Bitcoin
$ 38,584
Ethereum
$ 2,350.2
Litecoin
$ 138.19
okex ads

EMTECH Debuts Tech To Streamline Central Banking

EMTECH is rolling out its new Modern Central Bank Sandbox, which will help to streamline regulatory reviews and test central bank digital currencies (CBDCs), a press release says. The platform will also help central banks that want to collaborate with innovators on new technology.

The Modern Central Bank Sandbox, according to the release, will help smooth out challenges in banking with things like “exclusion, KYC, SME lending, cross-border payments, AML/fraud,” and will also enable them to innovate safely with effective oversight and quicker time to market.

EMTECH aims to provide central banks with an infrastructure for digital cash. For example, EMTECH is currently working with the Central Bank of the Bahamas on its Digital Sand Dollar Currency.

The release states that central banks currently have around $9 trillion in paper money. Digitizing that money can help boost liquidity for both small businesses and individuals, while also ensuring that central bank money remains an anchor for “a robust and competitive financial sector.”

EMTECH’s technology aims to give banks an “action-ready toolset for new and inclusive monetary policy, and the guardrails for efficient transfer of an estimated $90 trillion in cash payments,” per the release.

The implementation of CBDCs could mark shift in financial relationships, the release notes, quoting the latest Deutsche Bank Wealth Management CIO report from September. The CBDCs could help boost transaction speeds, security and transparency, and make for a more effective monetary policy.

In Europe, banking experts have sometimes opined that there should be very strict control over CBDCs, with only official state powers using them. And Bundesbank President Jens Weidmann said he thinks cash will still have a place in the world due to how many people still depend on it.

However, European Central Bank (ECB) executive board member Yves Mersch said earlier this year that the retail CBDC would be a “game-changer” for finance and that limiting it to governments would basically just be business as usual.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

AFRICAN WEEKLY REVIEW
July 26, 2021By
India: WazirX Partners with TRM Labs to Detect Crypto Fraud Transactions
July 26, 2021By
Wyoming Authorities Officially Recognize the First DAO in the United States
July 26, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,584 1.65 % 13.06 % 20.88 %
Ethereum2,350.2 1.54 % 10.65 % 23.32 %
Tether1.000 0.69 % 0.20 % 0.09 %
Binance Coin319.66 1.53 % 7.68 % 5.06 %
Cardano1.330 0.37 % 10.30 % 11.94 %
XRP0.6576 1.19 % 10.50 % 11.50 %
Dogecoin0.2220 2.63 % 13.79 % 20.47 %
USD Coin1.000 1.08 % 0.34 % 0.19 %
Polkadot14.72 1.52 % 11.09 % 15.21 %
Binance USD1.010 1.66 % 0.76 % 0.11 %

You have not selected any currencies to display