Davos Report Suggest Over 40 Central Banks Are Experimenting With Crypto

By Prashant Jha

According to the Davos report compiled by Ashley Lannquist suggest that almost 40 central banks around the world are experimenting with blockchain technology to issue their own CBD. Ashley Lannquist is a project lead in blockchain and distributed ledger technology at the World Economic Forum and the primary author of the report.

He says,

“It’s very much the case that several central banks are looking at this [experimenting with cryptocurrencies]”

The news might not come as a surprise to many who have been following the trends of the decentralized space. 2018 bear markets might have run havoc for crypto investors and new upcoming tokens but at the same time, it also did a world of good by stabilizing the crypto market price volatility.

The longest crypto winter might have cut the market share of cryptocurrencies by 80%, but on the contrary, it also did a world of good to bridge the gap between the traditional banking platforms and decentralized space.

In recent times major financial institutions who have bashed crypto throughout have realized that there is no impact on its usage or adoption. Thus, they have finally decided to join on the crypto bandwagon. One significant name is JP Morgan.

Central Banks Around the World Have Realized That Future Lies in Digitization.

The recent Davos report is just a reconfirmation that people have realized how decentralization and digitization is the future. Central Bank issued digital currencies is being experimented for quite some time now. Apart from central banks of various countries looking to experiment with CBDs, many other traditional banks are looking to launch their stable coins.

Those who do not have any stable coin in the pipeline are offering other forms of crypto services be it crypto hedging, custodial services, over the desk trading services and many more.

2018 Bear markets ensured that even traditional investors of Wall Street who maintained a safe distance from investing in the crypto space citing high price volatility and higher risks are looking to expand their trading portfolios to crypto.

Final Thoughts

The crypto space has finally moved out of its initial phase of being a bubble and shredded its high price volatility behavior. This has led many governments around the globe to look into legalizing crypto use in the country amid growing demands of the public.