Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first retail-oriented CBDC to be integrated with fundamental financial market pillars as the world gradually shifts to digital payments. According to the announcement, Bahama’s Sand dollar is ready for national release and will be scaled past the pilot regions of Abaco and Exuma as of October 20.

Notably, the Sand dollar has been in the works since 2018 and came about as one solution to onboard more of the Island’s population into a ‘bank-like’ ecosystem. The latest development, therefore, marks a significant milestone for the prospectus Bahamian digital dollar, which might ultimately boost financial inclusion. The announcement noted,

“Although average measures of financial development and access in The Bahamas are high by international standards, pockets of the population are excluded because of the remoteness of some communities outside of the cost-effective reach of physical banking services.”

Sand Dollar Stakeholders

The Central Bank of Bahama will roll out Sand dollar in collaboration with Authorized Financial Institutions (AFI’s); these include Credit Unions, Money Transmission Business (MTB), Payment Service Providers (PSPs), and Commercial banks. They will act as the intermediaries between the regulator and retail market by providing services such as digital wallets and transactional operations.

The Sand dollar gradual national release will happen in two phases, with the first one being KYC and due diligence readiness amongst the AFI’s. This will cover all account tiers, including digital wallets that will be launched as part of the Sand dollar ecosystem. The Central Bank added that it would continuously increase engagement with the private sector stakeholders.

As for the second phase, emphasis will be on government services and public utilities; this stage is expected to kick off in 2021 between the first and second quarters. Likewise, the AFI’s are also in preparation mood with three PSPs, once a commercial bank and four MTBs already authorized to operate as Sand Dollar AFI’s.

“These AFIs are enabled to offer Sand Dollar services to stakeholders either through their custom apps (after successful completion of a cybersecurity assessment) or through the generic Sand Dollar app.”

Notably, the Sand dollar network has undergone an intensive cybersecurity assessment, which is, in turn, complemented by similar testing procedures by AFI’s before being integrated with this CBDC. Also, the Sand dollar wallets are embedded with 2FA features. The Central Bank, however, highlighted that Bahamians would enjoy confidentiality but not the anonymity of fiat.

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Author: Edwin Munyui

Another Red Day Across Markets: Hot Money Flows Out of DeFi & OI Sinks

After opening the day higher, bitcoin, gold, S&P 500, and Nasdaq are dropping further. Meanwhile, the US dollar is 1.3% in the past four days.

Crypto markets are looking weak after losing a great deal of value Thursday, but of course, not as much as some of the tech stocks did.

Tech stocks started declining just as we entered September. Over the past three days, Tesla shares dropped 18% while Apple lost $365 billion in value, which is not only more than the market cap of 491 companies in the S&P 500 but also the entire market cap of crypto.

The strong performance of the stock market since March has been primarily because of the tech stocks, which got sold off this week as investors worry about the continuing crisis in the US jobs market.

After hitting new all-time highs on Wednesday, S&P 500 and tech-heavy Nasdaq both fell 3.5% and 4.9%, respectively. Randy Frederick, the vice-president of trading and derivatives for Charles Schwab said,

“Some of the stocks have gotten a little pricey, and what the actual cause is to spark this sell-off is difficult to say. The leading sector for quite a long time has been the Nasdaq, which is very heavily weighted in technology stocks, so people just saw this as an opportunity to take the profits off the table.”

Also, the US trade deficit expanding to the widest level since 2008, debt set to exceed the size of its economy next year for the first time since World War II, US-China tension heating up, and upcoming elections in November could be playing a part too here.

An Opportunity to Rebuild

A blow to the sentiments in the crypto market came not only because tech stocks went into sharp reverses but also “hot money flow (outflow) from DeFi,” said Denis Vinokourov of the prime broker, Bequant.

DeFi had a record $9.5 billion total value locked in it on Wednesday, which has now come down to $8.6 billion, as per DeFi Pulse. He said,

“It is a reminder that crowded trades bring with it a lot of volatility when someone begins to unwind their positions. Digital asset trades are more than aware of such dynamics, and while the bulls may be feeling particularly salty about the reversal of fortunes, the pull back offers an opportunity to rebuild.”

After falling to nearly $10,000 level yesterday, bitcoin strengthened only to follow equity markets and trading at $10,350. The crypto market, however, remains in heavy red with a few exceptions like TRX, EOS, DGB, CELO, and STORJ.

The futures market is also looking identical to the spot with open interest falling to $439 million. Volume meanwhile surged on CME, recording $1.1 billion and $941 million on Wednesday and Thursday, respectively.

The same is the case for perpetual swaps, the volume is rising, and open interest is falling, the trend suggesting a substantial amount of long positions got liquidated over the past couple of days.

On OKEx, the quarterly futures saw a negative premium for the first time since mid-May, which is “indicative of extremely pessimistic market sentiment.” Vinokourov said,

“The futures curve also flattened aggressively as leverage buyers were the first ones to look for cover, while in the options market the skew profile also offers plenty of opportunities to capture on market mispricing.”

In the short term, the losses have quite obviously turned people bearish towards BTC. Analyst Don Alt, who has been calling for a drop for some time now, has put his target to about $8,000 now, which isn’t really outlandish as several 30% to 40% pullbacks have been usual during the last bull cycle. But for other traders, “If it goes to 8 or 7k then it goes back to 4 to 5.”

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Author: AnTy

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020.

The dollar index, which measures the greenback against a basket of leading currencies, has fallen 9.5% since the March high. July was the currency’s weakest monthly performance in a decade after USD fell to a two-year low.

Source: TradingView

This weakness has been tied to the market, expecting further easing of US monetary policy, a lack of agreement among lawmakers on further fiscal stimulus, and falling bond yields.

Dollar’s loss, however, has been turning out to be good for other asset classes. Gold has hit a new all-time high at above $2,000. Bitcoin is also up 58% YTD at around $11,400, and this could be the time to stack more sats. Trader Scott Melker said,

“This is arguably the most pivotal moment we have seen for the United States Dollar since it bottomed in 2008. This channel has been intact for over 10 years. If it breaks down, hide yo’ kids and buy a metric ton of Bitcoin.”

Bitcoin’s gains have also been attributed to the dollar’s fall, and the digital asset is further expected to benefit from USD weakness.

“If the dollar continues to depreciate, there is a high probability that Bitcoin will continue to rise,” said Jay Hao, CEO of OKEx.

Crypto also addresses frictions such as settlement and transparency, which were “assumed” to be “very hard to solve before,” said Ripple CEO Brad Garlinghouse. “Crypto is up 80% while USD is down 3% YTD.”

Fueling the Rise of Stablecoins

Another interesting facet seen in the crypto market while USD continues to lose its value is the increase in the demand of USD-pegged cryptos.

Stablecoins have had a rapid rise following the crypto crash in March, which was spurred by a massive sell-off in the global equity markets, which led to a huge rush into cash and a global shortage of dollars. Coin Metrics in its joint report with Bitstamp says,

“Moving into stablecoins allows investors to effectively keep money parked on the sideline without having to completely cash out into fiat currency and incurring fees. This rush to safety likely accounted for a significant portion of the increased stablecoin demand following March 12th.”

Stablecoins are back on the rise, with Tether in the lead, which added more than 400 million to its supply in just three days, to a total of over 11.5 billion.

USDT Supply
Source: CoinMetrics

Another driver behind this growth is the use of stablecoins as a medium of exchange, given their ease of international transfer. An increase in these types of payments could be due to hyperinflation in many fiat currencies following the March crash.

The transfer value of these fiat-pegged cryptos reached over $5 billion on July 27th, led by USDT-ETH, USDC, and DAI.

Stablecoin Transfer Value
Source: CoinMetrics

According to Coin Metrics, this continued rise in stablecoins is likely to help introduce more new users into the crypto ecosystem.

“Stablecoins could be the gateway that helps spur crypto’s global adoption, and boost usage of BTC and other crypto assets along the way.”

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Author: AnTy

Will China’s CBDC See Strong Adoption Or Will Dollar Pegged Stablecoins Cause Resistance?

China’s digital yuan is touted as a powerful challenger to the US’s global dollar dominance, but not as a direct competitor to cryptocurrencies. However, Chinese central bank digital currencies (CBDC) may find it hard to see adoption in niches where the dollar-pegged stablecoins already have a foothold, primarily Tether’s USDT.

Speaking during the Unitize panel held on Monday, Genesis Block’s Charles Yang, gave reasons why digital yuan might not be attractive as a crypto replacement.

Speaking to Bitcoin Exchange Guide, Yang explained that there are two main aspects driving crypto adoption in Asia. First, speculation, stating that there is a large number of investors particularly from China and Korea who like taking risks. In addition, Asian traders also enjoy the borderless nature of cryptos. He explained:

“Any country that has these capital constraints — Korea is a big one, China’s obviously another major one — [where] people just can’t go through regular banking channels to send money to a different country. This is the major use case of crypto right now.”

In this regard, Yang argues that a centralized as well as bank-issued digital yuan might not be a superb replacement to USDT. Yang states that the set regulations for capital control will still apply.

Yang also brought the issue of internationalization of CBDC’s and the way other nations may react. He explained that if China introduces a digital yuan within their own blockchain insisting other nations to accept it, those nations will need to access the data. Yang remains sceptical on whether the Chinese central bank will be ready to offer the data to other nations.

Yang stated that USDT will remain to be popular in Asia as lots of dollars are being traded each day. Traders’ confidence has been boosted in the recent past in regards to its reserves.

The expert opines that digital yuan will need to establish itself among bigger crypto markets as well as exchanges for it to compete with USDT.

Lack of adoption by other countries can also make it hard for the digital yuan to have a major threat to USDT.

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Author: Joseph Kibe

China’s Digital Yuan Set to ‘Displace’ Bitcoin and U.S Dollar; Report

China’s Digital Yuan could challenge the U.S dollar and Bitcoin, according to a recent report by Bloomberg.

The PBoC backed digital asset was piloted in April by the Agricultural Bank of China within four cities in the country. Since then, stakeholders across the world have voiced different sentiments, with some seeing it as a threat while others remain confident of the dollar’s supremacy in pricing commodities such as gold and oil.

Though still in its early stages, it is likely to be tested on a massive scale during the Beijing Olympics scheduled for 2022. The Chinese digital yuan is simply cash stored electronically as opposed to physically in wallets.

This is not a new concept for China’s population, given that payments via the likes of WeChat and Alipay contribute around 16% of the country’s total GDP. The introduction of a digital yuan would, therefore, disrupt this market while reducing risks according to PBoC governor, Yi Gian:

“Those big tech companies bring to us a lot of challenges and financial risks…You see: In this game, winners take all, so monopolies are a challenge.”

Basically, the digital yuan is backed by the PBoC, meaning that the regulator controls this ecosystem. While this is antithetical to the concept of decentralization, China began working on it as early as 2014 and accelerated the project last year when Facebook announced Libra.

Recent political meetings by China’s PPC and NPC also served to advance the CBDC agenda with a regional stablecoin proposition.

The Digital Yuan Threat

China’s move to launch a CBDC has been touted as a political strategy to dominate the emerging digital currency market, according to some. Andrew Polk, the co-founder of the Beijing based consulting firm, Trivium China, is among those convinced that PBoC saw an opportunity in this innovation:

“This has a very strong political will behind it…They see an opportunity of being a global leader here.”

However, not everyone thinks the digital yuan is set to change the current order; in which most assets are pegged to the U.S dollar. Henry Paulson, a former U.S treasury secretary, has echoed that China’s plans for its CBDC do not pose a serious threat for the U.S dollar; primarily because the dollar enjoys a high degree of trust globally.

A Way to Implement More Financial Oversight?

Though an easy way to bank the unbanked in China, the digital Yuan could be used to increase oversight within China’s financial ecosystem.

Ideally, the PBoC will be able to track funds within its CBDC network. Furthermore, this regulator could place limits on the amounts transacted or even require appointments for one to transact a large amount.

Skeptics are now saying that this innovation could be linked to the social-credit system which functions based on the behavior of a person; ‘whitelisted’ candidates can, therefore, get privileges.

Despite all the speculation, it will take longer before we finally see China’s CBDC rolled-out across its jurisdiction and the fate of cross-border transactions upon the official launch.

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Author: Edwin Munyui

Digital Dollar Foundation Releases Its First Whitepaper Urging The US Govt To Explore CBDC’s

  • Christopher Giancarlo’s Digital Dollar Foundation releases its first white paper on the digital dollar.
  • The projects aims at implementing a private-public partnership with the government and commercial banks in a “two-tiered” approach.
  • Can the U.S. challenge other global superpowers in developing their own CBDC?

The Digital Dollar Project alongside Accenture, an Irish-domiciled multinational professional services company, released its first whitepaper on Thursday, May 28, 2020. According to Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) called on the U.S. government to accelerate its efforts in developing its “digital dollar” or risk losing its control over values of the global financial system. Giancarlo said,

“What we’re hoping to be is a catalyst for a discussion here in the United States about what role the U.S. will play in this ongoing and accelerating global debate over the future of money in a new digital age.”

Digital Dollar Project Whitepaper Release

The 50-page reportThe Digital Dollar Project: Exploring a U.S CBDC” expounds on the project’s implementation arguing for a “two-tiered approach” in the system. The project will create a tokenized digital dollar with the same legal status as physical banknotes. The currency will then be distributed to commercial banks who then distribute it to the population similar to how cash is distributed through loans and on ATMs.

In a similar manner to the legacy financial systems, the foundation tier will be the Federal Reserve who through regulated intermediaries will distribute the digital dollar to users.

The key advantage of the two tired approaches rather than the current totally decentralized private cryptocurrencies is that it will be interoperable with current systems. Furthermore, the whitepaper aims at formulating a regulated wallet infrastructure to ensure the users’ transactions follow the KYC/AML compliance requirement.

Digital Dollar Should be Tokenized: Giancarlo

In an interview on the launch of the digital dollar white paper, Giancarlo said the current global view on money may have switched as more governments start exploring their own CBDC solutions. The current COVID-19 pandemic also has raised an alarm on the future of physical money and the question of what constitutes money given the widespread printing.

Earlier in March, the U.S House of Representatives brought forth possible plans in distributing a digital dollar token to efficiently disburse the COVID-19 CARE package Act funds to millions of Americans. The bill stated that users should be allowed to open retail accounts in the FED in order to receive the funds. However, opening an account with the Fed is the same as having a private institution such a corporate bank managing the account only that it will be a public institution doing it.

The white paper advises for a token approach instead of the account approach, whereby the dollar can be used across the globe not only within the U.S. Giancarlo said,

“We think a true U.S. CBDC addresses that problem but then so much more, including building a new architecture for money for generations to come that will serve not just under-banked populations here in the United States during a crisis … abroad and [spur] financial inclusion globally.”

After the completion of the platform (date remains unknown), Digital Dollar Foundation will launch test pilots. These pilots will test “proposed token’s impact on the money supply, technological choices, privacy concerns from users, government control and commercial exploitation, impact or use in sanctions and compliance with AML/KYC laws.”

Once the project is off the trial board, the Foundation and Accenture will present the findings to the relevant authorities according to Giancarlo. He said,

“We’re here to get the conversation going, to provide thinking, experience and expertise, and we will leave it to the policymakers to set the pace.”

Competition from the EU, Russia, and China

The U.S. is lagging behind in the race to a sovereign digital currency after accelerated efforts by top competitor, China. The People’s Bank of China (PBoC) earlier in the year released its

Earlier this year the European Central Bank (ECB) announced its plans to develop a retail central bank digital currency (CBDC) light of the COVID-19 pandemic. South Korea, Russia and Switzerland are some of the developed countries looking to launching their CBDC in the coming future.

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Author: Lujan Odera

Visa Files for a Centralized Digital Dollar Patent; Putting Fiat Currencies on Blockchain

Visa, a multinational payments service provider, has filed a patent to create a digital dollar based on blockchain tech with oversight from centralized computers. The US patent & Trademark office revealed the details of this application on May 14. However, Visa initially filed for the patent back in November 2019.

According to the publication, this idea is not solely based on the US dollar. Visa highlighted that the patent involves other currencies as well such that any central bank can smoothly transition to the digital form of its base currency. Dubbed the ‘Digital Fiat Currency’, it was filed in conjunction with inventors Alexander Pierre and Simon J. Hurry.

The Digital Dollar Technical Aspect

Visa has since mentioned the possibility of leveraging Ethereum’s blockchain for this development. The proposed infrastructure design encompasses two records meant to facilitate a transparent conversion from fiat to digital. One is tasked to ensure that a digital denomination has been created while the other records that a corresponding fiat amount is removed from circulation,

“…every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.”

The application goes on to tout cryptocurrencies as a viable solution given the cost-friendly nature and immutability aspects embedded within blockchain ecosystems. However, Visa, did not maintain the fundamental nature of blockchain decentralization as per the application. In fact, it further suggests that the centralized entity approach could be the answer for implementing monetary policy in digital markets.

Following this approach, Visa’s patent was praised by the former chairman of US Commodity Futures Trading Commision (CFTC), Christopher Giancarlo. He noted that the patent is a major statement from both private and public stakeholders in the US,

“This confirms when the U.S. does big things like the space program and the Internet, there are partnerships between the private and public sector. This patent filing is evidence the private sector is very much at work on the future of money.”

Visa’s Recent Scaling in Blockchain and Crypto Activity

As the world navigates living with Covid-19, payment service providers have been on their toes to match the current needs. This has somewhat favored the crypto market which many were initially skeptical about. Visa’s latest milestone within this space is the inclusion of Coinbase as one of its principal members. This alliance has seen Coinbase pioneer debit cards for crypto spending with the help of Visa. The firm also runs a FinTech Fast Track Program supporting startups within this industry based on Visa’s resources.

Despite this success, the digital dollar patent does not guarantee a solution in monetary policy or regulatory oversight. A Visa spokesperson told Forbes that not every patent result in a new product but the firm strives to respect intellectual property,

“While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand.”

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Author: Edwin Munyui

Ripple (XRP) Price Analysis (May 1)

Key Highlights

  •  XRP/USD market still sees a continual process of price retracements.
  •  The US dollar is now a bit pressing harder against the crypto under a high value of $0.24.
  •  Traders should be cautious of keeping too long on shorting positions of this trade.

Ripple (XRP) Price Analysis

• Major distribution territories: $0.26, $0.28, $0.30
• Major accumulation territories: $0.20, $0.18, $0.16

There is still a continual process of price retracements in the valuation of XRP/USD market. The base-instrument had once prevailed over the worth-value of its counter currency during the yesterday’s day trading operations while a high mark at $0.24 was touched.

The buyers have to put all strength together from around a low price value at $0.22 territory. Meanwhile, a breakdown at a $0.20 accumulation territory may result in revisiting a lower point at $0.18.

Ripple Technical Indicators Reading

The 50-day SMA indicator with the Middle and Lower Bollinger Bands are bent pointing towards the north. The Upper Bollinger Band has a curved towards the south-east direction above the current market line. That suggests that the bears are slightly putting the crypto-trade under a small pressure. The Stochastic Oscillators are within ranges 0f 40 and 20. And, they now briefly point to the south-east direction. That signifies the possibility of seeing a line of choppy price movements in a near trading session.

Conclusion

$0.20 price territory, has now come to serve as the key point that its breaking down will cause serious sell-offs. Nevertheless, there’ll still be a need to be cautious of keeping long on short-trading positions at a downward break of the market line mentioned earlier.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Crypto Market Accumulating ‘Dry Powder’ Amidst Fresh Bout of Risk Aversion

The US Dollar Index is trading at around 100, a level last seen in 2002. After dropping just under 95 momentarily, the dollar index surged to 103 the day the stock market experienced a violent sell-off.

While the dollar index climbed to its highest in two weeks, both Japanese yen and British pound weakened along with won and ruble with little change in the euro.

Meanwhile, the US stocks had its worst day in three weeks and Treasury bonds surged as turmoil in the crude oil market triggered a fresh bout of risk aversion. The market also shrugged off a new deal for a relief package worth $484 billion to lend extra support to the US economy.

Just like the dollar, in the crypto market stablecoins are enjoying record growth. In recent days, they have grown by about $3 billion.

There’s a lot of dry powder in the market with the popular stablecoin Tether’s (USDT) market cap surging to $7 billion.

“Anecdotally I’ve heard a lot of it is for non-bank dollar-equivalents in EM for normal working capital purposes. not all dry powder for crypto,” said Nic Carter of Coin Metrics about this development.

Since the massive sell-off in mid-March, stablecoins have been acting as a shield in opposition of crypto volatility and a connection for exchanges.

Flight to Stablecoins in 2020

Currently, stablecoins are being used as a safe haven from from the volatile nature of crypto and a link for values moving amongst exchanges, noted Coinbase in its latest report “Flight to Stablecoins in 2020”. Their use in worldwide trading between businesses, conventional financial settlements, and as guaranties for DeFi since it too is moving upwards.

While the volatility of ETH and BTC prices have been historical recently, the bigger stablecoin environments have climbed to all-time highs of over the nine billion dollar market cap.

Coinbase and Circle issued USDC which is “fully backed and redeemable for the U.S. dollar on a one to one ratio,” accounting for over seven hundred million dollars of this.

As we saw last month, global investors were selling everything possible to obtain reassurances for the safety of the US dollar and these same global investors paid a steep price to exchange their own regions currencies into US dollars.

Historically, USD market has gained amid the financial crisis to a “flight to safety,” as seen in the DXY Dollar Index rises to multi-year highs.

Now, USD-pegged stablecoins are seen as “innovative mechanisms for global investors seeking U.S. dollar exposure.”

Gaining Traction

Talking of their own stablecoin, Coinbase reported that since the beginning of March, USDC’s market cap has soared from over four hundred million to an ATH of over seven million. Its on-chain value transfers also reached all-time-highs of nearly four hundred million per day. Since its creation, USDC has also transferred over twenty six billion for on-chain.

Overall, in March stablecoin reached about 40% of daily value transferred compared to BTC and ETH.

When it comes to daily active addresses, USDT leads with 50k with Sai, USDC, Dai, and PAX hovering around 3k per day.

As for stablecoins use in global commerce, the US-based exchange reports that Coinbase Commerce completed over two hundred million dollars in transactions. And because of the “fundamental advantages over traditional payment systems, stablecoins may become increasingly viable for global commerce.”

Also, crypto wallets are easier to access and the set of up than setting up a bank account and may even prove valuable for “banking the unbanked” of the world, argued Coinbase.

New financial services such as DeFi are gaining ground and allows stablecoins to”be programmatically borrowed, lent, and used as collateral. Smart contract lending protocols like Compound, dYdX, Nuo, and Aave currently offer an APY range of 0.44–2.36% for USDC.” since the beginning of April 2020.

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Author: AnTy

Former CFTC Chairman Giancarlo’s Digital Dollar Project Adds 22 Members to Advisory Board

Digital Dollar Foundation, an outfit that is pushing for the creation of a digital dollar in the US, has now announced its board of advisors. The foundation is led by ex-CFTC executives Chris Giancarlo (aka Crypto Dad) as well as Daniel Gorfine who has also roped in Accenture.

According to a press release, the new board of advisors was unveiled on Thursday and consists of 24 people who will work together towards the development of a US CBDC.

The advisory board brings together experts with broad backgrounds in both the finance industry as well as payment technologies. Some of the members include exCFTC commissioner Sharon Bowen, Usman Ahmed who is PayPal’s policy official, fintech law professor Chris Brummer, Sheila Warren who is the head of blockchain efforts in the World Economic Forum (WEF), as well as DRW’s CEO Don Wilson. As well as the former Treasury Undersecretary in charge of Terrorism and Financial Intelligence, Sigal Mandelkar and former President Trump’s adviser Tim Morrison.

The Digital Dollar Foundation looks forward to advocating for research as well as discussion on the possible benefits that comes with the use of a US CBDC. The new board will explore how a digital dollar will operate as well as scale. The group will also explore if a digital dollar can be utilized in private transactions.

Giancarlo explained that the board consists of individuals from different sectors who are experts in monetary policy, commercial and central banking, privacy law, KYC/AML, economics, tax and other relevant disciplines that are crucial in the exploration of how a digital dollar will be used and its impact on the US and the global economy. Giancarlo explained:

“The insights and expertise of the new advisory group members will be invaluable as we work together to help make the dollar a more effective and smarter currency in an increasingly digital global economy.”

The developments come as legislators are haggling on how a digital dollar which is non-crypto can help in the distribution of funds to US citizens at a time when the world is fighting the Corona pandemic.

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Author: Joseph Kibe