Researchers at the BIS are convinced that the coronavirus pandemic will accelerate the spread of online payments and update issues related to national digital currencies.
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A new BIS report states that COVID-19 is changing the general public's attitude toward cash, even though the prevailing opinion in the scientific community is that transmission of the virus through banknotes is unlikely.
Researchers note that, for starters, countries could expand their digital payment infrastructure by increasing the number of online, mobile, and contactless options. However, the massive adoption of digital currencies (CBDC) could have an extremely serious impact on millions of older people, as well as those cut off from the banking system.
Researchers suggest that if cash ceases to be universally accepted as a means of payment, this may lead to a division of society into those who have access to digital payments and those who do not have such access.
Thus, the organization is confident that CBDC can meet the needs of society in digital computing. However, central banks should adapt to the current situation by making payments contactless and generally accessible.