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Regulatory Series on Cryptocurrencies: A Glimpse At CBDC In H2’2020
With sovereign governments and their central banks across the globe have been exploring the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.
The Bank of Canada has recently divulged their idea of central bank digital currency while looking out for project manager post. The Canadian central bank is seeking a project manager for its CBDC project, as per the job posting.
BitMEX has come up with a research report that discusses the duality in governments’ approaches to the issuance of a Central Bank Digital Currency (CBDC) and the ramifications for the economy.
For now, G20 officials have announced on July 11th that they are most likely to come up with the regulatory groundwork for the consortium to encourage the digital payment mechanism.
It was divulged over the weekend that 20 countries/regions (G20) have begun to make adjustments to virtually allow payment methods "digital currency" instead of cash. Regulation debates, such as prevention of money laundering, are expected to begin in earnest in October. Several G20 officials revealed. Concerned about the influence of the “Libra” intended by Facebook (FB) in the United States, it has restrained the movement of the private sector, but since it has accelerated the introduction plan of each central bank, it will change its policy. The international debate over digital currencies has begun to enter a new phase. The Chinese government is piloting the digital yuan. The U.S., which had been cautious, began to consider the situation, and the G20 was also forced to respond.
The Bank of Canada stated that it would be embarking on a program of major social significance to design a contingent system for a central bank digital currency (CBDC), which can be thought of as a banknote, but in digital form. This project will require us to break new ground. It will take into consideration a wide variety of factors, including policy considerations, diverse stakeholder needs, difficult technical challenges and the development of a technical architecture to realize a CBDC pilot system.