Sergey Shashev's article on Entrepreneur 📃
On the Entrepreneur media resource, the article written by Sergey Shashev was published.
During the last two years Sergey with the Broxus team participates in the development of the infrastructure for central banks to implement central bank digital currencies.
The article notes that CBDCs are digital versions of a country's fiat currency that are pegged at a 1-1 ratio with the original currency. For example, if the US were to release a CBDC, that would be in the form of a digital dollar that is always equal to its fiat counterpart.
CBDCs are, by definition, recognized digital legal tender. That means that, unlike other similar digital assets like stablecoins, CBDCs carry the equivalent legal weight as fiat currencies.
As a part of the partnership between Everscale and DA5, one of the leading authorized direct agents of Western Union in the Philippines, the blockchain remittance service will be the first technology in the Philippines capable of speeding up and lowering the cost of this process. As a result, people will no longer have to pay such high fees on their transactions once the service is launched.
It is assumed that most CBDC projects will start with stablecoins tied to national currencies. Thanks to the Everscale architecture, where each address is a smart contract, by creating a stablecoin, you can gradually update the smart contract, increase the user base, and transfer it to the CBDC, and then transfer the asset under the control of the central bank.
🔗 Enjoy the full article
#broxus #article #cbdc #post
On the Entrepreneur media resource, the article written by Sergey Shashev was published.
During the last two years Sergey with the Broxus team participates in the development of the infrastructure for central banks to implement central bank digital currencies.
The article notes that CBDCs are digital versions of a country's fiat currency that are pegged at a 1-1 ratio with the original currency. For example, if the US were to release a CBDC, that would be in the form of a digital dollar that is always equal to its fiat counterpart.
CBDCs are, by definition, recognized digital legal tender. That means that, unlike other similar digital assets like stablecoins, CBDCs carry the equivalent legal weight as fiat currencies.
As a part of the partnership between Everscale and DA5, one of the leading authorized direct agents of Western Union in the Philippines, the blockchain remittance service will be the first technology in the Philippines capable of speeding up and lowering the cost of this process. As a result, people will no longer have to pay such high fees on their transactions once the service is launched.
It is assumed that most CBDC projects will start with stablecoins tied to national currencies. Thanks to the Everscale architecture, where each address is a smart contract, by creating a stablecoin, you can gradually update the smart contract, increase the user base, and transfer it to the CBDC, and then transfer the asset under the control of the central bank.
🔗 Enjoy the full article
#broxus #article #cbdc #post
Review of Sergey Shashev's article about CBDCs 🗞
According to the research of Bank of America analysts CBDCs have the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.
There are in this article some of the more prominent misconceptions about CBDCs, especially the ones concerning anonymity and the technology's potential use as a means of totalitarian control.
Currently most crypto addresses and transfers have long since been traced and identified, even in DeFi cybercrime gets investigated, and the culprits get caught fairly quickly.
Actual CBDC Agenda
• what the legal framework should be
• how the linkage to banks should work
• how to move from stablecoin currencies to CBDCs
• how to integrate the technology into international trade
• how to incorporate CBDCs into "superapps"
There are two levels of understanding of CBDC.
State level
Most trade transactions now goes through the U.S. dollar. When two countries trade, there is constant pressure on the national currencies because they must constantly sell their currencies and buy dollars. There is no infrastructure to support direct transactions.
Individual level
The main task facing CBDC development now is building a basis for cross-border payments, which individuals do worldwide. The cost of the cross-border transfer is extremely high.
How CBDC works
if sender needs to convert one currency to another, both currencies are digitally deposited as stablecoins in an AMM pool, where the exchange rate changes very little and he total fees do not exceed 3% of the transfer amount.
Moreover it is convenient and cheap for hundreds of millions people who do not have cards or bank accounts.
👁🗨 Read the full article
#cbdc #media #post
According to the research of Bank of America analysts CBDCs have the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.
There are in this article some of the more prominent misconceptions about CBDCs, especially the ones concerning anonymity and the technology's potential use as a means of totalitarian control.
Currently most crypto addresses and transfers have long since been traced and identified, even in DeFi cybercrime gets investigated, and the culprits get caught fairly quickly.
Actual CBDC Agenda
• what the legal framework should be
• how the linkage to banks should work
• how to move from stablecoin currencies to CBDCs
• how to integrate the technology into international trade
• how to incorporate CBDCs into "superapps"
There are two levels of understanding of CBDC.
State level
Most trade transactions now goes through the U.S. dollar. When two countries trade, there is constant pressure on the national currencies because they must constantly sell their currencies and buy dollars. There is no infrastructure to support direct transactions.
Individual level
The main task facing CBDC development now is building a basis for cross-border payments, which individuals do worldwide. The cost of the cross-border transfer is extremely high.
How CBDC works
if sender needs to convert one currency to another, both currencies are digitally deposited as stablecoins in an AMM pool, where the exchange rate changes very little and he total fees do not exceed 3% of the transfer amount.
Moreover it is convenient and cheap for hundreds of millions people who do not have cards or bank accounts.
👁🗨 Read the full article
#cbdc #media #post
March Cryptoreview Digest Key Points 🗞
Everscale is creating technological solutions for launching central bank digital currencies (CBDCs), stablecoins, and remittance services across the world.
We have prepared a review of the March publication, which is dedicated to key events in the CBDC world.
• The US Federal Reserve launches the new FedNow payment service is much earlier than it was expected — not in 2025, but in July 2023.
• Swift has completed the experiments for testing the interconnection of various CBDC protocols among 18 central and commercial banks
• Researchers from the IMF suggested a global marketplace to traid tokenized money, similar to a modern crypto exchange
• The BIS Icebreaker project presented Icebreaker hub which would consist of foreign exchange providers on both sides picking the cheapest conversion path for the payer in a cross-border transaction
• The Bank of England is interested in providing wholesale CBDC functions, the Bank of Japan launches CBDC pilot project in April, Norway enters 4th stage of CBDC testing
• Coindesk published news about the imminent launch of a digital currency in Iran
• The Central Bank of Nigeria seeks partners to develop their own software for their digital currency eNaira
• The Bank of France (BdF) has published a paper that examines the impact of stablecoin issuer investment practices on the financing of the real economy
• The Coinmetrics edition dived into the history of the Binance USD issued by Paxos, which recently was ordered to shut down stablecoin issuance
• Examples of using the Australian digital dollar
• The Financial Action Task Force (FATF) has agreed an action plan to drive the “timely implementation” of its global standards for crypto
• The first three months of 2023 have seen some banks breaking ties with crypto-companies and Binance getting ordered to cease the operations of its stablecoin overseas. Two podcasts in English for a breakdown of the original Operation Choke Point:
Podcast 1🗣 , Podcast 2 🗣
🔗 Jump to the full Digest
#cbdc #digest #review #post
Everscale is creating technological solutions for launching central bank digital currencies (CBDCs), stablecoins, and remittance services across the world.
We have prepared a review of the March publication, which is dedicated to key events in the CBDC world.
• The US Federal Reserve launches the new FedNow payment service is much earlier than it was expected — not in 2025, but in July 2023.
• Swift has completed the experiments for testing the interconnection of various CBDC protocols among 18 central and commercial banks
• Researchers from the IMF suggested a global marketplace to traid tokenized money, similar to a modern crypto exchange
• The BIS Icebreaker project presented Icebreaker hub which would consist of foreign exchange providers on both sides picking the cheapest conversion path for the payer in a cross-border transaction
• The Bank of England is interested in providing wholesale CBDC functions, the Bank of Japan launches CBDC pilot project in April, Norway enters 4th stage of CBDC testing
• Coindesk published news about the imminent launch of a digital currency in Iran
• The Central Bank of Nigeria seeks partners to develop their own software for their digital currency eNaira
• The Bank of France (BdF) has published a paper that examines the impact of stablecoin issuer investment practices on the financing of the real economy
• The Coinmetrics edition dived into the history of the Binance USD issued by Paxos, which recently was ordered to shut down stablecoin issuance
• Examples of using the Australian digital dollar
• The Financial Action Task Force (FATF) has agreed an action plan to drive the “timely implementation” of its global standards for crypto
• The first three months of 2023 have seen some banks breaking ties with crypto-companies and Binance getting ordered to cease the operations of its stablecoin overseas. Two podcasts in English for a breakdown of the original Operation Choke Point:
Podcast 1
🔗 Jump to the full Digest
#cbdc #digest #review #post
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CBDC 🔄
Central bank digital currencies (CBDC) is digital money issued by the government.
According to the research of Bank of America analysts CBDCs have the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.
Skepticism and fear remain in the crypto community that CBDC is the same centralized money, only in a different form, that it is a tool of totalitarian control through transactions, that their entry is associated with the pressure on crypto and that the crypto industry will suffer.
Sergey Shashev in an article on Entrepreneur notes that CBDC, by definition, is a legitimate digital means of payment, unlike, for example, stablecoins, and if they are created correctly, they will be able to optimize financial systems. Actual CBDC Agenda:
• what the legal framework should be
• how the linkage to banks should work
• how to move from stablecoin currencies to CBDCs
• how to integrate the technology into international trade
• how to incorporate CBDCs into "superapps"
In fact, CBDCs are digital versions of fiat currencies that are linked to the original currency in a ratio of 1 to 1. For example, when CBDC is issued in the USA, it will be a digital dollar equivalent to the fiat counterpart.
Everscale is creating technological solutions for launching CBDCs, stablecoins, and remittance services across the world.
#education #cbdc #post
Central bank digital currencies (CBDC) is digital money issued by the government.
According to the research of Bank of America analysts CBDCs have the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.
Skepticism and fear remain in the crypto community that CBDC is the same centralized money, only in a different form, that it is a tool of totalitarian control through transactions, that their entry is associated with the pressure on crypto and that the crypto industry will suffer.
Sergey Shashev in an article on Entrepreneur notes that CBDC, by definition, is a legitimate digital means of payment, unlike, for example, stablecoins, and if they are created correctly, they will be able to optimize financial systems. Actual CBDC Agenda:
• what the legal framework should be
• how the linkage to banks should work
• how to move from stablecoin currencies to CBDCs
• how to integrate the technology into international trade
• how to incorporate CBDCs into "superapps"
In fact, CBDCs are digital versions of fiat currencies that are linked to the original currency in a ratio of 1 to 1. For example, when CBDC is issued in the USA, it will be a digital dollar equivalent to the fiat counterpart.
Everscale is creating technological solutions for launching CBDCs, stablecoins, and remittance services across the world.
#education #cbdc #post
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April 2023 Roundup by Broxus Review 🗒
The Roundup "Cryptoreview" presented the latest news from the world of CBDC:
🛑 The Digital Currency Monetary Authority (DCMA) announced the official launch of an international central bank digital currency (CBDC) at the IMF Spring Meeting in 2023.
🛑 The central bank of Kuwait has pooled together a group of experts from various fields to study the CBDC topic.
🛑 The Central Reserve Bank of Peru with technical support from the IMF, is actively exploring the benefits and risks of CBDC.
🛑 Sweden does not yet need a CBDC, according to government-driven research.
🛑 The Bank of Ghana is postponing the launch of its e-Cedi central bank digital currency due to the effects caused by the economic turmoil of 2022.
🛑 The Central Bank of Montenegro together with Ripple, is developing a strategy and pilot program to launch a national stablecoin.
🛑 The Government of Jamaica has launched two new stimulus programs aimed at increasing the adoption rate of the CBDC.
🛑 BIS has tested technology that facilitates interaction between central banks without the use of digital currencies or blockchain protocols. The BIS Nexus project links traditional financial systems (TARGET, FedWire and others) for cross-border payments.
🛑 In the western US state, the law on stablecoins has been adopted. According to the law, the Wyoming stablecoin is a "virtual currency representing one US dollar held in trust by the State of Wyoming and redeemable for one US dollar".
🛑 The current issuance of stablecoins is estimated to equal $120 billion
🛑 Several Coinbase products as well as the Paxful P2P exchange have fallen under scrutiny from regulators.
🛑 European legislators have passed a new law imposing a €1,000 limit on anonymous cryptocurrency transactions.
🛑 The Digital Euro Association presented its vision at the Digital Assets Conference in Frankfurt.
🔗 Find out more in the original
#cbdc #digest #post
The Roundup "Cryptoreview" presented the latest news from the world of CBDC:
#cbdc #digest #post
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Broxus' May CBDC digest review 🗒
🛑 The ECB released a white paper on the development of the digital euro. Compatibility with other CBDCs for cross-border payments is an important quality. Logging in will be similar to registering accounts with payment services.
🛑 VISA has developed a platform for financing and selling farmers' crops in Brazil, where various CBDC solutions have been tested since March.
🛑 The Central Bank of Canada has launched a public consultation on the digital dollar. The goal is to find out the public's preferences and concerns about CBDC.
🛑 The Reserve Bank of Zimbabwe will start selling gold-backed digital currency. The price will be determined by the international price of gold. The token will be used for savings and payments.
🛑 The Bank of Japan published the results of the second phase of CBDC testing, which tested the technical implementation and performance of the solution. No bottlenecks were found.
🛑 The Central Bank of the Bahamas has updated information about Sand Dollar CBDC, according to which wallet usage remains low. There are plans to release a new version of the wallet and promotional activities to increase usage.
🛑 A study by a team of authors from Columbia University, the University of Pennsylvania, and the University of Chicago showed the risk of fleeing U.S. dollar-linked stablecoins and exposed the dilemma between the price and financial stability of these coins.
🛑 Societe Generale's subsidiary Forge plans to issue its own EUR CoinVertible stablecoin.
🛑 Tether has increased its share of the stablecoin market by reducing confidence in USDC, and has launched a bridge between Ethereum and Avalanche.
🛑 The European Union's legislative framework for crypto-asset markets (MiCA), has been approved by the European Council. It requires the licensing of cryptocurrencies and the establishment of reserves for stablecoin issuers.
🛑 The Abu Dhabi regulator (ADGM) proposed a new legislative framework for funds related to blockchain technology and token issuance. It is an initiative to develop a decentralized economy.
🛑 ADGM has a special licensing regime for virtual asset service providers and has licensed the Venom smart contract platform.
🔗 Read more in the original
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🔗 Read more in the original
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Broxus' June CBDC digest review 🗒
🛑 The Eastern Caribbean Central Bank (ECCB) pilot with DCash, the central bank's digital currency, has expanded its reach to integrate eight countries in the Eastern Caribbean region.
🛑 Philippines opposes CBDCs, stating that digital dollars have no support or point. Central Bank of the Philippines is not interested in issuing retail CBDCs due to concerns about loss of payment confidentiality. Polls also show that only 16% of Americans support issuing a CBDC, with concerns about government surveillance and control over spending.
🛑 Central Bank of Israel explores ways to enhance network effects of its digital currency, including government payments, efficient payment methods, and peer-to-peer transactions.
🛑 Mauritius plans to launch a CBDC «sandbox» application process and invites participants to pilot their projects in November 2023.
🛑 Kazakhstan plans to release a digital tenge CBDC in 2023, starting with a social assistance distribution platform.
🛑 The Reserve Bank of India (RBI) has launched a CBDC pilot project in four cities, with plans to add four more banks in 10 cities in the future.
🛑 IMF highlights the challenges faced by Nigeria's e-Nira CBDC and the need for coordinated policy action and integration with mobile money.
🛑 Circle's Singapore subsidiary has been licensed by the Monetary Authority of Singapore (MAS) to provide digital tokenization and money transfer services in Singapore.
🛑 SWIFT and Chainlink partner with financial institutions to test tokenized asset transfers using the Swift infrastructure.
🛑 In Japan, Mitsubishi UFJ Financial Group plans to issue stablecoins on various public blockchains using bridge technology and the Progmat Coin protocol.
🛑 Korean Securities Depository (KSD) plans to create a platform for securities tokens and explore interoperability protocols with blockchain companies R3 and Adhara.
🛑 SEC initiates proceedings against Binance and Coinbase, alleging unregistered activities and violations of federal securities laws. SEC Chairman Gary Gensler states that the SEC's actions are designed «to support innovation».
🛑 Hong Kong is opening the doors to legal retail cryptocurrency trading as of June 1, allowing registered exchanges to offer regulated services. China's Huobi was first in line, having applied on May 26 for trading in digital assets, including Bitcoin and Ethereum.
🔗 Read more in the original
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Broxus' July CBDC digest review 🗒
🛑 About 130 countries are exploring the possibility of creating a CBDC
🛑 93% of central banks are interested in exploring CBDC projects
🛑 WealthRocket survey shows 55% of Canadians are willing to use a CBDC
🛑 Ripple expands into Colombia with its CBDC platform based on XRP Ledger
🛑 Swiss National Bank to issue digital Swiss franc on SIX exchange
🛑 Thailand launches a retail digital baht based on Giesecke and Devrient Filia platform
🛑 Nigeria opens up eNaira project for transfers from abroad
🛑 Russia, Iran and Zimbabwe are expected to issue gold-backed cryptos
🛑 IMF proposes a vision for a competitive CBDC platform
🛑 Bank of England and ETC Group release reports on tokenization
🛑 Chile and Namibia consider using tokenized assets
🛑 Stablecoin TrueUSD decoupled from the dollar due to the bankruptcy of custodian PrimeTrust
🛑 The Organization for Economic Cooperation and Development (OECD) has published a new taxation system for CBDC and cryptocurrencies
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Broxus' August CBDC digest review 🗒
➖ CBDC Market
🔵 China's e-CNY digital currency integrates with NFC devices to improve accessibility
🔵 The Bank of Korea (BOK) is exploring CBDC concepts, including smart contracts and cross-border payments, by conducting pilot tests in selected regions
🔵 The Center for Economic Policy Research (CEPR) suggested that an aggressive strategy is needed to drive the digital euro transition
🔵 The Bank of Brazil and the Bank of Russia have created logos for their digital currencies, and the Central Bank of Russia has already started a pilot test that will involve 13 banks
➖ Stablecoins
🔵 PayPal and Paxos launch new PYUSD stablelcoin
🔵 USDT remains the dominant currency in the stablelcoin market
🔵 Ripple unveiled PSC, a USD-backed stablelcoin that will serve as the CBDC for Palau
🔵 Reserve Bank of India and UAE Central Bank agree to cooperate on cross-border transactions using their currencies
➖ Regulation
🔵 Singapore has introduced rules for stablecoins, focusing on reserve asset requirements, capital maintenance and transparency of information
🔵 The US Federal Reserve launched a supervisory program for banks dealing with cryptocurrencies and cooperating with non-banks, which could affect the role of banks in the crypto industry
🔗 Read more in the original
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