Leading financial institutions in more than ten countries have said that they are willing to be enjoined in the virtual currency revolution that is part of the international settlements bank which is concerned with the consequences of moving to digital.
There are views saying that there is no need for excess money in the society that will make the government to abandon their people insisting that a cashless society is the way to go since financial institutions and the state ministries concerned will now have to engage the people and find a way forward.
The introduction of the digital currencies in the central bank is perceived to be a detestation in the dispersing of cryptocurrencies, a move which is ongoing. Both the riksbank and the bank of England have the unit that is the cryptocurrency in its journey to virtualize currency.
The bank on international settlements has warned of critical consequences to the worldwide financial systems once the system is issued .A commonly known advisor of the Europe central bank articulates the negative impact that the economy is poised to suffer from.
Activists argue that once the central bank digital currency system is introduced then there will be complicated issues that will surpass the systems used in payment and the policies for the appliance together with the conveyance when it comes to matters money.
However despite all these arising issue the bank has checked on its views and balanced it off with what the users and traders are yearning for and is set to make a major step that will favor both sides that is the bank and its users.
This will also lead to an increased roles for banks as they will also have to allocate resources and plan for the economy in togetherness with the private sector which requested to be included. This move will promote good relations between the private sector and the government in conjunction with the banks.
The international community has largely supported the move saying that it will allow more people to work in foreign countries bearing the fact that they can send money home in the easiest way possible without much struggle at their own peril.