Proponents of CBDCs insist that any such digital currency would enable Ugandans to move money cheaply and at a much faster pace. CBDC DigitalCurrency
The Bank of Uganda has commenced a study that explores the feasibility of issuing a digital currency. However, an executive with the institution warned that the central bank needed to be clear why it must have this in the first place.The Ugandan central bank is reported to have commenced studying the feasibility of issuing a CBDC that will be used by households and businesses. In addition, the BOU is reportedly planning to revise the country’s financial laws.
Nevertheless, the bank’s executive director for operations, Charles Abuka, cautioned during a recent interview that the BOU needs to be clear about why it wants to launch the CBDC in the first place. He said: First, is to establish properly what is the rationale, why must we have it, what issues is it going to help us resolve.
Abuka also argued that the issuance of CBDC is likely to have “technology implications.” He said the technology architecture of such a digital currency will come at a cost and the central bank needs to understand the implications of these costs. He also highlighted that digital currencies may be susceptible to cyber-attacks.
The blockchain consultant, however, warned that any issuance of a CBDC is likely to result in financial institutions being removed from the banking equation. According to Baalessanv, while issuing digital currency directly to users is more efficient, this can also be the “most dangerous” attribute of a CBDC.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biden’s Executive Order Calls for ‘Highest Urgency’ on CBDC Research and DevelopmentThe President has called on the Treasury Department to spearhead a series of reports looking into CBDC technology and how to implement them – ”if doing so is deemed to be in the national interest.”
Weiterlesen »
Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Week High Above $42,000 – Market Updates Bitcoin NewsFollowing an extended period of bearish pressure, bitcoin surged on Wednesday, as bulls returned to the market.
Weiterlesen »
While Bitcoin price starts 2022 with a slump, mining difficulty is on the riseWhile Bitcoin's price is falling from all-time highs, mining difficulty is rising. If volatility continues, what will it mean for miners?
Weiterlesen »
Mega Awakening — Whale Transfers 429 'Sleeping Bitcoin' From 2010 Worth Over $16.8 Million – Bitcoin NewsAs crypto prices fluctuated, an odd bitcoin transaction from 2010 was transferred at 1:45 a.m. (UTC) moving 429 bitcoin worth $16.8 million.
Weiterlesen »
Crypto News, March 9: White House Bullish on Bitcoin? | CoinMarketCapAlso today, a crypto exchange becomes the first to ban new Russian users... and LimeWire is making a comeback as an NFT marketplace.
Weiterlesen »
CoinDesk: Bitcoin, Ethereum, Crypto News and Price DataSouth Korea's president-elect, who issued more than 22,000 NFTs during his presidential campaign, promises to deregulate the crypto industry. Is South Korea going to be the next crypto hotbed? Watch 'The Hash,' presented by turbotax:
Weiterlesen »