Gold’s Role Set to Change in Face of Digital Currencies
On the other countries such as the U.S. and those in the European region are seen at least a decade away from a potential launch, WGC noted.
SEATTLE (Scrap Monster): The global gold market is likely to be impacted by the introduction of central bank digital currencies (CBDC) by increasing number of central banks across the world, notes the latest market commentary report published by the World Gold Council (WGC).
The report cites that most central banks are exploring introduction of digital currencies. The Atlantic Council said that over 81 countries have already expressed interest, with some countries such as the Bahamas already issuing a CBDC. Other countries such as China are on the verge of issuance, having successfully trialled its electronic payment project. On the other countries such as the U.S. and those in the European region are seen at least a decade away from a potential launch, WGC noted.
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The WGC report analyzes the channels through which the gold market and gold’s role as a reserve asset might change as a result of the development of CBCDs. It looks into certain possible characteristics of CBCD, along with their impact on investment demand for gold.
WGC said that possible issuance and diffusion of CBDC in major currencies such as the dollar is expected to have important implications for the international monetary systems. It will also have implications for gold.
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