• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Central Bank Digital Currency in the Caribbean

by CBDC Insider
October 28, 2020
in Business
Reading Time: 1min read
0
Central Bank Digital Currency in the Caribbean
Share on FacebookShare on Twitter

A notion that has faced much resistance now looks to be gaining momentum and possibly even traction in some parts of the world. The concept is the digitisation of money, but rather than the borderless cryptocurrency we have seen in the form of decentralised systems such as bitcoin and ether, we are talking about government-led initiatives with digital legal tender issued by central banks. The digital legal tender typically reflects country’s existing fiat legal tender in a 1:1 ratio and is most commonly known as central bank digital currency, or CBDC for short.

How does it compare to an existing payment-processing system in the fiat world? 

Historically, over the last few decades, fiat funds have been transferred from A to B through interbank funds transfer networks such as SWIFT, a global messaging system notifying banks of payment instructions and confirmations. Transaction times, fees and transparency are a growing challenge in a world which is becoming more data driven, global and reliant on time efficiencies, not to mention safety conscious in respect of money laundering and fraud.

RELATED STORIES

Can CBDC Assist and Support the Growth and Development of the Indian Economy?

Can CBDC Assist and Support the Growth and Development of the Indian Economy?

March 31, 2023
Auto Draft

Citi Says Mass Adoption of Crypto Will Be Driven by CBDCs, Tokenization

March 31, 2023

Read more: https://www.caymancompass.com/2020/10/27/central-bank-digital-currency-in-the-caribbean/

Previous Post

JPMorgan’s Stablecoin Finally Sees Commercial Light of Day

Next Post

Digital Currencies are the Future: Jack Ma

Next Post
Digital Currencies are the Future: Jack Ma

Digital Currencies are the Future: Jack Ma

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register