CBDCs Racing to Catch Up

In 2014, bank regulators in New York were investigating ways to control Bitcoin, or possibly crush it altogether. Today, the banking industry is racing to catch up.

Banks want to compete in this new crypto world and profit from it. So, if you can’t beat ‘em, join ‘em.

Enter the Digital Dollar Project (DDP).

The Digital Dollar Project is a partnership between the Digital Dollar Foundation, a not-for-profit organization, and Accenture (NYSE: ACN) to explore, develop and adopt a US Central Bank digital currency (CBDC)—or a “digital dollar.” Accenture, a Fortune 500 global services and consulting company, has been chosen as the lead architect and technology innovation partner.

Accenture’s global CBDC network includes the Bank of Canada, the Monetary Authority of Singapore, the European Central Bank, and Sweden’s Riksbank.

The Digital Dollar Project supports the USD as the world’s reserve currency and once finished, will be under the control and authority of the US Central Bank. Nations around the world are already far ahead in the race, marketing their CBDCs as ‘safer’, ‘more legitimate’ cryptocurrencies because they are owned by the central banks.

What’s wrong with this picture?

And how are CBDCs different from Bitcoin?

A CBDC is a virtual form of a fiat currency, keeping an electronic record of a country’s official currency.

• It is issued, owned, and regulated by the nation’s central bank, with the design and implementation under that bank’s authority
• Because CBDCs are a centralized form of currency, they have the potential to erode the privacy of citizens
• Unlike Bitcoin, CBDC tokens are not decentralized
• CBDC Tokens are not finite in number and could experience hyperinflation
• Many countries are exploring the use and implementation of CBDCs

How will any of this affect the regular citizen?

Plenty.

This January, (01/27-28/2022), the Government Blockchain Association (GBA) will present ‘The Future of Money, Governance, & the Law’, live in Washington DC and streamed globally.

Learn how CBDCs will change how we view money, how DeFi is creating new opportunities, how Money, Inflation, and Debt will play out over the next decade, and how cryptocurrency is impacting governments around the world.

For more information and TICKETS go to https://gbaglobal.org/gba-staging/event/the-future-of-money-governance-and-the-law-washington-dc/