By Jamie G - Crypto expert - 06-09-2021
Around the world, we are beginning to see more and more countries adopt the digital finance industry. Places are accepting various aspects of the digitalised currency world, whether investing in cryptocurrency or creating central bank digital currencies (CBDCs).
For further clarification, a CBDC is a crypto to fiat digitalised national currency. The central bank digitalises its national currency to provide people with more security. A CBDC works similarly to a fiat pegged cryptocurrency if you were to invest in stablecoins. The main difference between the two currencies is that CBDCs are regulated, whereas stablecoins are not.
Reportedly, Singapore is already putting plans into action to produce CBDCs for its people. The Monetary Authority of Singapore (MAS) has begun the integration process by choosing 15 businesses to assist with retailing the Central Bank Digital Currency (CBDC). The selected companies will have to enter the Global CBDC Challenge and contribute to developing a native retail CBDC.
Many businesses globally were entered into the challenge; however, only three companies will be made the winners and will then be allowed to develop the country's retail CBDC. The firms taking part include five from America, six from Singapore, and then four from European countries. In America, some companies that have succeeded to getting into the finales are Consensys, cLabs Inc., IBM, and Extolabs LLC. Criteo (France), Soramitsu (Switzerland) and Giesecke+Devrient advance52 GmbH. (Germany) have made it through in the Europe sector.
Reportedly, the MAS will train and coach all of the companies that have made it to the final rounds. The winners will receive 50,000 SGB ($37,000) to help support and supplement the retail CBDC project.
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