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Can 2020 Be The Year For Central Bank Digital Currency (CBDC)? Crypto Dad Already Began The Race
After sovereign nations grilling Facebook’s Libra, many central banks appear to be positioned optimistically for designing & developing the native cryptocurrencies, and Year-2020 can witness some experimentations in this perspective.
J. Christopher Giancarlo, the ex-chairman of CFTC (the Commodity Futures Trading Commission) popularly known as “Crypto Dad” also, has now established a non-profit foundation to studying and promoting a digital US dollar.
Digital Dollar Foundation which is a multi-stakeholder initiative, has partnered with Accenture to launch the Digital Dollar Project or to advance exploration of a United States Central Bank Digital Currency (CBDC).
“The digital 21st century is underserved by an analog reserve currency, a digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time. We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”
China is playing their role as frontrunner in the digital currency space and state-backed stablecoin, PBoC Deputy chief divulged the Outlines of ‘DCEP’ (Digital Currency Electronic Payment, their native cryptocurrency). Huang Qifan, the vice chairman of the China International Economic Exchange Center, announced the name of the digital currency to be launched by the People’s Bank of China, DCEP.
Now, the deputy chief, said: “The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”
While European Central Bank (ECB) has also revealed in the recent past that they intend to accelerate its plans for a central bank digital currency (CBDC) upon consumers’ discomfort in cash transactions and promote digital euro.
Russia is also in the news of testing ‘state-backed’ digital currency, with the sovereign state considering issuing a digital currency backed by gold.
The UN (United Nations) secretary-general, Mr. Antonio Guterres appeared to be constructive on budding technology, he says the intergovernmental organization must embrace the blockchain technology going forward, Forbes reports.
The IMF also emphasized the potential role among the emerging CBDC (Central Bank Digital Currency) development, discussed the pros and cons of sovereign digital currencies which is expressed in their IMFBlog.
They pointed out some countries that are dynamically piloting the projects to explore the scope and the feasibility of CBDC. To do so, they have increased resources allocated to CBDC and fintech research at the central bank, sometimes in partnership with private sector advisors. On this perspective, quite a few nations are also reconsidering their legislation to fortify CBDC prospects in case it were issued.
IMF also appeared to have figured out some key elements in which the authorized bodies can be of assistance to nations looking to launch their own CBDC.