Central Bank Digital Currencies

Central Bank Digital Currencies

If you are paying attention, countries around the globe are seriously interested in launching their own digital Blockchain based currency. The country that receives the most press is China. The Marshall Islands and Bahamas both in the process of launching their digital currencies in 2020. 

China’s road map have been interesting to say the least. At the beginning of the year top Chinese Economist were divided on a Central Bank Digital Currency. By August, China Central Bank prioritizes development of Digital Currency. It was announced by Cointelegraph on Aug 11th that their Digital Currency was ready and apparently no bank account will be needed. In September, Coindesk reported that PBoC is conducting closed loop testing of the digital currency. Toward the end of September, the People's Bank of China Head said there's no timetable' for Digital Currency launch. 

Recently, China announced the imminent release of Digital Currency targeting SWIFT and 

the US Dollar. China guarantees citizens on-demand anonymity with state Digital Currency. However, China’s Central Bank says it is still researching and testing digital currency; 

launch reports are 'fraudulent.' But according to an investor, China Digital Currency launch “definitely” in 6-12 Months. When it’s launched Former PBoC Head say China’s Digital Yuan will favor payments and retail.

Many countries have an on again off again relationships with Digital Currencies. Japan began the year saying they would launch and then said they wouldn’t and now say they are researching it. India and South Korea says it’s a no for them. 

At the end of the day, there is no question that there will be digital currencies issued by sovereign nations. As reported by BTCManager - “Pauline Adam Kalfon, a blockchain and financial services partner at PwC France, explained that central banks may start to accept the idea of issuing their own digital currency once big companies have stress-tested the technology.” European Bank official discusses potential benefits of Central Bank Digital 

Currency and European Union drafts law suggesting consideration of Eurocoin. The Daily HODL believes that Sovereign Digital Currencies will create a new financial ecosystem. ING Economist Predicts Central Bank Digital Currency in next few years.

As you can see things are progressing, what will 2020 bring? Stay tuned...


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