A report titled “Konzept #19 – What We Must Do to Rebuild” discussing topics Climate neutrality,business post-covid & work-from-home tax have further mentioned how Digital Currency will soon replace Cash.
Report mentions details about the progress of CBDC across the world.
“Central banks have been working for some time on ways to digitise cash, and the pandemic has accelerated the process. Over the past two years, central banks and governments have multiplied and sped up digital cash initiatives. A January 2020 survey by the Bank of International Settlements revealed that 80 per cent of central banks are developing a CBDC,and 10 per cent, mostly in emerging markets,are already running pilot tests.”
The report also mentions the key challenges of implementing CBDC
“Leaders of advanced economies must overcome two key challenges if they want their populations to adopt a CBDC: low interest rates and cultural/privacy norms.”
We have seen that china have progressed further in CBDC pilot programs while USA is still behind in the CBDC policy and implementation.Private companies will choose CBDC which comes first and get first to market benefits.Similarly Europe and Australia are experimenting with CBDC.
According to a January report by the Bank of International Settlements, 80% of the world’s central banks are engaging in some form of work on CBDCs.
In late October Leading bank DBS of South East asia accidentally published details of Digital asset exchange targeted at Institutional Investors. The page was taken down at the time of writing and seems bank is waiting for regulatory approval. Banks are moving towards facilitating customers to store their Digital assets and we hope CBDC will be added soon.
