche Bank cited the Chinese project in the report.