Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets.
Accenture is a Fortune Global 500 company. Alongside Ripple, BMW, Bosch, Blockchain Acceleration Foundation, Arxum, Consensys, Crypto Valley, Constellation, Continental, CPChain, DLT Labs, Enterprise Ethereum Alliance, Ford, and others, Accenture is part of the Mobility Open Blockchain Initiative (MOBI).
According to the document, at least half of the world’s central banks plan to develop a CBDC. Three main factors contributed to this trend: to reduce physical notes, counter the effect of private cryptocurrencies as a threat to fiat, and improve security across wholesale markets. The paper states:
Whatever the motivation, the momentum toward CBDCs seems clear and growing. Some central banks are already conducting live experiments, and the potential for currency evolution is being framed by some as a possible revolution in how value is exchange.