Everybody is after the CBDC and as the digital cash becomes norm, we are going to be seeing some really good process for the international markets and the business where the CBDC would be used. And that type of the bank to bank settlement is going to be done in a better way soon. 

Once upon a time when crypto and blockchain were launched, everybody decided to go against it. And they thought it would hurt their economy and the national integrity. And truth be told the crypto was designed for that purpose.

But rolling back 15 years from that anxiety of the finance industry. We travelled a long way into the time where the nations and the consumers are adopting the CBDC. This would make the nation adopt their own FIAT equivalent of the digital cash.

We call this central band digital currency aka CBDC. And each nation has this currency which can be traded online, through apps, international gateways etc. They are going to make our travel payments and remittance easier too.

Bank of Canada tweeted about it here.

Here the BOK wants to repeat the fact that cash is not going anywhere and it would be used in order to keep up with the digital threats. And so the digital cash is only intended as an online alternative.

People have right to privacy and the cash online would not be tracked by the govt. And the traced notes won’t be pinpointed at the person. This is what they are trying to give assurance about.

You can read a lot more about new updates from the Canadian Digital Dollar here. A long way to go for Canada, US and UK on this space but they are trying to catch up and may join the party soon!