More Than 40 Central Banks Are Working On Blockchain Based Currencies

According to a new report from the World Economic Forum, more than 40 central banks around the world are experimenting with Blockchain technology.

The report, published on Wednesday, includes information that different central banks are either examining what Blockchain can be used for or central bank digital money (CBDCs).

Ch It is very important that many central banks address this issue, Ashley said Ashley Lannquist, leader of the project with Blockchain and distributed notebook technology at the World Economic Forum. He cited at least 44 different central banks that were actively researching or actively experimenting with Blockchain technology in view of the potential for digital currency creation in the future.

Ann There are some mixed results and some optimistic results from the pilot and experimental studies so far. And the summary of our current location is that central banks are moving carefully but are very interested in the research..

Currently, these banks need to manage a range of technical and policy issues. Technically, organizations need to determine if their new systems are working as intended and whether they are protecting the data correctly. Other questions concern policy issues, including the central bank's monetary policy. Lannquist said these problems are issues that need to be worked on to avoid unwanted consequences.

Lannquist, on the other hand, said the current trend is a good sign for CBDCs:

I expect several central banks to issue a central bank digital currency in the next few years.

For example, the National Bank of Cambodia plans to include Blockchain technology in its national payment system by the end of this year. As Lannquist notes in his report, the bank wants to address two issues: most of the country's citizens work with banks or are completely away from banks and the banking system is not very efficient. Citizens who do not use banks are said to use certain payment applications.

Lannquist says the new Blockchain-based payment system can serve to combine some of the different payment applications that offer more efficient payment services to Cambodian citizens.

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