Fixed income manager Vimal Gor says central bank digital currencies will replace fixed income within a decade and ‘bonds are largely useless in portfolios now’.
, replacing traditional banking and economic contracts with software, central banks are studying how they can issue a form of digital currency that can interact with those technologies.But rather than rely on a private company to issue and control a commonly used digital currency, central banks are eager to maintain the sovereignty and stability of their fiat currencies to allow them to interact with crypto-programmed protocols across the world.
As bond yields stay depressed, Mr Gor said there will be fewer and fewer buyers of government debt. “But that won’t matter so much because central banks will be able to control interest rates via their central bank digital currencies,” he said.
“Does this token have a valid use case? Will it be adopted more over time? There’s not really a difference,” he said.
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