Digital Dollar A Hot Topic At Davos 2020

Recently, the US ‘Digital Dollar’ has given the invitation to a lot of attention from so many industrial experts. In the existing scenario, the number of individuals calling for the digital dollar, as China is working towards the digital yuan, is only increasing. This is what is witnessed by the World Economic Forum at the Davos conference.

As indicated by CNBC, an American attorney as well as former chairman of the CFTC, Christopher Giancarlo, said that conventional currency in the virtual world leaves the people “undeserved.” Neha Narula who is the Director of the Digital Currency Initiative at MIT, as an another speaker, said that the Digital Dollar is worth to give a shot.

A global cryptocurrency leader at PwC, Henri Arslanian, stated that CBDCs hold the power to change cross-border remittances as well as can be helpful in fighting corruption.

He said –

“The potential traceability features of CBDCs could, for the first time, give us a good fighting change against corruption and money laundering. CBDCs also could allow policymakers to measure the impact of certain policies accurately and immediately.”

CBDCs have recently been drawing in the consideration of a few nations. As revealed as of late, the national banks of five significant nations and the European Union joined with the Bank for International Settlements (BIS) to lead joint research on CBDC.

The national banks of Hong Kong as well as Thailand additionally crept nearer to the execution of a joint CBDC venture to improve the productivity of Thai Baht and Hong Kong Dollar cross-border payments.