EMTECH has introduced its “pilot-ready” innovation and regulatory compliance platform, the Modern Central Bank Sandbox, which will focus on serving reserve banks that are planning to “streamline regulatory reviews,” work with innovators on emerging technology (EmTech), or safely test their Central Bank Digital Currencies (CBDC).
With the Modern Central Bank Sandbox, EMTECH aims to help reserve banks with addressing systemic challenges or issues that are present within financial services (Exclusion, KYC, SME Lending, Cross-Border Payments, AML/Fraud). According to a release, EMTECH intends to help banks with innovating “safely” while offering “effective oversight, and accelerating time to market for innovative financial products.”
EMTECH is currently working with the Central Bank of the Bahamas on the upcoming launch of its Digital Sand Dollar currency.
Reserve banks across the globe are currently holding as much as $9 trillion in “paper cash.” In digitizing paper currency with CBDCs, reserve banks may be able to create a lot more liquidity that could benefit SMEs and individuals “while maintaining the central bank money as the anchor of a robust and competitive financial sector,” the release noted. It added that by offering the infrastructure for “digital cash,” EMTECH provides reserve banks an “action-ready” toolset for more inclusive monetary policy, along with “the guardrails for efficient transfer of an estimated $90 trillion in cash payments.”
Read more: https://www.crowdfundinsider.com/2020/12/170282-cbdcs-modern-central-sandbox-introduced-by-emtech-to-help-with-testing-central-bank-digital-currencies/