Countries Now Bank Digital Currencies

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Comment from our ceo. More than a dozen countries are either researching piloting or like china have ongoing work in place for central bank digital currencies according to a bank for international settlements.

Future Banking And Digital Currency

More than a dozen countries are either researching piloting or like china have ongoing work in place for central bank digital currencies according to a bank for international settlements report published today.

Countries now bank digital currencies. We see the move by the central banks as very positive. The currency is based on the blockchain and has been designed to be compatible with other digital currencies in africa. Central bank digital currency is different from virtual currency and cryptocurrency which are not issued by the state and lack the legal tender status declared by the government.

They understand a shift to digital currencies wont happen overnight. Digital currency digital money electronic money or electronic currency is a type of currency available in digital form in contrast to physical such as banknotes and coinsit exhibits properties similar to physical currencies but can allow for instantaneous transactions and borderless transfer of ownership. Mobile payments and mobile wallets are quite common in china and the bank is exploring the possibilities if a national digital currency could prove to be successful.

In january the central banks of britain the euro zone japan sweden and switzerland joined forces to assess the case for issuing cbdcs. Other countries are soon going to join the league. Starting this year many of the worlds leading countries at least in terms of financial clout are unveiling plans for turning their currencies digital.

Central banks around the world are investigating a rich set of prototypes the bis wrote. Marcus swanepoel ceo of luno. Cbdcs are traditional money but in digital form issued and governed by a countrys central bank.

For now most countries have taken a conservative and calculated approach but time will only tell how itll all play out. Central bank digital currency cbdc also called digital fiat currency or digital base money is the digital form of fiat money a currency established as money by government regulation or law. According to bloomberg the peoples bank of china has been conducting cryptocurrency trial runs.

Swedens central bank riksbank is reportedly looking into introducing a digital currency to the country called the ekrona. It stands for central bank digital currency and its going to cause the biggest shakeup of the global financial system since the 2008 financial crisis. Following that central banks of other nations like chinas peoples bank of china pboc bank of canada boc and central banks of uruguay thailand venezuela sweden and singapore among others are looking into the possibility and validity of introducing a central bank issued digital currency.

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