{"version":"https://jsonfeed.org/version/1.1","title":"Stephen Ajulu","home_page_url":"https://ajulu.netlify.app/","feed_url":"https://ajulu.netlify.app/tags/central-bank-digital-currency/feed.json","description":"Hello, I'm Stephen Ajulu, a seasoned multidisciplinary tech professional with over a decade of experience. I build impactful solutions using design, tech, and engineering in the pursuit of impact.","icon":"https://ajulu.netlify.app/images/me.jpg","authors":[{"name":"Stephen Ajulu","url":"https://stephenajulu.com","avatar":"https://ajulu.netlify.app/images/me.jpg"}],"items":[{"id":"https://ajulu.netlify.app/posts/what-are-cbdcs-why-countries-are-exploring-and-creating-their-own-central-bank-digital-currency/","url":"https://ajulu.netlify.app/posts/what-are-cbdcs-why-countries-are-exploring-and-creating-their-own-central-bank-digital-currency/","title":"What are CBDCs? Central Bank Digital Currency Defined","summary":"The future is digital and virtual.\nCBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with. What sets a CBDC apart from established currencies is that proponents hope it can use new payment technology, typically a blockchain, to potentially increase payment efficiency and lower costs.\nThis new type of currency is still early in its development. Most countries are still only starting to explore the idea, such as the U.S. form of a digital dollar. A few ambitious countries, including China with its digital yuan, South Korea, and Nigeria with eNaira, have already finished a demo and are piloting the technology. But a CBDC has yet to be deployed on a large scale.\n","content_html":"\u003cp\u003eThe future is digital and virtual.\u003c/p\u003e\n\u003cp\u003eCBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with. What sets a CBDC apart from established currencies is that proponents hope it can use new payment technology, typically a blockchain, to potentially increase payment efficiency and lower costs.\u003c/p\u003e\n\u003cp\u003eThis new type of currency is still early in its development. Most countries are still only starting to explore the idea, such as the U.S. form of a digital dollar. A few ambitious countries, including China with its \u003ca href=\"https://www.reuters.com/technology/95-billion-spent-using-chinese-central-banks-digital-currency-official-2021-11-03/\"\u003edigital yuan\u003c/a\u003e, South Korea, and Nigeria with \u003ca href=\"https://enaira.gov.ng/\"\u003eeNaira\u003c/a\u003e, have already finished a demo and are piloting the technology. But a CBDC has yet to be deployed on a large scale.\u003c/p\u003e\n\u003cp\u003eEach country exploring a CBDC has its own approach. Several CBDCs are based on the same general principles and blockchain technology underlying Bitcoin, the original cryptocurrency.\u003c/p\u003e\n\u003cp\u003eBlockchain technology allows many different entities to hold a copy of a history of transactions so that history is distributed and not controlled by a single entity.\u003c/p\u003e\n\u003cp\u003eSeveral countries are known to be experimenting with blockchain-inspired CBDCs. Venezuela was a pioneer in this respect, launching its own cryptocurrency, the petro, in 2018. However, the petro is plagued by problems and very few Venezuelans actually use it. Besides Venezuela, the Chinese government is probably the furthest along in creating a CBDC. It is already trialing a digital yuan across several cities. The U.S. Federal Reserve Bank of Boston is collaborating with the prestigious Massachusetts Institute of Technology (MIT) to experiment with a digital dollar as well. \u003ca href=\"https://kenyanwallstreet.com/kenya-explores-central-bank-digital-currency-for-cross-border-payments/\"\u003eKenya has expressed interest in creating its own.\u003c/a\u003e\u003c/p\u003e\n","date_published":"2021-12-09T12:31:00+03:00","image":"https://ajulu.netlify.app/images/cbdc.jpeg","tags":["technology","finance","cbdc","central bank","central banks","central bank digital currency","stablecoin","digital currency"]},{"id":"https://ajulu.netlify.app/posts/tanzania-is-planning-to-launch-their-own-central-bank-digital-currency-cbdc/","url":"https://ajulu.netlify.app/posts/tanzania-is-planning-to-launch-their-own-central-bank-digital-currency-cbdc/","title":"Tanzania is Planning To Launch Their Own Central Bank Digital Currency(CBDC)","summary":"The Bank of Tanzania is allegedly mulling over introducing a central bank digital currency for the African nation following the footsteps of neighboring nations declaring similar initiatives.\nAs per a recent Bloomberg report, Bank of Tanzania Governor Florens Luoga mentioned that Tanzania was contemplating following Nigeria’s precedent in rolling out its own central bank digital currency. Luoga allegedly mentioned that the central bank had “allegedly begun preparations” for a digital shilling, Tanzania’s currency since the year 1966.\n","content_html":"\u003cp\u003eThe Bank of Tanzania is allegedly mulling over introducing a central bank digital currency for the African nation following the footsteps of neighboring nations declaring similar initiatives.\u003c/p\u003e\n\u003cp\u003eAs per a recent Bloomberg report, Bank of Tanzania Governor Florens Luoga mentioned that Tanzania was contemplating following Nigeria’s precedent in rolling out its own central bank digital currency. Luoga allegedly mentioned that the central bank had “allegedly begun preparations” for a digital shilling, Tanzania’s currency since the year 1966.\u003c/p\u003e\n\u003cp\u003eAmidst the preparation to launch a central bank digital currency, the governor mentioned that Tanzania is also mulling over expanding research into digital currencies and reinforcing the capacity of central bank officials. If the plan comes out to be successful, the nation would be among a select group of jurisdictions presently exploring a rollout of a CBDC.\u003c/p\u003e\n\u003cp\u003eNumerous industry experts are looking at China guiding the way to the next CBDC launch from a major world economy. The nation’s central bank has carried out pilots in major cities since the month of April 2020 and is planning a substantial test at the Beijing Winter Olympics, next year.\u003c/p\u003e\n\u003cp\u003eAs per Luoga, the initiative from Tanzania’s central bank was impelled by Nigeria’s launch of its own central bank digital currency, the eNaira, last month. It is to be noted that the CBDC is only the 2nd to be fully available to the public subsequent to the Bahamas becoming the 1st country in the world to launch a CBDC in the month of October, last year.\u003c/p\u003e\n\u003cp\u003eSource: \u003ca href=\"https://thefutureisnow.community/tanzania-purportedly-planning-to-launch-cbdc/\"\u003eTheFutureisNow\u003c/a\u003e\u003c/p\u003e\n","date_published":"2021-12-01T12:38:00+03:00","image":"https://ajulu.netlify.app/images/tanzania-purportedly-planning-to-launch-cbdc-1600x900.jpg","tags":["finance","cbdc","Central Bank Digital Currency","tanzania"]}]}