CBDCs: Will Central Bank Digital Currencies Shape the FutureBTC Casino / 10th December 2018
In the earliest days of crypto, banks and governments instantly discarded any talks about central bank digital currencies (CBDCs). As time went on, talks slowly began but unfortunately, had almost no room for consensus from either side.
Moving on to the present, discussions about CBDCs are reaching a state of maturity. In fact, since the last 3 years, CBDCs have been discussed many times at high-level meetings. The Bank of International Settlements (BIS) and the International Monetary Fund (IMF) have been a part of several discussions how a CBDC can be implemented in the near future.
That being said, even with the non-stop advancements in blockchain technology, mass adoption of new payment retail innovations is a nightmare. This is mainly due to the fact that the way people shop and pay and use their cards and phones is very different from country to country. Additionally, in some countries there are many preferences when it comes to fees, interest rates and anonymity.
CBDCs reaching levels of mass adoption will prove to be a challenge for all institutions
Adoption in one country will probably cause a massive amount of problems of the government and institutions. Even if successful, mass adoption on a continental or global scale is a whole different beast. While new technology might have a magnetizing appeal, history has shown that many such innovations are now forgotten because they failed to meet customer standards.
A successful CBDC adoption requires factors such as payment habits, consumer demand and local preferences to be taken into consideration. The research report for R3 by JP Koning takes an open-minded approach to how CBDC can be implemented in Brazil.
There is an apparent increase in the amounts of physical cash in the last few years. In a growing number of regions however, people are starting to lean over towards digital payment usage. If digital solutions can be implanted into the already existing financial market infrastructure, this can open the way for many retail-level payment innovation advancements.
If the approach towards CBDCs is taken with responsibility and very carefully planned architecture, central banks will be able to perfectly serve niches that are currently very poorly addressed by the private sector. Central Banks will also be able to fill the gap by the inevitable paper decline in the steadily-increasing digital payment volume.
You can also check out:
Swedish Crypto Trader Taxed for 300% of His Total Profits by the STA
Thursday January 24, 2019
There’s something plain wrong when governments tax citizens beyond restriction. A Swedish crypto trader found a government check for almost $1 million from the country’s tax agency. Linus Dunker claimed […]
The post Swedish Crypto Trader Taxed for 300% of His Total Profits by the STA appeared first on BTC Casino Gambling.
Based University Awards Buterin with an Honorary Doctorate
Bitcoin Google Searches Just Hit Record Levels Not Seen Since April
Quantumcloud: Gamers Can Now Earn a Passive Income with New App
Stably has a New Stablecoin with a Unique and Transparent Approach
Transfer Your Tokens With ADAMANT Messenger or Use ADAMANT 2FA
Monday December 10, 2018
Different types of cooperation often give growing companies a large share of support and overall sustainability on the market—this can be seen from experience of already existing technological history, as […]
The post Transfer Your Tokens With ADAMANT Messenger or Use ADAMANT 2FA appeared first on BTC Casino Gambling.
The post CBDCs: Will Central Bank Digital Currencies Shape the Future appeared first on CoinStaker | Bitcoin News.