Categories

The Road to Global Adoption of Central Bank Digital Currencies as Delineated by NChain

The Road to Global Adoption of Central Bank Digital Currencies as Delineated by NChain

30 August 2022 (GLOBE NEWSWIRE) — ZUG, Switzerland. Today, nChain AG (“nChain”) released its CBDC Playbook, a 40-page document outlining a practical strategy for governments interested in implementing a CBDC.

Although there are other, more scholarly introductions to digital national currencies, this one provides a unique perspective as the result of a business company creating solutions for the market. The paper demonstrates why the sole obstacle to adoption is making a poor choice of CBDC architecture and argues that central banks are ideally positioned to initiate the scoping process as soon as possible. A downloadable version of the Playbook can be found on the nChain website.

I’m happy to show our partners and clients the playbook we’ve developed. We predict that this new technology will significantly improve economic growth, monetary policy, and financial access. CBDCs are often misunderstood and even confused with cryptocurrencies, but “our objective is to show that the appropriate system design gives a wonderful opportunity for governments and central banks,” said Simit Naik, nChain’s Director of Commercial and Strategy.

The banking and payment systems industries are ready for change. People’s attitudes on cash have shifted, and many are now accustomed to making mobile payments, especially in the wake of Covid. This change has been made possible by blockchain technology, which enables peer-to-peer transactions like physical cash while also providing the security of digital payments. More than ninety governments, accounting for over 95 percent of global GDP, are looking into a CBDC, and forty of those have a working proof of concept or currency.

Years of study and discussions with governments throughout the world informed nChain’s CBDC Playbook. The document elaborates on the reasons why central banks should adopt electronic national currencies, which include features like anti-money-laundering tools, automatic taxes, real-time economic data, and more. The playbook also includes advice for protecting yourself from cyber threats and excessive centralization. This first edition handbook covers everything from the background of CBDCs to its motivations, structure, usual schedule for implementation, and technical requirements (such as digital wallet apps and storage solutions).

nChain has been at the forefront of the CBDC discussion by publishing white papers, collaborating with governments, participating in conferences, and developing commercially viable CBDC solutions. We’d love to get your thoughts on the playbook and whether or not you’re interested in working with us to get a CBDC off the ground. Our CBDC solution, which includes the nChain Digital Cash and Digital Money products, may be learned more about on our website, where you can also request a demo.

-ENDS-

To Explain nChain

An international leader in blockchain technology, nChain was named by Forbes as one of the world’s most innovative companies in 2018. The iGaming, supply chain, and financial sectors are just a few of the many that we serve with our software, IP licensing, and consulting services. Maintaining the safety of the internet’s financial transactions is our top priority. nChain was established in 2015 and currently has over 250 employees, as well as ownership of over 400 patents and the development of Bitcoin SV Node software, Teranode, LiteClient, Kensei, and more.

www.nchain.com

Media Contact

Sean Griffin
Director, Communications & Corporate Development
Email: [email protected]

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.