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So, which major economy will be the first to adopt a central bank digital currency and win the race?
Central banks issue and control CBDCs, which are a digital version of fiat money.
A CBDC may take numerous forms, including wholesale or retail, and most countries, including the United States, are investigating these options.
China has been the front-runner, but is another nation attempting to overtake it?
This experiment used a series of bond transactions to assess the utility of blockchain technology.
It’s part of a wider strategy launched by the Banque de France last year, which includes repo and interest payments, securities issuance, and primary and secondary market transactions.
China is preparing for the Olympics.
According to a senior official from the People’s Bank of China, China has been testing the digital version of its currency, the eCNY, which has already been used to perform around 62 billion yuan worth of transactions using 140 million eCNY wallets.
Over the last several months, the East Asian nation has held lotteries, distributing millions of its digital money to residents, which can be spent at over 1.5 million shops around the country.
China, on the other hand, has been on a quest to outlaw cryptocurrencies by imposing limitations on transactions, trading, and mining.
The nation, on the other hand, is pushing hard to have its digital fiat money utilized during the forthcoming Olympics.
China has bigger plans for its digital money than fries and a soda.
The mCBDC Bridge program, which was created to make cross-border payments more efficient, has brought the country together with a number of other countries.
Using mBridge, which interested parties are analyzing for various applications, China would be able to link the eCNY to other currencies without the need of the US dollar as a middleman.
Several other CBDCs have already been established, most notably in the Bahamas and Nigeria. Their compatibility, however, has been restricted.
What about the United States?
The United States has been slow to adopt its form of a digital currency, with Federal Reserve Chair Jerome Powell noting that there was no urgency to be the first.
The United States Treasury’s Office of the Comptroller of the Currency (OCC) oversees and supervises all banks in the nation.
The previous comptroller, or head of the OCC, retired in May 2020, leaving the position to numerous interim comptrollers, resulting in some contradicting decisions.
Former Acting Comptroller of the Currency Brian Brooks, who was also the CEO of Binance.US, allowed banks the power to hold crypto assets, despite various reversals.
A number of large banks have started to offer their institutional and wealth management customers various crypto-related services. And now it seems that a new OCC chief is on the way.
The major banks are furious because President Joe Biden has finally selected his pick.
Professor Saule Omarova of Cornell Law School is a prominent bank critic, and her nomination is considered as a setback for Wall Street.
Omarova has advocated for the Federal Reserve to give digital dollar-based bank accounts to U.S. customers, citing it as one of several “structural changes” that may make banking “more inclusive, efficient, and stable.”
I’m not sure about you, but it sounds like a CBDC from the United States to me.
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It’s encouraging to see that more individuals are grasping the concept.
They’re at least prepared for the funeral. To share on Twitter, click here.
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