More than half of central banks want tokenized CBDC

CONTENT

  • Central banks are not interested in blockchain for CBDC.

  • Everyone is staring at China.

  • CBDC needs wholesale tokens, not retail ones that circulate on the crypto market.

International consortium of news organizations developing transparency standards.

As it turns out, central banks around the world are more focused on wholesale tokens and less interested in blockchain networks..

IMF Plan To Replace Bitcoin/Gold/Dollar With Digital SDR!! (Shocking Info Revealed)

Central Banking published the results of its research on the market of digital currencies of central banks (CBDC) Notes and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC) .As … More).

More than half of the surveyed central banks (58%) would like to have CBDC in the form of tokens stored in digital wallets, according to published results..

One respondent noted that the choice of a token-based CBDC is driven by the CBDC’s desire to resemble cash rather than a bank deposit. A key issue in developing a CBDC is that local policy requirements will vary from country to country..

Interest in wholesalers

Some central banks are already looking to tackle the problem of reduced use of cash.

Tokenized money is very efficient on blockchain networks. Although the bandwidth and volume of transactions on the blockchain are still relatively small, some large projects are already aiming to integrate CBDC into their ecosystem..

However, according to Central Banking, this will require a separate, wholesale digital currency, rather than retail, consumer-facing. The survey showed that the current focus is on retail digital currencies.

In general, tokenization works well for distributed ledger technology (DLT Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or … More), however, as experience in China has shown, to issue a tokenized CBDC is quite possible without DLT.

Blockchain is yesterday

According to the study, more than 70% of the central banks surveyed intend to use DLT. Only one bank was interested in blockchain.

In terms of concerns, the greatest concern was security and privacy (30%), followed by the disintermediation of commercial banks (20%).

Likewise, regulatory issues are the biggest obstacle to adoption, followed by untested technologies..

More than 60% of the surveyed banks study CBDC, however, most of them (57%) are only at the initial stage of the study (57%).

Notably, the survey was conducted back in February when the COVID-19 outbreak was still focused in the East. The survey covered 46 central banks worldwide, with the largest regional representation from Europe with 19 respondents.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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As it turns out, central banks around the world are more focused on wholesale tokens and less interested in blockchain networks..

Central Banking published the results of its research on the market of digital currencies of central banks (CBDC) Notes and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC) .As … More).

More than half of the surveyed central banks (58%) would like to have CBDC in the form of tokens stored in digital wallets, according to published results..

More than half of central banks want tokenized CBDC

One respondent noted that the choice of a token-based CBDC is driven by the CBDC’s desire to resemble cash rather than a bank deposit. A key issue in developing a CBDC is that local policy requirements will vary from country to country..

Interest in wholesalers

Some central banks are already looking to tackle the problem of reduced use of cash.

Tokenized money is very efficient on blockchain networks. Although the bandwidth and volume of transactions on the blockchain are still relatively small, some large projects are already aiming to integrate CBDC into their ecosystem..

However, according to Central Banking, this will require a separate, wholesale digital currency, rather than retail, consumer-facing. The survey showed that the current focus is on retail digital currencies.

In general, tokenization is well suited for distributed ledger technology (DLTDistributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or … More), however, as the experience of China has shown, to issue a tokenized CBDC is quite possible without DLT.

Blockchain is yesterday

According to the study, more than 70% of the central banks surveyed intend to use DLT. Only one bank was interested in blockchain.

In terms of concerns, the greatest concern was security and privacy (30%), followed by the disintermediation of commercial banks (20%).

Likewise, regulatory issues are the biggest obstacle to adoption, followed by untested technologies..

More than 60% of the surveyed banks study CBDC, however, most of them (57%) are only at the initial stage of the study (57%).

Notably, the survey was conducted back in February when the COVID-19 outbreak was still focused in the East. The survey covered 46 central banks worldwide, with the largest regional representation from Europe with 19 respondents.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

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  • Banks
  • Blockchain
  • Tokens
More than half of central banks want tokenized CBDC
More than half of central banks want tokenized CBDC
More than half of central banks want tokenized CBDC
More than half of central banks want tokenized CBDC

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