According to Citi Group 86% of the world’s Central banks are known to be working on remaking their native currency digital.
The Bank of England has announced a new ‘CBDC’ department, and launched a taskforce on the digital Pound.
Closely following the European Central Bank’s announcement on the digital Euro, giving a timescale of four to five years. With decisions being formed and made right now.
This will touch and affect everyone! Just as surely as the web and social media has – changing expectations and our environment, starting now.
In a shift widely regarded as the biggest systemic change since the advent of the Internet itself – or even the invention of money Digital Currencies are being irreversibly embraced around the globe – like it or not. And China are years ahead.
As with the web this will change, this time faster than ever, through the process of, now inevitable, mass adoption.
As with any systemic change these will appear on the horizon at various stages in the coming weeks and months and through the process of adoption – in this case perhaps doubly so.
CBDCs and ‘Traditional’ Digital Currencies & Assets
Five years ago Bitcoin was at $455, at the time of writing it’s almost £50,000.
CBDCs – that’s Central Bank Digital Currencies – are different in nature from Bitcoin and other digital currencies and assets in various ways. Not least because they’re backed by a government and therefore cannot go bust.
Yin & Yang
However in this next phase each will undoubtedly benefit from and grow with the other. Just as the digital Yuan(e-Yuan), now trialling in more than three cities in China, has benefitted from the experience and technologies developed elsewhere so the ‘cryptosphere’ will inevitably grow as CBDCs rapidly move forward towards acceptance around the world. Both creating many opportunities, both directly and indirectly.
- What's happening now – including the moves not yet announced
- Why it's important for you – whether you’re an individual, business owner or executive
- What’s are the timescales and what will happen next
- What you can do to get ahead of it