Countries Developing a Central Bank Digital Currency (CBDC)

A central bank digital currency (CBDC) is a digital form of cash issued by a nation's central bank. Digital forms of currency are already widely used today. When you swipe your debit or credit card instead of using cash, or when you are paid via direct deposit, the associated financial institution must digitally record the transaction and update your account balance.

A #CBDC would support systems already established by private financial institutions by issuing a digital fiat currency that has the full backing of a central bank. In most countries, the only type of central bank money available to the public are physical bank notes.

Interest in CBDCs has skyrocketed in recent years. According to the Atlantic Council—an independent think tank headquartered in Washington, D.C.—a total of 87 countries are exploring issuing a CBDC as of March 2022. Less than two years prior, in May 2020, just 35 countries were considering a CBDC.1

This article will focus on some of the largest countries currently developing a CBDC.

Is the United States Going to Create a Central Bank Digital Currency (CBDC)?

https://www.investopedia.com/countries-d...dc-5221005


#politics #finance #economics

The Future of Finance, Where NFTs and CBDCs Collide

Is a CBDC-NFT hybrid the next frontier?

The most innovative aspect of NFTs is the way they facilitate private arrangements between two parties. In this regard, while CBDCs are backed by central bank issued fiat currencies, NFTs do not feature a centralized mechanism for their settlement and/or clearing apart from their use of a blockchain ledger — which serves as its core trust model.

Therefore, it stands to reason that nearly all of the primary monetary transaction based advantages and risks lie with NFTs, especially since most of the problems and benefits associated with CBDCs are related directly with publicly authorized forms of money. Lastly, the public nature of CBDCs and the private nature of NFTs are both features that can be utilized and harnessed within the context of blockchain technology, potentially in the form of a new hybrid-offering that can make the best of both worlds.

Thus, in the future, a more well-defined policy and regulatory framework may be required for the development of a real-world CBDC-NFT hybrid that can benefit from the controlled nature of the former, while offering certain security benefits afforded by the latter.

https://www.nasdaq.com/articles/the-futu...2021-05-26

Biden just put out an executive order on cryptocurrencies — here’s everything that’s in it

It’s a more subtle point, but Biden also dropped a mention of the sheer energy cost baked into digital currencies like bitcoin. He wants the government to study ways to make crypto innovation more “responsible,” reducing any negative climate impacts.

Bitcoin relies on a mechanism known as proof of work to confirm transactions and generate new units of currency. A decentralized network of computers competes to solve complex math puzzles in order to mine the cryptocurrency. The more computing power a miner has, the higher their chances of being rewarded in new bitcoin.

That has raised alarm bells for policymakers around the world, with China even banning crypto mining completely last year. That move led to an exodus of crypto miners from the country to the U.S. and other countries, such as Kazakhstan.

Digital dollar

Finally, the Biden administration also wants to explore a digital version of the dollar.

It comes as China has led the charge toward central bank digital currencies, or CBDCs, with more and more people using smartphones to make payments and handle their finances.

Biden isn’t saying whether the U.S. should launch its own digital currency. Rather, he’s calling on the government to place “urgency” on research and development of a potential CBDC.

The Federal Reserve last year began work on exploring the potential issuance of a digital dollar. The central bank released a long-awaited report detailing the pros and cons of such virtual money, but didn’t take a position yet on whether it thinks the U.S. should issue one.

While CBDCs could rapidly speed up the settlement of payments, policymakers are evaluating a number of issues around financial stability and privacy.

https://www.cnbc.com/2022/03/09/heres-wh...rypto.html

A central bank digital currency is a digital version of government backed, fiat money. This type of digital currency is issued by a central bank and tied to a country's national currency.

https://youtu.be/-BmHwvSmZq0

The Great Reset's MAIN & Secret Weapon... What if I told you that the leaders of the Great Reset agenda are working on a secret weapon that can give them unlimited control over your money and how you spend it. In fact, this secret weapon is now being tested in places like Canada, France, and China.  Now this "secret weapon" has been an interest of many Great Reseters as it provides more centralized control of your money