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3 Digital Currency Challenges Faced By Central Banks, Traditional Banks

3 Digital Currency Challenges Faced By Central Banks, Traditional Banks
The rise in popularity of Bitcoin (CRYPTO: BTC) and other cryptocurrencies has put pressure on the U.S. Federal Reserve and other central banks around the world to create their own central bank digital currencies, or CBDCs.

The transition of money to the digital world may not be an easy one for central banks or traditional retail banks.

Central banks are seeing many of the same challenges as any other businesses faced with a new, disruptive innovation, DataTrek Research co-founder Nicholas Colas said Thursday.

Related Link: Understanding The Pandemic Stock Trading Boom: Survey Profiles New Generation Of Investors

Incumbent Challenges: First, incumbents tend to wait too long to take aggressive action.
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