It seems the traditional finance sector is merging with financial technologies further. Another payment giant, Mastercard, is expanding its cryptocurrency program to support massive adoption and craft innovative experiences in the blockchain field.
On April 6, the Central Bank of Korea (BOK) announced it is planning to test the central bank digital currency (CBDC), a digital won. This new currency will be used for micro-payments first, and, if successful, we might see its wide adoption.
So far, 15 Central Banks from different parts of the world are jointly considering the creation and adoption of a blockchain to create a digital version of their currencies - a stablecoin. Some, like Russia's, have already taken action. But does it really make sense to talk about "state cryptocurrency" and why have central banks not exploited the virtuous examples already in circulation?
With what is currently happening in the minds of the public, coinidol.com, the world news outlet, decided to conduct an overall assessment of the level of adoption of Blockchain and distributed ledger technology (DLT) in the field of public administration (PA) in Italy, on the most interesting application areas and important cases of use.
Blockchain, smart contracts and incentive mechanisms on cryptocurrencies have big abilities in terms of environmental and social sustainability in Italy, nevertheless, it is necessary to keep in mind that technology is only a tool and that only if correctly applied will it really facilitate the adoption of “green” and fair. Let’s then examine the opportunities offered by the distributed ledger technology (DLT).