NEW YORK, June 11, 2020 — EMTECH, a financial technology startup working with central banks to build modern financial infrastructure that addresses financial inclusion using blockchain technology, has announced its latest initiative: Project New Dawn (PND). PND is an initiative to provide digital cash solutions to directly address wealth disparity gaps and other financial issues faced by over 60 million people: America’s unbanked and underbanked population. To support this initiative, EMTECH has announced the release of the first of its kind research working paper, documenting Project New Dawn’s digital cash initiative titled: “A Digital Cash Infrastructure Accessible to Everyone”. .
The initial stages of Project New Dawn were driven by recent developments in Central Bank Digital Currency (CBDC) initiatives and were further expedited due to the COVID pandemic sparking unemployment highs. EMTECH Founder and CEO, Carmelle Cadet, a former IBM Blockchain Business Executive notes, “PND takes a look at the U.S.’ unbanked and underbanked populations, estimated well over 60 Million people by the FDIC, and the direct relation to government support such as the outcomes of COVID19. As of this release, millions of qualified people in the U.S. are still waiting for a physical check or might not get support until September. PND is here to propose a better way to manage payments like these and much more. A Digital Cash Infrastructure is one of the tools needed to address some of key timely issues, like distribution of stimulus payments and the fact that 20% African Americans do not have a bank account. We created the working paper to kick off discussions with key regulators and government participants, but also welcome support from others interested in moving our mission forward.”
PND is timely in its announcement, with central bank and retail digital currencies currently transforming financial markets around the world. With early success references like Project Sand Dollar and anticipated threat of Facebook Libra, central banks are assessing emerging technologies to modernize their country’s financial infrastructure.
The promise of this initiative is to make digital financial services accessible to everyone and reimagine the paper cash-based systems with a driving principle of “People First”. This will provide key benefit opportunities, including: wealth building, lower healthcare costs, job creation, and economic stability.
With the understanding of the inclusion and inequality gaps that exist throughout the financial services industry, Project New Dawn quickly established a diverse group of experienced advisors to assist: Carmelle Cadet – Founder/CEO EMTECH, Diane Maurice – Former Federal Reserve
Bank of New York, Dr. Haran Segram – NYU Professor, Barbara Bickham-Founder/CTO Trailyn Ventures, Jason Brett – Value Technology Foundation, and Natasha Bansgopaul – Founder/COO DarcMatter, Konstellation, and VegaX Holdings. Based on the group’s collective experience in Central Banking, Economics, Psychology, Blockchain, Digital Currency, and Financial Technology, the group’s research working paper introduces a unique framework for a Central Bank Digital Currency as a “General Purpose” digital cash option. This is the first of 2 installments that will ultimately deliver a qualitative and technical point of view to help address two structural problems: Financial Exclusion and Income Inequality.
As the PND initiative is being reviewed by government partners, EMTECH will continue to collaborate with advisors, community/industry stakeholders, legislators and technical contributors such as Microsoft, NZIA and Hedera Hashgraph to put an implementation model forward.
Visit us at: www.projectnewdawn.info
A Financial Technology & Services Company working with Central Banks to build modern financial market infrastructure that is inclusive and resilient.
About Project New Dawn (PND):
An EMTECH initiative in collaboration with an Advisory Board of diverse backgrounds. EMTECH is the Lead Technical Sponsor and Provider, with the support of Hedera, NYU Stern Technical Association and Microsoft
Hedera is a decentralized public network where anyone can carve out a piece of cyberspace to transact, play, and socialize in a secure, trusted environment. Developers can build secure, fair, blazing-fast decentralized applications on top of the Hedera platform. The Hedera Consensus
Service provides an auditable log of transactions for distinct CBDC networks. A private network can leverage the Hedera Consensus Service for a fast, fair, and secure ordering of transactions.