Many countries are gradually making plans to create and launch their CBDC, ever since the public knew China’s digital Yuan plans. China and America, being known competitors, might the influencing factor behind the latter’s new plans in joining interested countries. A few months ago, the US did not show an immediate interest in the digital dollar’s creation, but now, the country takes steps towards actualizing the currency’s development.
Other regions like the EU expressed the need for the region to have a single digital asset, which members can quickly use to settle payments within the region without much time-wastage. Russia also revealed that the digital rubble should be ready in the next few years, even though the country doesn’t presently prioritize the currency’s creation.
The US reveals plans to hire a research manager
The country’s central bank announced a vacancy for a research manager’s role, who would help in CBDC and stablecoin’s creation for the government. The US- government listed the ad on a LinkedIn page while clarifying that the position was a management post for one of the nation’s policy programs, created to promote innovation and technological advancement.
The hire would have to lead, develop and perform some supervisory role to help towards the creation. He or she would also create objectives, which other researchers have to meet. The country was accepting only applicants with 6-years of experience and above in a similar aspect. The government beamed that it accepts both graduates and postgraduates. Since its announcement, slightly above ten candidates applied through the career platform.
Despite the US’s new proposal concerning the crypto space, the country might be one of the world’s crypto-friendly countries. It made the proposal primary because of Money laundering concerns, which many criminals can do with the platform’s anonymity.
While anonymity keeps data safe, it could threaten security globally through terrorism funding and others. Since last year, it seems the government had planned on getting familiar with crypto technology. America also reviewed some possible digital currency benefits to the nation.
World Economic Forum’s contribution to recent CBDC trend
Key players explained that the forum had talked about Central Bank Digital Currency, meaning that it could have given the trend enough publicity for countries like America to show interest in it. Still, countries understand having a recognized framework, necessitating a meeting for different countries globally, discussing the technology’s development and usage.
Many governments are actively involved in the process, with several central banks, researchers, and other players working to actualize the CBDC goal. Some say that cryptocurrencies are the central currency’s greatest influencers, with many countries trying to join the current trend. According to the country’s central bank, the digital Yuan would be ready soon, promoting the currency across many regions in the country.
The CBDC trend might soon become a huge part of the world’s financial system if countries cooperate and streamline the process. As a home of various ICOs, America would greatly influence other countries when it starts its proposed plans on the central currencies. While many developed countries understand the benefits the currencies could give, they want to research and understand the technology fully.