Bank of England Suggests Replacing Some of The Current Money In Circulation With Digital Currency Could Raise GDP

In a recent study published by the Bank of England they themselves suggest that and I'm quoting :
"In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by as much as 3%, due to reductions in real interest rates, distortionary taxes, and monetary transaction costs. Countercyclical CBDC price or quantity rules, as a second monetary policy instrument, could substantially improve the central bank’s ability to stabilise the business cycle."

Meaning replacing 30% of current currency that is in circulation with a central bank digital currency would raise GDP by as much as 3%!

Full study here Bank of England - PDF

Hope this becomes a case and more finance institutions see the value of digital based currencies!