We may like them or not, but they have also occupied the digital currency scene in 2020. Bitcoin (BTC) is on the $ 30,000 road – soon 100,000 USD in 2021 – CBDC creation projects are now on track in some countries.
Double speed CBDCs
The discourse of regulatory authorities around CBDCs changed in 2020. 2 years ago, discussions on CBDCs focused on the potential and possibility of their issuance.
At the beginning of 2020, during the World Economic Forum, a tool for the development of CBDCs was unveiled to monetary policy makers in many countries.
80% of central banks around the world are studying and evaluating the process of establishing a CBDC.
However, there is a difference between the attitude of regulators in developing economies and those in developed economies. The former seem to move faster in their launch process compared to the latter.
For the European Central Bank, this process is expected to take around 5 years, with a preparatory phase scheduled to begin in 2021.
On the side of the two leading world powers, the progression of China worries the American authorities who have published their white paper on Digital Dollar.
The rapid developments around CBDCs are in part due to the covid-19 pandemic. Many “experts” see CBDCs as a tool to solve the problems of the current financial system.
Said, read here and there on CBDCs
The head ofOffice of the Comptroller of the Currency, Brian brooks, believes that United States should rely on the private sector to build the architecture of the CBDCs while the government puts in place the appropriate regulatory framework.
The CEO of Hyperledger, Brian Behlendorf, said the issuance of CBDCs was a certainty and that the crypto community underestimated the skills of technical teams within central banks.
ConsenSys had published a document entitled Central Banks and the Future of Digital Money, presented during the World Economic Forum.
For Joseph lubin, it is important to have systems that facilitate collaboration between all actors. He believes that blockchain technology can provide the basis for building trusted partnerships.
Will the digital yuan finally see the light of day in 2021 or is China playing on Uncle Sam’s nerves? The advance of the CBDCs could be accompanied by hostile laws against real cryptocurrencies. Crypto projects with a major loophole in their decentralization could well fall during this war.
Litecoin, welcome in the Silver Age