Decentralization is the final frontier for CBDCs
Decentralized CBDCs will most likely pique the interest of the masses much more than their centralized counterparts. As central bank digital currencies, or CBDCs, continue to garner mainstream traction across the global financial landscape in recent years, almost all central banks are actively researching the benefits and risks of offering a digital currency to the public.In its most basic sense, a CBDC is a digital form of fiat money, backed by a suitable amount of monetary reserves like gold or foreign currency reserves. Each CBDC unit acts as a secure digital instrument equivalent and....
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Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets. The officials agreed that more discussions still need to be carried out before a final decision is made.
Interoperability of CBDCs
Just under a year after the Tanzanian President Samia Suluhu Hassan asked the country’s finance chiefs to prepare for cryptocurrencies, officials from the country’s financial sector are now calling for a clearer global stance towards central bank digital currencies (CBDC) and....
A reading of two recent op-eds on central bank digital currencies (CBDCs).
On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.” Snowden Stresses CBDCs ‘Are Expressly Designed to Deny Its Users the Basic Ownership of Their Money’ While politicians and the modern banking cartel have been all about....
Almost 50 monetary authorities and central banks are researching and developing wholesale or retail CBDCs. What does 2021 hold in store?
Central banks are paying very close attention to stablecoins, seeking to control them — and decentralization may be the solution. Over the last couple of years, we have seen a lot of interest from central banks and governments in the stablecoin market. The reason behind it lies in the development of central bank digital currencies, or CBDCs.The idea of issuing a digital alternative to cash is a great motivator for central banks. It allows them to gain more control over the transition and processing of cashless transactions, which are currently overseen indirectly through private payment....