Search ForexCrunch

Dutch financial economist Mark Cliffe has said central banks around the world will have “fully fledged” cryptocurrencies in a matter of just two to three years, according to  reports.

The Dutch economist said Libra has rocked central banks to the core and now they have to step up their timelines due to the imminent release of Libra.

“I think we’ve already got some sense of urgency amongst the policy community,”   said Cliffe. He then went on to say it could have some benefits as it would mean central banks could  ”  “move even further into negative territory with interest rates.”. He then added the whole move could “open up a whole range of policy options,” .

Central banks and governments around the world have pushed back against Libra. The French and German governments have been especially forward in their condemnation of Libra. Libra have recently said they may delay the project to get over some regulatory hurdles but they still plan to release the stablecoin in 2020.  

Mark Carney who is the Governor of the Bank of England,  on the other hand, seems to be receptive to the idea of digital currencies. He said that maybe some central banks should come together and rival Libra and possibly dethrone the dollar.