Central Bank Digital Currencies (CBDC)
CEO of the cryptocurrency exchange EXMO Sergey Zhdanov:
The most long-awaited currency today is the digital yuan. Given China’s leading position in the global economy, this will be a significant step in changing the financial system. The Chinese authorities are actively introducing many modern technologies into the everyday life of their citizens, so you can expect that, at least domestically, crypto yuan will quickly become widespread in accordance with party plans.
And for other countries, it is 2020 that should be the year of issuance of its own digital currencies. But most likely, they will appear after crypto-yuan.
The appearance of CBDC on the agenda of states was largely due to the recognition of the potential of cryptocurrencies, especially steablecones. At the same time, I would like to note that organizations such as the International Monetary Fund and the Bank for International Settlements (BIS) have repeatedly voiced that Central Banks should develop their own cryptocurrency analogues.
Interestingly, they also talked about a single cryptocurrency for certain regions, in particular, for the BRICS countries (Brazil, Russia, India, China and South Africa). Most likely, China can offer its national cryptocurrency for this role, which is fully consistent with plans for its use in international settlements. But this, of course, does not mean that the rest of the countries participating in the international group will agree to such an option. The European Central Bank is also preparing to start developing its steeblock, for which it has already created a working group.
So it is likely that soon we will learn about the project, which will be a kind of cryptocurrency hybrid, in which the properties of steablecones and the regional currency will be.
Moreover, in the future we can expect a single world digital currency. So, in October, the Bank for International Settlements held the first summit of the Central Banks of G20, which discussed the idea of a global cryptocurrency. And in Switzerland, the BIS, together with the Central Bank of the country, has already created a center for the development of a single settlement token among world Central Banks.
All the above facts tell us that the transition of states to digital currencies is one of the elements of the next stage of human development, and its appearance is more of a matter of time.