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Cambodia is getting ready to launch its own central bank digital currency (CBDC), called Bakong, which has been in trial since October 2020. The CBDC, which is based on blockchain technology and co-developed with Japanese firm Soramitsu, aims to enhance financial inclusion, improve digital payment infrastructure and reduce dollarization in the country. Bakong has already attracted 5.9 million users and processed $2 billion worth of transactions, according to the National Bank of Cambodia (NBC).
#cbdc #crypto2023
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#cbdc #crypto2023
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¿CBDC? Bad idea?
The tyrannical tendencies of many supposed democratic states are already a clue as to what they would do with CBDCs, the summary is, control, control, control.
That your carbon footprint is "too" high?
- Control.
That you consume "too much" meat?
- Control.
And you will have all that with CBDCs in the palm of your hand, let's not give it to you.
Relevant considerations of CBDCs
Surveillance and privacy: CBDCs can allow greater monitoring of financial transactions by monetary authorities. This raises concerns about financial privacy and possible government surveillance. However, central banks and policymakers often face the challenge of balancing the need for oversight with the protection of individual privacy.
That your carbon footprint is "too" high?
- Control.
That you consume "too much" meat?
- Control.
And you will have all that with CBDCs in the palm of your hand, let's not give it to you.
Relevant considerations of CBDCs
Surveillance and privacy: CBDCs can allow greater monitoring of financial transactions by monetary authorities. This raises concerns about financial privacy and possible government surveillance. However, central banks and policymakers often face the challenge of balancing the need for oversight with the protection of individual privacy.
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What Is CBDCs ??
CBDCs, or Central Bank Digital Currencies, are digital forms of national currencies issued and regulated by central banks. They are the digital equivalent of physical cash and are backed by the full faith and credit of the issuing government. CBDCs aim to combine the benefits of digital currencies, such as fast and secure transactions, with the stability and trust associated with fiat currencies.
Here are some key points about CBDCs:
Purpose and Objectives:
Central banks are exploring CBDCs for various reasons. Some of the common objectives include enhancing the efficiency of payment systems, promoting financial inclusion, reducing transaction costs, mitigating the risks associated with cash usage, and combating illicit activities such as money laundering and terrorism financing.
Centralized and Regulated:
CBDCs are centralized digital currencies, meaning their issuance and regulation are controlled by central banks or monetary authorities. This centralization allows for greater control and oversight over the monetary system and ensures compliance with existing regulatory frameworks.
Different Models:
There are different models for implementing CBDCs. One model is the "Retail CBDC," which is accessible to the general public and can be used for everyday transactions. Another model is the "Wholesale CBDC," which is limited to financial institutions and facilitates interbank transactions and settlements.
Ledger Technology:
CBDCs can be implemented using different types of technology, including blockchain and distributed ledger technology (DLT), or using centralized databases. The choice of technology depends on factors such as scalability, privacy requirements, and the specific goals of the central bank.
Privacy and Security:
Central banks need to strike a balance between privacy and security when designing CBDCs. While preserving user privacy is important, they must also ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Central banks are exploring various cryptographic techniques and privacy-enhancing technologies to address these concerns.
Impact on the Financial System:
The introduction of CBDCs could have significant implications for the financial system. It could potentially change the way payments are made, impact the role of commercial banks, and influence monetary policy implementation. Central banks need to carefully consider these effects and conduct thorough assessments before implementing CBDCs.
It's worth noting that while several central banks worldwide are actively researching and experimenting with CBDCs, their implementation and adoption vary across different countries. The development of CBDCs is an ongoing process, and each jurisdiction may have its own approach and timeline for introducing a digital currency.
#orignalcontent #CBDCs #cryptohustle
Here are some key points about CBDCs:
Purpose and Objectives:
Central banks are exploring CBDCs for various reasons. Some of the common objectives include enhancing the efficiency of payment systems, promoting financial inclusion, reducing transaction costs, mitigating the risks associated with cash usage, and combating illicit activities such as money laundering and terrorism financing.
Centralized and Regulated:
CBDCs are centralized digital currencies, meaning their issuance and regulation are controlled by central banks or monetary authorities. This centralization allows for greater control and oversight over the monetary system and ensures compliance with existing regulatory frameworks.
Different Models:
There are different models for implementing CBDCs. One model is the "Retail CBDC," which is accessible to the general public and can be used for everyday transactions. Another model is the "Wholesale CBDC," which is limited to financial institutions and facilitates interbank transactions and settlements.
Ledger Technology:
CBDCs can be implemented using different types of technology, including blockchain and distributed ledger technology (DLT), or using centralized databases. The choice of technology depends on factors such as scalability, privacy requirements, and the specific goals of the central bank.
Privacy and Security:
Central banks need to strike a balance between privacy and security when designing CBDCs. While preserving user privacy is important, they must also ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Central banks are exploring various cryptographic techniques and privacy-enhancing technologies to address these concerns.
Impact on the Financial System:
The introduction of CBDCs could have significant implications for the financial system. It could potentially change the way payments are made, impact the role of commercial banks, and influence monetary policy implementation. Central banks need to carefully consider these effects and conduct thorough assessments before implementing CBDCs.
It's worth noting that while several central banks worldwide are actively researching and experimenting with CBDCs, their implementation and adoption vary across different countries. The development of CBDCs is an ongoing process, and each jurisdiction may have its own approach and timeline for introducing a digital currency.
#orignalcontent #CBDCs #cryptohustle
Australia's financial regulator has visited Binance offices as part of an ongoing probe into the company's defunct local derivatives business.
On Tuesday, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia's offices, Bloomberg reported, citing people familiar with the matter.
The investigation revolves around Binance Australia's classification of clients as retail or wholesale investors.
Back in April, the world's largest cryptocurrency exchange announced the closure of its local derivatives exchange, claiming that it had incorrectly classified some Australian users as wholesale investors.
#cbdcs #india #cryptocurrency #digitalcurrency #cryptoonindia
On Tuesday, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia's offices, Bloomberg reported, citing people familiar with the matter.
The investigation revolves around Binance Australia's classification of clients as retail or wholesale investors.
Back in April, the world's largest cryptocurrency exchange announced the closure of its local derivatives exchange, claiming that it had incorrectly classified some Australian users as wholesale investors.
#cbdcs #india #cryptocurrency #digitalcurrency #cryptoonindia
Deputy governor of the RBI said that the central bank plans to make CBDC QR codes interoperable with India's very successful UPI payments.#crypto2023 #cbdcs
Shanghai Clearing House, a state-owned financial institution that provides clearing and settlement services for various markets, has announced the launch of its digital yuan services for commodity trading on Monday.
#cbdcs #crypto2023
#binancefeed
#cbdcs #crypto2023
#binancefeed
The Central Bank of France has completed its second round test on wholesome CBDCs and plans to implement it soon for cross-border payments.#crypto2023 #cbdcs
Russia's president Vladimir Putin signed the digital ruble bill into law today, allowing the country's central bank to issue its own digital currency.
The digital ruble, which the Bank of Russia has long been mulling over, will be used for payments along with other methods, according to the new amendments to Russia's Civil Code.
The digital ruble accounts will be managed by the central bank, the law says. The bill passed its third, final hearing on July 11 and had been waiting for the president to be signed.
Digital ruble is a CBDC project the Bank of Russia has been working on since 2020, when the Bank of Russia published its first analytical report on the topic.
#russia #cbdcs #launch #asap #cryptoonindia
The digital ruble, which the Bank of Russia has long been mulling over, will be used for payments along with other methods, according to the new amendments to Russia's Civil Code.
The digital ruble accounts will be managed by the central bank, the law says. The bill passed its third, final hearing on July 11 and had been waiting for the president to be signed.
Digital ruble is a CBDC project the Bank of Russia has been working on since 2020, when the Bank of Russia published its first analytical report on the topic.
#russia #cbdcs #launch #asap #cryptoonindia
💰 Ripple runs CBDC pilot with Pacific island nation of Palau
Ripple partnered with the Republic of Palau on a U.S. dollar-backed stablecoin pilot.
The stablecoin will be minted on the XRP Ledger and will be distributed first to Palau government employees. "Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access," Palau President Surangel Whipps Jr said, according to a press release. Palau's pilot project involves an initial distribution of the U.S. Dollar-backed Palau Stablecoin (PSC) to government employees.
The PSC has been nicknamed 'Kluk' and will be deployed on the XRP Ledger (XRPL), using Ripple's Central Bank Digital Currency (CBDC) Platform. "The Republic of Palau Stablecoin (PSC) aka 'Kluk' is a prototype digitization of the US Dollar under development in partnership with Ripple, using the XRPL blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are paid for in Palau," Palau ministry of finance Jay Hunter Anson said on Tuesday.
Ripple Labs and the Republic of Palau are scheduled to issue a joint press release about the pilot on Thursday, 9:00 a.m. Palau Time (PWT).
#ripplexrp #XRP #cbdcs #RippleNews
The stablecoin will be minted on the XRP Ledger and will be distributed first to Palau government employees. "Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access," Palau President Surangel Whipps Jr said, according to a press release. Palau's pilot project involves an initial distribution of the U.S. Dollar-backed Palau Stablecoin (PSC) to government employees.
The PSC has been nicknamed 'Kluk' and will be deployed on the XRP Ledger (XRPL), using Ripple's Central Bank Digital Currency (CBDC) Platform. "The Republic of Palau Stablecoin (PSC) aka 'Kluk' is a prototype digitization of the US Dollar under development in partnership with Ripple, using the XRPL blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are paid for in Palau," Palau ministry of finance Jay Hunter Anson said on Tuesday.
Ripple Labs and the Republic of Palau are scheduled to issue a joint press release about the pilot on Thursday, 9:00 a.m. Palau Time (PWT).
#ripplexrp #XRP #cbdcs #RippleNews
🔥South Korea’s Hana Bank to Work on CBDC and Stablecoin Alternatives
South Korea’s KEB Hana Bank is set to work with the central Bank of Korea (BOK) on the latter’s CBDC pilot and stablecoin alternatives, such as tokenized deposits.
Per the newspaper Maeil Kyungjae, Hana Bank is now “actively participating” in the BOK’s ongoing CBDC Proof of Concept project.
The newspaper noted that the BOK and Hana will “actively participate in the preparation” of a “currency system based on blockchain technology.”
#cbdcs #cryptobox
South Korea’s KEB Hana Bank is set to work with the central Bank of Korea (BOK) on the latter’s CBDC pilot and stablecoin alternatives, such as tokenized deposits.
Per the newspaper Maeil Kyungjae, Hana Bank is now “actively participating” in the BOK’s ongoing CBDC Proof of Concept project.
The newspaper noted that the BOK and Hana will “actively participate in the preparation” of a “currency system based on blockchain technology.”
#cbdcs #cryptobox
Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia
President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalized and regulates the use...
#cbdcs #crypto2023
President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalized and regulates the use...
#cbdcs #crypto2023
The Global Race to CBDCs: 130 Countries Already Exploring (Research)
Asian nations seem most inclined to hop on the CBDC bandwagon, while many African countries are still standing aside.
An analysis conducted by Atlantic Council revealed that 130 nations, or 98% of the global GDP, are “exploring” a central bank digital currency (CBDC).
11 countries have fully launched one, with China being an example.
A Closer Look at the CBDC Trends
The research estimated that 95 counties had joined the CBDC race in the past three years. As of the moment, 130 nations have introduced some programs, with many being developed economies, such as Japan, South Korea, Australia, the UK, and more. Most countries (46) are currently in the “research” phase, whereas 21 have launched pilot tests.
Almost every G20 country “has made significant progress and invested new resources in these projects over the past six months,” Atlantic Council stated.
The nations that seem most determined to issue a digital version of their official currencies include China, Nigeria, the Bahamas, Jamaica, and other Caribbean islands.
The Chinese authorities have introduced several initiatives to popularize the digital yuan. Major local cities such as Shenzhen, Jinan, and Lianyungan offered numerous activities for this year’s Spring Festival to encourage the usage of the CBDC. Prior to that, the officials allowed digital yuan payments during the 2022 Winter Olympic Games held in Beijing.
According to the analysis, the progress on retail CBDC in the United States of America “has stalled.” On the other hand, the world’s largest economy has moved forward on a wholesale (bank-to-bank) CBDC.
“Since Russia’s invasion of Ukraine and the G7 sanctions response, wholesale CBDC developments have doubled,” the company behind the study claimed.
Other leading economies like Japan and the United Kingdom are developing prototypes and are considering consulting the public on the eventual release of a CBDC.
The European Central Bank has also displayed intentions to introduce a digital euro. The European Commission recently shed more light on the project, describing it as an alternative wide-payment solution employed in online and offline trading.
For their part, Brazil and India intend to launch their CBDCs next year. Banco Central do Brasil recently authorized Mercado Bitcoin to participate in the project alongside the financial software fintech Sinqia, the brokerage firm Genial, and others.
The Pros and Cons of CBDCs
There are different reasons why a central bank would seek the launch of such a product. Atlantic Council believes CBDCs could promote financial inclusion by providing money access to the unbanked population, introducing competition in the local monetary markets, increasing the efficiency of settlements, and lower transaction fees.
On the other hand, CBDCs are much different than cryptocurrencies. The latter are famous for their decentralized nature.
CBDCs will be issued and controlled by central banks, meaning they could work against people’s privacy. Numerous individuals have warned about the release of those products. Ron DeSantis – Governor of Florida – blasted that technology as a surveillance tool, voicing support for a ban within the southern state.
Robert F. Kennedy, who announced his run for President of the US, labeled CBDCs as products used for “oppression. #dyor #cbdcs
An analysis conducted by Atlantic Council revealed that 130 nations, or 98% of the global GDP, are “exploring” a central bank digital currency (CBDC).
11 countries have fully launched one, with China being an example.
A Closer Look at the CBDC Trends
The research estimated that 95 counties had joined the CBDC race in the past three years. As of the moment, 130 nations have introduced some programs, with many being developed economies, such as Japan, South Korea, Australia, the UK, and more. Most countries (46) are currently in the “research” phase, whereas 21 have launched pilot tests.
Almost every G20 country “has made significant progress and invested new resources in these projects over the past six months,” Atlantic Council stated.
The nations that seem most determined to issue a digital version of their official currencies include China, Nigeria, the Bahamas, Jamaica, and other Caribbean islands.
The Chinese authorities have introduced several initiatives to popularize the digital yuan. Major local cities such as Shenzhen, Jinan, and Lianyungan offered numerous activities for this year’s Spring Festival to encourage the usage of the CBDC. Prior to that, the officials allowed digital yuan payments during the 2022 Winter Olympic Games held in Beijing.
According to the analysis, the progress on retail CBDC in the United States of America “has stalled.” On the other hand, the world’s largest economy has moved forward on a wholesale (bank-to-bank) CBDC.
“Since Russia’s invasion of Ukraine and the G7 sanctions response, wholesale CBDC developments have doubled,” the company behind the study claimed.
Other leading economies like Japan and the United Kingdom are developing prototypes and are considering consulting the public on the eventual release of a CBDC.
The European Central Bank has also displayed intentions to introduce a digital euro. The European Commission recently shed more light on the project, describing it as an alternative wide-payment solution employed in online and offline trading.
For their part, Brazil and India intend to launch their CBDCs next year. Banco Central do Brasil recently authorized Mercado Bitcoin to participate in the project alongside the financial software fintech Sinqia, the brokerage firm Genial, and others.
The Pros and Cons of CBDCs
There are different reasons why a central bank would seek the launch of such a product. Atlantic Council believes CBDCs could promote financial inclusion by providing money access to the unbanked population, introducing competition in the local monetary markets, increasing the efficiency of settlements, and lower transaction fees.
On the other hand, CBDCs are much different than cryptocurrencies. The latter are famous for their decentralized nature.
CBDCs will be issued and controlled by central banks, meaning they could work against people’s privacy. Numerous individuals have warned about the release of those products. Ron DeSantis – Governor of Florida – blasted that technology as a surveillance tool, voicing support for a ban within the southern state.
Robert F. Kennedy, who announced his run for President of the US, labeled CBDCs as products used for “oppression. #dyor #cbdcs
Potential Benefits of CBDCs
Central Bank Digital Currencies (CBDCs) offer several potential benefits. Here are three key advantages of CBDCs:
1. Financial Inclusion: CBDCs have the potential to increase financial inclusion by providing access to basic financial services for unbanked and underbanked populations. Traditional banking services are often inaccessible or limited in certain regions, particularly in developing countries. CBDCs can bridge this gap by providing a secure and efficient digital payment infrastructure that enables individuals to participate in the formal economy and access financial services.
2. Reduced Transaction Costs: CBDCs can significantly reduce transaction costs associated with traditional payment methods. By leveraging digital technologies, CBDCs enable faster and cheaper transactions, eliminating the need for intermediaries, such as banks or payment processors. This can result in cost savings for businesses and individuals, making transactions more affordable and efficient.
3. Enhanced Monetary Policy and Financial Stability: CBDCs can provide central banks with enhanced tools for implementing monetary policy and maintaining financial stability. With CBDCs, central banks have improved visibility and control over the flow of money, allowing them to track transactions in real-time and respond to economic conditions more effectively. CBDCs can also help mitigate risks associated with shadow banking and illicit activities by providing a transparent and traceable digital payment system.
It's important to note that the benefits of CBDCs can vary depending on the specific design and implementation of each digital currency. Additionally, CBDCs may also present challenges and considerations, such as privacy concerns, cybersecurity risks, and the need for regulatory frameworks to govern their use.
#cbdcs #BTC #USDT #bankingcoins #digitalcurrency
This is in no wise promoting Central Bank Dogital Currencies (CBDCs). This is just an optimistic view of its potential. This i in no wise concrete based on the fact that Central Banks can program CBDCs.
By Richard Brown
1. Financial Inclusion: CBDCs have the potential to increase financial inclusion by providing access to basic financial services for unbanked and underbanked populations. Traditional banking services are often inaccessible or limited in certain regions, particularly in developing countries. CBDCs can bridge this gap by providing a secure and efficient digital payment infrastructure that enables individuals to participate in the formal economy and access financial services.
2. Reduced Transaction Costs: CBDCs can significantly reduce transaction costs associated with traditional payment methods. By leveraging digital technologies, CBDCs enable faster and cheaper transactions, eliminating the need for intermediaries, such as banks or payment processors. This can result in cost savings for businesses and individuals, making transactions more affordable and efficient.
3. Enhanced Monetary Policy and Financial Stability: CBDCs can provide central banks with enhanced tools for implementing monetary policy and maintaining financial stability. With CBDCs, central banks have improved visibility and control over the flow of money, allowing them to track transactions in real-time and respond to economic conditions more effectively. CBDCs can also help mitigate risks associated with shadow banking and illicit activities by providing a transparent and traceable digital payment system.
It's important to note that the benefits of CBDCs can vary depending on the specific design and implementation of each digital currency. Additionally, CBDCs may also present challenges and considerations, such as privacy concerns, cybersecurity risks, and the need for regulatory frameworks to govern their use.
#cbdcs #BTC #USDT #bankingcoins #digitalcurrency
This is in no wise promoting Central Bank Dogital Currencies (CBDCs). This is just an optimistic view of its potential. This i in no wise concrete based on the fact that Central Banks can program CBDCs.
By Richard Brown
Twenty-four CBDCs could be in circulation by 2030: BIS
The BIS carried out a survey of 86 central banks in 2022 regarding their involvement in central bank digital currencies.
93% of the 86 central banks surveyed were working on CBDC projects.
All the countries that have already issued CBDCs so far are developing countries.
As per a new survey, 15 retail and 9 wholesale central bank digital currencies (CBDCs) could be in circulation across the world by 2030.
The Bank for International Settlements (BIS) carried out a survey of 86 central banks in late 2022 regarding their involvement in CBDCs.
About 93% of the 86 central banks surveyed by BIS were working on CBDC projects, the survey reveals. Major economies such as India, the United Kingdom and European Union are considering creating digital versions of their currencies.
The number of jurisdictions surveyed represents 94% of global economic output. The report remarks that emerging nations are way ahead of established ones in both retail and wholesale CBDC pilots. As we saw the emergence of crypto assets and stablecoins, over 60% of surveyed banks have intensified their research in the project.
Wholesale CBDCs trail retail CBDCs
It’s clear that the work on retail CBDCs was more advanced. The number of central banks testing retail CBDCs was double the number piloting a wholesale trial, with only banks as participants. Around 18% of monetary authorities expect to issue a retail CBDC within the next three years.
According to the survey results, stablecoins and other crypto assets are rarely used for payments outside of the crypto ecosystem. The most common usages continue to be cross-border remittances and consumer purchases. The study reveals that central banks believe wholesale CBDCs could ease significant bottlenecks in cross-border payments.
All the countries that have already issued CBDCs, Bahamas, Eastern Caribbean, Jamaica, and Nigeria, are developing countries.
The issuance of a CBDC necessitates a legal framework that grants central banks with the legal authority to do so. In comparison to last year, the share of central banks with such a legal authority barely increased from 26% to 27%. About 8% of the surveyed jurisdictions are currently amending their laws to clarify the legal authority to allow for it.#dyor #cbdcs
93% of the 86 central banks surveyed were working on CBDC projects.
All the countries that have already issued CBDCs so far are developing countries.
As per a new survey, 15 retail and 9 wholesale central bank digital currencies (CBDCs) could be in circulation across the world by 2030.
The Bank for International Settlements (BIS) carried out a survey of 86 central banks in late 2022 regarding their involvement in CBDCs.
About 93% of the 86 central banks surveyed by BIS were working on CBDC projects, the survey reveals. Major economies such as India, the United Kingdom and European Union are considering creating digital versions of their currencies.
The number of jurisdictions surveyed represents 94% of global economic output. The report remarks that emerging nations are way ahead of established ones in both retail and wholesale CBDC pilots. As we saw the emergence of crypto assets and stablecoins, over 60% of surveyed banks have intensified their research in the project.
Wholesale CBDCs trail retail CBDCs
It’s clear that the work on retail CBDCs was more advanced. The number of central banks testing retail CBDCs was double the number piloting a wholesale trial, with only banks as participants. Around 18% of monetary authorities expect to issue a retail CBDC within the next three years.
According to the survey results, stablecoins and other crypto assets are rarely used for payments outside of the crypto ecosystem. The most common usages continue to be cross-border remittances and consumer purchases. The study reveals that central banks believe wholesale CBDCs could ease significant bottlenecks in cross-border payments.
All the countries that have already issued CBDCs, Bahamas, Eastern Caribbean, Jamaica, and Nigeria, are developing countries.
The issuance of a CBDC necessitates a legal framework that grants central banks with the legal authority to do so. In comparison to last year, the share of central banks with such a legal authority barely increased from 26% to 27%. About 8% of the surveyed jurisdictions are currently amending their laws to clarify the legal authority to allow for it.#dyor #cbdcs
🔥Federal Reserve of San Francisco hiring crypto architect for CBDC project
San Francisco’s Federal Reserve Bank is seeking a crypto architect for a central bank digital currency.San Francisco's Federal Reserve Bank is seeking a crypto architect for a central bank digital currency project, an Indeed job posting has revealed. According to the role description, the employee will work on CBDC research and development.
#cbdcs #cryptobox
San Francisco’s Federal Reserve Bank is seeking a crypto architect for a central bank digital currency.San Francisco's Federal Reserve Bank is seeking a crypto architect for a central bank digital currency project, an Indeed job posting has revealed. According to the role description, the employee will work on CBDC research and development.
#cbdcs #cryptobox
The privacy factor of CBDCs will ultimately prove to be the biggest bone of contention.
The privacy factor of CBDCs will ultimately prove to be the biggest bone of contention.
Central Bank Digital Currencies (CBDCs) are slowly becoming a reality. The initial hype may have faded, but to crypto advocates’ disdain, these digitized versions of legal tenders appear to be inevitable. So far, 100 countries are reported to be exploring the concept in some form or the other.
Despite not yet being rolled out full-fledged, CBDCs have managed to attract numerous narratives.
#crypto2023 #cbdcs #crypto #cryptocurrency
Central Bank Digital Currencies (CBDCs) are slowly becoming a reality. The initial hype may have faded, but to crypto advocates’ disdain, these digitized versions of legal tenders appear to be inevitable. So far, 100 countries are reported to be exploring the concept in some form or the other.
Despite not yet being rolled out full-fledged, CBDCs have managed to attract numerous narratives.
#crypto2023 #cbdcs #crypto #cryptocurrency
The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday.
"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco.
"For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.
#imf #cbdcs #cryptocurrency #crypto2023 #cryptoonindia
"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco.
"For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.
#imf #cbdcs #cryptocurrency #crypto2023 #cryptoonindia
