In a paper jointly released by the three institutions on Friday, they claimed that projects like the United States digital dollar would ease global development by eliminating dependence on the costly and time-consuming transfer services currently being used for financial transactions around the world.
Indermit Gill, the Group Vice President of equitable growth, finance, and institutions for the World Bank said:
The use of digital currencies will undoubtedly enable easier communication and exchange between retailers and banks.
With China taking the lead, several countries have made efforts to join the race to launch a CBDC. A few days ago, Ukraine passed a law that places the country’s CBDC on the same level as fiat.
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Source: Cryptocurrency - investing.com
