Pandemic has accelerated the rollout of CBDCs by 5 years, says blockchain firm
"There is also no doubt in our mind that a major central bank will soon launch a digital currency and we expect this to happen within the next three years," said Guardtime. Research from European blockchain company Guardtime suggests that the current pandemic may have accelerated the launch of a major central bank digital currency by up to five years.According to Guardtime, the company said the growth of many technology companies, improved use of networking and telecommunications platforms, and digitalization of the world in general could mean the first central bank digital currency, or....
Related News
The global pandemic changed everything for creators: The stay-at-home orders accelerated the shift toward blockchain and Web3 advancement. After two years and many COVID-19 restrictions finally subsiding, the world is welcoming the return of in-person theater, movies, comedy, music and sports. This has left some wondering what will happen to the legions of digital creatives who occupied and entertained us while normal life was at a standstill — and to the multibillion-dollar economy they inhabit.Will the world forget the platforms and artists they discovered during the pandemic now the....
Some predicted the pandemic would provide the “perfect storm” for blockchain adoption. Did they overpromise? On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic’s end — as the virus continues to rage in the United States and Europe — once can at least speculate: Where will blockchain adoption stand when the crisis abates?Some predicted, after all, that the global healthcare upheaval might provide a perfect storm for worldwide blockchain adoption. A Harvard Business Review article from....
The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs. In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment: "It's quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money....
Any nation implementing a CBDC in the near future must make sure it’s ready to defend its digital assets and, most importantly, its private keys. Today’s financial world is becoming increasingly digitized, and naturally, central banks want to adapt to the changing environment. The use of cash is rapidly declining. Globally, the rise of digital payment apps and COVID-19 have only accelerated the decline in cash usage, fueling interest in digital currencies and demand for easier payment solutions.As crypto adoption continues to expand, the idea of central bank digital currencies (CBDCs) has....
The pandemic-induced crisis is galvanizing new trends across all aspects of the global economy, including digital currencies. The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of the Central Bank Governors' Club, hosted this week by Bank of Russia Governor Elvira Nabiullina, representatives were unanimous in their expectations of the far-reaching consequences of the current crisis.At the....