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Central banks are skeptical that bitcoin and other cryptocurrencies could replace gold as a safe haven but raise hopes of legitimate digital signals as regulators struggle to figure out how to respond to the crypto boom.
About 85% of shareholders say they do not expect cryptocurrencies to take precious metals from their foreign reserves, according to an annual UBS survey in the top 30 central banks.
More than a quarter of respondents said bitcoin and its allies had the potential to sell as non-consensual commodities that do not go hand in hand with other markets, but 57% of officials said they did not expect the cash to affect their operations, according to UBS.
The rational idea among central bank regulators stems from the use of cryptocurrency funds in recent years, and has encouraged government agencies to seriously consider how to manage this asset and how to contribute to it.
Many cryptocurrency brokers see digital tokens as a way to save their money at a time when central banks around the world have launched anti-piracy programs, which have sparked fears of an economic boom.
However, the massive volatility of large amounts of money has led to the depletion of many private sector units and has eroded their interest as a savings center, according to investors and experts.
While central bank regulators are skeptical of private equity, they are increasingly aware of the prospects for cash, or central bank banking.
About 60% of central bank regulators surveyed by UBS said they expect one G7 central bank to make digital money for consumers in the next decade. More than 80% said they expect the “big money” of central banks, which will be disbursed to major financial institutions, to trigger this period.
Officials said the two main reasons for tracking money from the central bank were to promote payment and repair equipment, including major tasks such as cleaning and repairing. He added that the money from the central bank could help reduce crime and reduce spending, according to UBS.
China is one of the world’s leading bankers with bank-sponsored tokens, while its digital currency is already in the pipeline while centralized banks are just looking for similar jobs.
In the financial markets, stock exchanges also said that the world’s largest financial debt was risky and failed to address the crisis. The study also showed an increase in the proportion of Chinese people detained in reserves, which Massimiliano Castelli, one of the authors of the UBS report, said could be up 15% over the next decade.
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