![]() Ahead of the curve is the People’s Bank of China (PBoC), the governing body whose intensive digital currency programme, Digital Currency Electronic Payment (DCEP), and its respective pilot have been recently heating up through large-scale trials. However, it’s time to get ready for large-scale use cases. On a larger scope are countries such as Sweden, which has long been studying and researching a digital e-krona based in part on the fast decline of cash usage in that jurisdiction. Several smaller jurisdictions such as The Bahamas (Sand Dollar) and the Eastern Caribbean Central Bank (DCash) have already issued their own CBDC products, with specific reasoning and tailored strategies. This tokenization will be seen across a variety of offerings, spanning CBDC, stablecoins, and cryptocurrencies (such as Bitcoin) and making use of the programmable capabilities of such products, today with >USD 2 trillion aggregate value in cryptos alone. Currently, more than 80% of central banks surveyed by the Bank for International Settlements are either exploring, researching and/or piloting a retail CBDC.Ī recent study issued by CitiBank offers a broader commercial perspective and views tokenization as the new digital form of currency, moving beyond the account-centred transactions of e-money that have been the hallmark of financial services to date. Central bank digital currency (CBDC), however, may be increasingly poised as the next significant innovation to disrupt other payments instruments. ![]() The global payments ecosystem has undergone tremendous transformation and modernisation over the past decade. So let’s see what’s next for China’s CBDC project ![]() Gonzalo Santamaria of Currency Research suggests in this article that it’s time to get ready for large-scale use cases.
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