One small step for Central Bank Digital Currencies – Singapore, Canada and Brazil join the mix

Colleagues, we have written extensively about the CBDC initiatives underway in China (PBoC), US (US Federal Reserve) and the UK (Bank of England). More recently Singapore, Canada and Brazil have begun rigorous assessments of the strategic cost-benefit analysis for a sovereign digital asset. The most likely scenario is that one or more nations will launch these CBDCs which will co-exist with their current fiat currencies. The key question among first world countries is not which will be the first to adopt a CBDC, but rather, which one will be successful. Two fundamental challenges which make CBDCs more complex than their cryptocurrency cousins are: 1) Ability to traverse public and private sector ecosystems, and 2) Efficiency in processing trans-border remittances … while providing the highest levels of both security and transparency. When combined these factors will push the limits of Blockchain technology to new heights. Bottom line: The Cryptocurrency Academy stands by our prediction that 2019 will likely be a year of early adopter ‘field trials’ on a limited scale followed by roll-out of the initial CBDCs in the 2020-2012 timeframe. Share a comment today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)