Among many other nations, China is seemingly in the race to launch its CBDC despite many setbacks that the last year brought. To further cement their lead at the top of establishing the central bank digital currency, the Asian nations said it had begun a trial for those in the rural areas. With china already in the lead, other countries would hope to follow, and they are doing just that.
According to the region’s latest development, those around Europe should be ready to welcome their digital currency anytime soon. The European central bank announced via microblogging platform Twitter that it is opening a window for comments, so people around the region to air their opinions regarding the digital currency.
Comment window to elapse by January 12
In the January 8 update via Twitter, the European central bank noted that the digital currency that would be released would not be any other currency apart from the euro, making a case for a digital euro. This is not new as several other countries in the race have named their respective CBDCs after their native currency, with the digital yuan being a perfect example. According to the financial institution, people will be allowed to drop comments, thoughts, and advice from when the publication was made to January 12, the deadline.
“We are hereby opening our channel to allow members of the European community to give their thoughts, challenges, and advice regarding our proposed figural euro. Anybody that wishes to make any comment should hear in mind that the window to do that had started from when this publication was made till January 12”, the tweet from the bank read. The bank also finalized their statement by saying that the people are free to drop their ideas on how the digital euro should work. They would look into any one of them to find a suitable one for the European economy.
China almost ready to launch its CBDC
For a digital currency to be termed as successful, People should note that it needs to satisfy various conditions by providing banking opportunities for the unbanked. Even though the digital currencies controlled by the central banks of different countries share the same characteristics as digital assets, experts have warned that they can never compete with the assets. On the off chance that digital currencies like digital assets would be used to commit a crime, several experts have noted that most of the transactions that will take place on the blockchain that would build the digital currency upon would make the transactions traceable.
The respective central banks building the CBDCs on blockchain technology would send, receive, and store the digital currencies easy, fast, and very secure, respectively. Even though China has not yet announced a date for the official launch of its CBDC, the country has been working tirelessly in the past few months to make sure that it happens in the coming months. A typical example of this is testing the digital assets in specific locations while using different vendors that signed up for the testing.
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