Having been subjected to global backlash and criticism, Facebook’s stablecoin Libra project has finally received a welcoming note from a renowned financial entity, the Deutsche Bank. Based in Frankfurt, the bank said in a statement that Libra can play a major role in giving a boost to the crypto industry, which is already enjoying fast adoption than was expected. The statement added that Libra could help in bringing the crypto industry to the mainstream by 2030.
Some time back, the adoption of cryptocurrencies was substantially slow, and experts failed to show trust in its success in the future as a strong replacement of fiat currency. However, at present, the scenario has changed in a big way and even the biggest names of industries are putting their bets in the digital currency arena.
According to the recent Imagine 2030 report published by the Deutsche Bank, the process of mass adoption of cryptocurrencies will move at a fast pace. The report affirmed that this widescale success of cryptocurrencies has become possible only with the joint efforts of banks, card providers, and governments who are constantly striving to transit to an efficient “cashless society.” The report also bragged about Libra being an important medium supporting crypto mass adoption through its strong client base comprising of billions of users worldwide.
“When Facebook announced Libra, its new cryptocurrency payment system, earlier this year, the conversation hit all levels of society and politics. And no wonder. Facebook, with its potential user base of over 2bn, has the potential to disrupt the payment industry send the use of cryptocurrencies in to the mainstream,” said Marion Laboure, the author of the report’s crypto part.
Deutsche Bank also opined that governments around the world could play a pivotal role in popularizing digital currency adoption. The report stated that India and China might evolve as the leaders in the crypto space in the near future. The author is confident that as situations are changing rapidly, there are chances that the two countries lead the economy as users of cryptocurrencies.
Laboure mentioned Chinese President Xi Jinping’s take on cryptocurrencies, where he addressed them as “an important breakthrough for independent innovation of core technologies.”
The report stated about the Indian government’s formation of an economic panel for discussions on the introduction of an official virtual currency with the status of a legal tender by the banking regulator, the Reserve Bank of India.