Posted 5 months ago | by @devadmin
Investment management firm MetLife has stated that CBDCs will continue gaining mainstream adoption, although a “launch among Western countries seems unlikely to occur anytime soon.”
MetLife Investment Management (MIM) founded in 1868 has released a macro strategy presser outlining its forthcoming role of blockchain-based assets, specifically central bank digital currencies (CBDCs).
MetLife states that CBDCs are a logical progression of money and technology that are “unlikely [to] be a passing fad,” according to the primer released Jan. 8.
The investment group also notes that a “true CBDC launch among Western countries seems unlikely to occur anytime soon” as key technical questions have thus far been unanswered.
“However, just as the dreams of cryptocurrency developers tend to be rather lofty, so are those of various CBDC initiatives,” the document states.
MIM had at least $651 billion in assets under management (AUM), as of September 2020.
However, despite MetLife’s opinion information indicates that CBDCs are right around the corner. More recently eight central banks prepared a report on CBDCs including — Canada, the U.K., Japan, Sweden, Switzerland, the U.S. Federal Reserve, the European Central Bank, and lastly the Bank for International Settlements (BIS).
The joint report stated “foundational principles and core features” for central bank digital currencies (CBDCs) and how they should be designed. These three principles are as follows. First, a CBDC should work adjacent with cash and other current payment types “in a flexible and innovative payment system.” Second, a CBDC should support “wider policy objectives” and “do no harm” to monetary and financial stability. Third, a CBDC should “promote” innovation and performance.
It’s also worth noting that European Central Bank, Christine Lagarde, stated that the bank would potentially reach a decision on releasing a digital euro early this year, as Bitboy Crypto reported.
Although, in a virtual policy panel held on Nov. 12th, Lagarde stated that the European Central Bank (ECB) was not “racing to be first” to release a central bank digital currency or CBDC.
Bitcoin is currently trading at [FIAT: $36,584.94] UP +2.3% in the last It’24 hours according to Coingecko at the time of this report.