CBDCs Are COMING!! Could Other Cryptos Benefit?!
👨🏫What Are CBDCs?👨🏫
CBDC is short for central bank digital currency, or as I like to call it, the ultimate shitcoin. This is because CBDCs are just digital fiat currencies that are issued and controlled by a country’s central bank
Turkey has been planning a digital Lira since 2019, and they should have begun testing their CBDC in the first half of this year. However, no news has come out about that yet. It is also not known which blockchain Turkey will choose for its CBDC. ✨Ukraine & Stellar✨ The Ukranian government announced earlier this year that it had partnered with the Stellar Foundation to develop their CBDC, though it appears they will not be deploying it on Stellar’s public blockchain
🍫South Korea & Klaytn🍫
The Bank of Korea recently announced that they’re officially looking for a tech company to help them test their CBDC this summer The prime candidate seems to be Klaytn, an enterprise-oriented clone of Ethereum that recently teamed up with Consensys to create a permissioned version of their blockchain for South Korea’s CBDC trials
🤝Israel & Ethereum🤝
In May this year the Bank of Israel suddenly revealed its definitive plans to issue a CBDC. It only took a month for them to begin testing their tech, and it seems like they’ve chosen Ethereum as their blockchain of choice 💶 Europe & Ethereum💶 The European Union is also looking to develop a digital Euro. This is a recent development given that the European Central Bank only jumped on the CBDC bandwagon late last fall It seems that Europe’s Central Bank has been taking notes of CBDC developments elsewhere, because they’ve already begun testing their CBDC technology on Ethereum, at least according to French officials
🌎United States & Algorand🌎
Early 2020 is when the FED really started to put CBDCs on their list of priorities. Multiple digital dollar pilots are already underway by private companies The real question is which cryptocurrency blockchain the United States could tap for its CBDC, and the evidence points to Algorand
China’s own motivation for creating a digital yuan stems from the dominance of the tech giants within its own country which have effectively taken over the payments industry According to Reuters, China’s digital yuan does not use a blockchain, which begs the question of whether it counts as a central bank digital currency
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.