3 ways digital currencies could change global trade

-The growth in digital currencies could make cross-border payments more efficient and help address the $1.7 trillion global trade financing gap.

-These burgeoning currencies may not solve all trade issues, however, and could further complicate the supply and demand of foreign exchange, especially for countries with limited existing international trade.

-To realise their full potential, the advancement of payments technology needs to be accompanied by the digitization of trade

Digital currencies are growing: the market is valued at more than $2 trillion and involves more than 15,000 varieties. In 2021, El Salvador even adopted Bitcoin as its legal currency.

While private digital currencies are blooming, central banks are catching up. In October 2021, Nigeria joined the Bahamas, the Eastern Caribbean States and Cambodia as one of the first jurisdictions to officially launch central bank digital currencies (CBDCs). Based on the Atlantic Council’s CBDC tracker, 14 countries have launched CBDC pilots while 16 countries are developing CBDCs and 41 are conducting research.

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Πηγή: weforum.org

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