Rita Martins’ Post

“ Trust and the evolution of future of money “ #Cash is still there, remain King and preferred choice in exchange of a service or a commodity and that won’t change anytime soon, but there is emerging demand for a public digital #currency & many central bank might be more concerned that the rapid shift away from cash in that country is reducing consumers’ access to a form of money directly backed by the central bank, something it is committed to preserving. Market regulators & billions of consumers believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy . Central banks have been exploring ways to issue their own #digitalcurrencies for years. Yet their efforts haven’t captured the public’s attention — for better or, more recently, for worse — like cryptocurrencies have. But central bank digital currencies, or CBDCs — essentially a digital version of fiat currency backed by a government and therefore far less speculative than crypto — are gaining momentum, with the potential to have an even bigger impact on our everyday lives. However there are many questions that central banks need to consider, This includes the role of the private sector in CBDC issuance, security, privacy and interoperability — such as how a CBDC works with other commonly used payment mechanisms etc . implementation of #CBDCs could be costly and complex, and there may be risks associated with the integration of CBDCs into existing payment systems , could have a negative impact on monetary policy & banking system may face increased competition from CBDCs, which could lead to a decline in their profits and a reduction in the availability of credit.

It is this article that leads me to believe that we are still, quite some ways away, from a day when we will official see a successfully functioning CBDC. It's like the saying goes "you can't put new wine, into old wine skins!" Stable coins are possibly a temporary middle ground that at least still somehow includes the banking industry. But moving fully to a CBDC by effect, eliminates the need for traditional banking. Until that time, if you're looking for a solid #euro #stablecoin to help reduce fees and transaction times come and check out the #EURC. https://www.mykobo.co

✨ Imagine a scenario where every transaction you make, tiny or huge, is done digitally, with top-notch security, and happens instantly. Central Bank Digital Currencies (#CBDCs) could bring this vision to life, though there are quite a few ifs and buts on the way there. 🤔 This whole concept brings out a mix of excitement and a bit of caution, but paying attention to what people will actually gain from it, like more privacy and being able to use it with no internet, could be what gets everyone really onboard. 💡🌐 💹 How do you feel about weaving CBDCs into our everyday money matters? Check out this The Fintech Times article from Thomas Bleach with compelling arguments from Andrew Carrier, Riccardo Tordera-Ricchi, Brett Hillis, Aki Balogh and Adam Simmons: 🔗 https://lnkd.in/emNt48UN #DigitalFinance #CBDC #PrivacyProtection #FutureOfMoney

The financial landscape is undergoing a massive shift and at the forefront of this evolution are Central Bank Digital Currencies (CBDC). So, what are #CBDCs? CBDCs are digital versions of a country’s official currency, issued and regulated by its central bank. Why are CBDCs important? They hold the potential to reshape our financial ecosystem in several ways: 👉Financial Inclusion 👉Reduced Transaction Costs 👉Enhanced Monetary Policy 👉Counterfeit Prevention 👉Transparency and Compliance But the question comes, Why CBDCs and Why not #crypto? Well, to know more about how CBDCs work and how it's different from crypto check out our latest blog below: https://lnkd.in/d6qc4seK Feel free to share your thoughts in the comment below. #cbdc #digitalcurrency #softwaredevelopment #blockchaindevelopmentcompany #fintech #future #growth 

🚀 Exciting development in Banking: Seven central banks, including the U.S., Japan, and European nations, are collaborating on Project Agora to explore "tokenized" money on digital ledgers, aiming to revolutionize international transactions. This could significantly reduce costs and speed up global trade. 🌎💼 A promising step toward a more efficient financial future! #ProjectAgora #DigitalFinance #InternationalTrade #payments #blockchain

Today's #Fintech Digest includes a Banco de la República paper concluding there isn't a convincing case for retail central bank digital currency (#CBDC) in Colombia, more details on Banco Central do Brasil's Drex, and a European Central Bank (ECB) paper supporting a €3,000/person digital euro holding limit on financial stability grounds. https://lnkd.in/euwHaS_Y

"The Swiss National Bank (SNB) has decided to extend its pilot program for issuing a wholesale central bank digital currency (CBDC) until at least 2026, Bloomberg reports, citing SNB governing board member Antoine Martin. Initially scheduled to conclude on Jun. 30, the pilot is now expected to include more financial institutions over time, Martin said, adding that wholesale CBDC “can be made available for a wider range of financial transactions.” Thus far, the pilot involves six commercial banks, including UBS Group AG and Commerzbank AG, working in collaboration with Swiss stock exchange provider SIX. “The future success of the pilot project will largely depend on whether new financial market participants join, whether the volume of transactions increases, and whether additional financial market transactions are settled on this platform.” Antoine Martin" #crypto #cryptoassets #digitalcurrency #centralbankdigitalcurrency #digitalassets #cbdc #switzerland

"The Bank of Korea (BOK) announced its first move toward adopting a central bank digital currency (CBDC). A CBDC is a new form of digital money issued by a central bank. The BOK, the @Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) made a joint announcement, Wednesday, unveiling a project that will assess the viability of a future monetary system grounded on "wholesale CBDCs." This project is a collaborative effort between the public and private sectors, initially involving the participation of commercial banks. Experts from the Bank for International Settlements (BIS) have been providing technical advice on the design and development of the network since its preparation stage." #digitalmoney #cbdc #centralbankdigitalcurrency #digitalcurrency #crypto #cryptoassets #digitalassets #korea https://lnkd.in/gED_j974

Central Bank Digital Currencies have rapidly gained traction in the financial landscape worldwide. CBDCs represent a digitized form of currency, and numerous countries are exploring this avenue due to its potential for heightened revenue generation. Take the case of the UK's CBDC, known as the digital pound, as highlighted by Retail Banker International. The objective here is to extend access to currency for the unbanked population. A noteworthy aspect of cryptocurrencies and digital currencies is their inclusive nature, offering investment opportunities irrespective of individuals' financial status. This inclusive approach not only contributes to economic growth but also incentivizes the utilization of these assets for various transactions, thereby promoting overall financial activity. #Crypto #DigitalCurrency #CBDC

Today's #Fintech Digest features the Bangko Sentral ng Pilipinas (BSP) expecting to issue a wholesale central bank digital currency (#CBDC) within two years. However, it will not be based on distributed ledger technology (#DLT) bringing into question whether it is actually a wholesale CBDC according to market convention. https://lnkd.in/e4Hg6yGg