Why do you think Central Bank Currencies Matter? Why are they important? Gilbert Verdian: It is a very timely question. We started looking at CBDCs probably around 2017 and 2016. Before we knew about them, we were working on it in the background especially with the work around ISO. So, coming from the regulator and policy status working in the treasury within the UK and within the bank of England and running the national infrastructure, we know what it takes to run payments and what that means for citizens, consumers, businesses, wholesale banks etc.
Why it is important is, you know we have an opportunity and it is the time is now where CBDCs are an evolution of the existing money that we use. And, the evolution allows us to program money in a new way. And, if you look at the BIS paper on how the CBDCs fit in to the financial system that the famous flower fits it in to the hub, it shows that there is room between the financial system for wholesale and retail CBDCs. And, it is a way to complement cash.
Gilbert Verdian points to Stability, Legal, Privacy, Resilience & Security, Competition, Illicit Finance, Spill overs, Energy, Innovation, Inclusion, Payments, Cross Border, Int’l Dev.
Community Response: We don’t want CBDCs. We don’t want an “evolution of the old system” with new forms of programmable money made by the same overlords who enslaved the world. No.
If you don’t think it’s going to happen anyways regardless of what “we” don’t want, then you may need to do some research. CBDCs are the future regardless of anyone’s wants.
They matter because modernization of the fiat system is long overdue! IMHO It’s imperative that a distinction between CBDCs & “Cryptocurrencies” be agreed, with no single majority, other than us plebs, being able to dictate through sheer number the position in the market.
Love QNT. I am there since the start. Will never leave the boat even in the hard time, thanks for this project. Hope to see more about you after the MasterCard news today.
Amazing Gilbert I am a massive believer in what you are doing – truly privileged to be invested in such a remarkable technology that is Quant. Aren’t CBDC’s anti Crypto?
Do you believe the current teams partnered with BoE for the CBDC such as PayPal will solve the interoperability issue? It’s great you guys have set up the digital pound foundation but given the skepticism of crypto will the foundation have much of an impact?
Quant technology will facilitate the scalability and interoperability between different CBDCs, to say the least. Incredible stuff.
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