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IBM joins ING in saying central bank digital currencies are on the way


ING isn’t the only institution that’s expecting central bank digital currencies (CBDCs) to be a thing quite soon. According to a report conducted by old-school tech firm IBM and the Official Monetary Institutions Forum (OMFIF), we can expect to see fiat-based digital currencies within the next five years. These currencies will exist as “either a complement to or as a substitute for notes and coins.” With that in mind, one struggles to see how these currencies are any different to the digital representations we have in our online bank accounts now. The report states that it’s most likely the first…

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