CBDC

After hearing that China is trying to develop its own state-backed cryptocurrency, Japan has joined arms with other countries to come up with their own government-owned digital asset so it can dominate China’s digital yuan and all other state-owned tokens that will be launched afterwards.

China is by far a clear blockchain and distributed ledger technology (DLT) front-runner at this moment in time and the United States is in a critical condition of losing out completely if it doesn’t check itself and begin the venture in a massive manner.

From the time the Republic of the Marshall Islands gained its independence, it has been using the US dollar (USD) as its fiat currency. But now, the financial authorities have come out with a major plan of issuing their own state-backed cryptocurrency based on blockchain and distributed ledger technology (DLT).

Turkey plans on creating its own virtual currency and deploying blockchain into government systems. The government financial authority has included a central bank-issued cryptocurrency in its new 2019 –2023 strategic economic roadmap.

The Monetary Authority of Singapore (MAS), in collaboration with the Central Bank of Canada (BoC), experimented with making cross-border (international) financial payments using blockchain technology and CBDC, a digital fiat money created under the government’s regulation. This initiative will help increase payment efficiencies.

The Bank of Japan released a new report that examines the concept and role of digital currencies in the general monetary system.

The Central Bank of Norway, Norges bank, last week published a paper on Central Bank Digital Currencies (CBDCs) done by a working group as an eke out to cash in order to ensure confidence in money and the monetary system according to a working paper May 18.