As electronic payments and cryptocurrencies rise, central bankers are contemplating the idea of creating their own digital-currency. Looking at bitcoin, it is clear that people are excited by these cryptocurrencies, and the idea of paperless money. Banks are capable of holding online transactions yet they do not own a currency that relies solely on the internet. Although most of these officials believe bitcoin is no rival for the dollar, they do believe people are attracted by the idea of effortless, costless transactions. Some believe it is still in a premature phase and it is too soon to work on a federal cryptocurrency, but others believe they need to get on it as soon as possible.
Another factor affecting the governments decision whether or not to create this currency is the fear of cyber attacks. In a space where everything is anonymous, and transactions come and go with no physical evidence, there is a high risk of fraud.
I believe this is a great marketing technique by the banks, because they are joining the current trend, pulling people to support them. By changing their traditional ways they are targeting a much younger audience that finds interest in these digital-currencies. In addition, they are also threatening current cryptocurrencies, creating a more competitive market.
https://www.wsj.com/articles/digital-currency-fever-may-spread-to-federal-reserve-1512316801
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