nChain Explains Path to Global Adoption of Central Bank Digital Currencies
ZUG, Switzerland, August 30, 2022 (Newswire.com) - nChain AG ("nChain") today outlined a feasible 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 fresh perspective to the more academic approach—that of a commercial company developing in-market solutions—and is the most comprehensive of its kind. It shows why the only barrier to adoption is choosing an insufficient CBDC design and argues central banks would be well-placed to begin the scoping process as soon as possible. The Playbook is available for download on nChain's website.
"I am pleased to be able to share our playbook with partners and clients. We believe this emerging technology can be transformative for economic stability, monetary policy, and financial inclusion. There is a great deal of misunderstanding around CBDCs, which are often confused with cryptocurrencies, and our mission is to demonstrate that the right system design presents a golden opportunity for governments and central banks," commented nChain's Director of Commercial and Strategy, Simit Naik.
The payments and banking sectors are ripe for innovation. Consumer behaviour around the use of cash has changed, and people are more familiar with paying using their smartphone, especially after Covid. Blockchain technology, which allows peer-to-peer transactions like physical cash, as well as providing the security of digital payments, has made this shift possible. Over 100 governments are investigating a CBDC, representing over 95% of global GDP, with 40 that have an active proof of concept or currency.
nChain's CBDC Playbook is the culmination of years of research and conversations with governments around the world. The document goes into detail on why electronic national currencies are beneficial for central banks, offering innovative functionality such as anti-money laundering tools, automatic taxation, real-time economic data and more. The playbook also explains how to mitigate against risks such as cyber-attacks or centralisation. From the history of CBDCs to their drivers, structure, typical timeline for implementation and technology required (including digital wallet apps and storage solutions), the first edition of this guide is ideal for readers and decision-makers interested in the future of payments.
nChain has been driving the conversation around CBDCs, contributing to white papers, working with governments, attending conferences and building market-ready CBDC solutions. We welcome any insights or feedback on the playbook, as well as 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.
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About nChain
nChain is a global blockchain technology company and recently voted one of the Top 100 most innovative firms in the world. We offer software, IP licensing and consulting services across several industries, including iGaming, supply chain and finance. Our mission is to secure the internet of value. Founded in 2015, nChain employs more than 250 staff, holds over 400 patents and is the developer behind the Bitcoin SV Node software, Teranode, LiteClient, Kensei and more.
Media Contact
Sean Griffin
Director, Communications & Corporate Development
Email: s.griffin@nchain.com
Source: nChain
