nChain Explains the Path to Global Central Banking Adoption

0

ZUG, Switzerland, Aug. 30, 2022 (GLOBE NEWSWIRE) — nChain AG (“nChain”) today presented a workable approach for governments wishing to implement a CBDC, with the launch of their 40-page CBDC Playbook.

This introduction to digital national currencies offers a new perspective with a more academic approach – that of a commercial company developing solutions on the market – and is the most comprehensive of its kind. This shows why the only barrier to adoption is choosing an insufficient CBDC design and argues that central banks would be well placed to begin the scoping process as soon as possible. The Playbook is available for download on the nChain website.

“I am delighted to be able to share our playbook with our partners and clients. We believe this emerging technology can be transformative for economic stability, monetary policy and financial inclusion. There is a lot of misunderstanding around CBDCs, which are often confused with cryptocurrencies, and our mission is to demonstrate that the right design of the system presents a golden opportunity for governments and central banks,” commented nChain Chief Commercial and Strategy Officer Simit Naik.

The payments and banking industries are ripe for innovation. Consumer behavior regarding the use of cash has changed and people are more accustomed to paying with their smartphone, especially post-Covid. Blockchain technology, which enables peer-to-peer transactions like physical money, as well as digital payment security, has made this change possible. Over 100 governments are studying a CBDC, representing over 95% of global GDP, including 40 that have proof of concept or active currency.

nChain’s CBDC Playbook is the culmination of years of research and conversations with governments around the world. The document explains in detail why electronic national currencies are beneficial for central banks, offering innovative features such as anti-money laundering tools, automatic taxation, real-time economic data, etc. The playbook also explains how to mitigate risks such as cyberattacks or centralization. From the history of CBDCs to their drivers, structure, typical timeline for implementation, and required technology (including digital wallet applications and storage solutions), the first edition of this guide is ideal for readers and policy makers. interested in the future of payments.

nChain has led the conversation around CBDCs, contributing to white papers, working with governments, attending conferences, and building market-ready CBDC solutions. We welcome any ideas or feedback on the playbook, as well as any interest in how we can help launch a CBDC. nChain’s Digital Cash and Digital Money products together form our CBDC solution, and to request more information or arrange a demo, please visit our website.

-ENDS-

About nChain

nChain is a global blockchain technology company and was recently voted one of the top 100 most innovative companies in the world. We offer software, IP licensing, and consulting services across multiple industries, including iGaming, supply chain, and finance. Our mission is to secure the internet of value. Founded in 2015, nChain employs over 250 people, holds over 400 patents, and is the developer behind Bitcoin software SV Node, Teranode, LiteClient, Kensei, and more.

www.nchain.com

Media Contact

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

Related images

Image 1: nChain CBDC Manual

This content was posted through the press release distribution service on Newswire.com.

Share.

About Author

Comments are closed.