It's not new that central banks are building their digital currencies based on the blockchain technology and seems that many of this countries who are entering to the adoption of the blockchain technology want to benefit from the features assured by this tech, which is more cheap to issue digital money, more transparent to the users and fast in transactions, neither domestic or cross border.
Lebanon is a western Asia country with more than 6M habitants located in the mountains the country is betting on issuance of their digital currency backed by Central Banks and powered by blockchain, with the intuit to bring more trust to their money accordingly to Bloomberg, who first announced the news which was edited by the Block crypto website.
Like many other ones who are embracing digital currencies, Lebanon certainly hope to cut billions of dollars from issuance of paper money and become one of the first on the front line to adopt this kind of money. Digital currency electronic payment-DCEP also known as central bank digital currency-CBDC lately have been found many adepts on the world with nations such as China, who is the second most powerful economy in the world also located in Asia like Lebanon, producing their digital currency electronic payment-DCEP that will substitute the paper money.
Lebanon will introduce and start the study of this kind of money in 2021, but there are countries who already launched their digital currency, the case of Bahamas, who launched their Sand Dollar which will be from now on the money will be used in the archipelago and not only on the mainland, but the Sand Dollar could also used to international transfers but this possibility still on the plans and soon they will let the outside world knows about it.
There plenty of interested countries in the issuance of digital money and many of them are still studying what impact this kind of cash can have in their economy and if it viable to join the trend and create digital currency to use in their nations. England, Japan, Honduras, Tunisia, Sweden, Singapore and more important countries are on the edge to release their ideas to issue own central bank digital currency.
Even the European Central Bank once said that will issue own digital Euro if the Banks fail to bring for them methods more practicals to transfer money across the globe that is cheap and fast, the SWIFT method is slowly becoming obsolete and banks and financial institutions need more modern ways to send and receive money the fastest and secure which also can allow them to save some billions in issuance of paper money.
The world is evolving and definitely 2021 will be a year with many countries creating their own digital currency, China already said that before the next Olympic Games will release the digital yuan and athletes from all over the world will have the pleasure to use it during the competition.
China is also in advanced stage of test of their digital yuan, with cities like Shenzhen being parts on trials to test it, the government made sure that each of this residents received something like $30 as red packets to disseminate the digital yuan in the City and accordingly to news coming from China at the time the experience was a success and many Chinese citizens are converting the native currency to the digital yuan to be able to use it on the country.
Development is the way in to acceptance of the technology behind this kind of money, blockchain will be preponderant to issuance of this kind of money, not only that, blockchain is the tech that will drive the industry and services in the future all of this could be tracked in real-time and after being stored on the network no one can change that info.
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Amazingly written