That's a question that could be answered with facts happening all over the globe letting sovereign countries to start developing their own digital money based in blockchain being a technology more faster, transparent and reliable that could connect the world with their financial institutions nationwide or across border. With the evolution of the COVID-19 many countries that started their development into CBDC (central bank digital currencies) was been forced to stop or delay their program and focus in the pandemic disease.
Image from Pixabay source here.
It's not new on the media that China, the most affected country and where the COVID-19 official born, their interest in developing the digital Yuan was on advanced stage and started in 2014 (at least accordingly with various platforms saying so) and with few more things to adjust it they had to stop and put all efforts in the pandemic virus but with the recent developments in that territory, that isn't registering new COVID-19, the digital Yuan could be finally putted on table. In the Asian country payments thru QR is not new as try use it just swapping a phone on a terminal with that service.
Before we entered to the pandemic season, Sweden released their E-krona their CBDC that is in pilot phase and will take a year or more to be implemented and after that their official ways of payment will be doing using the E-krona and to register in Sweden the Fiat money is used less than Digital payments, an example to the world. Going back to China the plans of the PBoC (People Bank of China) is to first release their Digital Yuan in 2 cities with the help of certain banks and telecommunications companies.
Recently France saw their intentions of testing a digital Euro that will help them decide what they need to know before it get it finally releases releases by Banque de France. The world as we know it is changing and also the old ways of payment are being upgraded and soon Fiat will become obsolete, of course with some years to go, leading it to mass adoption of CBDC that will also give the central banks for various countries data for their citizens, that is something I don't really appreciate, as their centralized system will give them that power and it badly won't interact with decentralized Cryptos such BTC or ETH.
*Image from Pixabay source here.
The mentions ahead on the article are made us think in a near future in an imminent begin of End of Fiat money and a start on the rise of Digital currency. The world is now focused in the pandemic disease but is also looking for better ways to stop more infections and digital currencies will help a lot in that way.
That can start for now as a merely way of payments but will gradually becomes main currency in the world!
**Header and body Images from Pixabay.com with free rights for commercial purposes.
