Deutsche Bank analyst Marion Laboure expressed the opinion that major central banks may take specific actions to issue state cryptov currencies within three years.
Laboure said that central banks, which recently formed a group to test state cryptov currencies, are likely to issue the first "digital general purpose currency" within three years. However, the coronavirus pandemic, in her opinion, will speed up the process.
In January this year, the central banks of Canada, Great Britain, Japan, Sweden and Switzerland, as well as the European Central Bank (ECB) and the Bank for International Settlements (BIS) created a task force for joint research of government cryptov currencies.
Laboor said that in mid-April the heads of six central banks and the BIS were to hold a meeting in Washington to discuss the possibility of creating their own digital currencies, but the status of the meeting is currently unknown.
Central banks should provide finances for companies and households because of the beginning of the economic crisis, which could be the most serious in decades. Digital currencies could help the central bank to simplify many processes.
Government crypto-currencies would help the central banks to improve monetary stimulus programs as they could channel money directly to companies and households, Laboor said. At the same time, government cryptovalends will operate on managed blocks, while individuals and companies in the system are likely to have digital wallets.
Despite the fact that many central banks are seriously considering issuing state cryptovalut, the Central Bank is not yet in a hurry to launch a similar initiative. Recently, Olga Skorobogatova, first deputy chairman of the Bank of Russia, said that she "does not believe in crypto assets as a means of payment.
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