Nordic Center of Innovation Center of BIS Solicits Suggestions for Offline Functions in CBDC
It is reported that the Nordic department of the Innovation Center of the Bank for International Settlements is inviting technology suppliers to submit the ide…
It is reported that the Nordic department of the Innovation Center of the Bank for International Settlements is inviting technology suppliers to submit the idea of implementing offline functions in the future central bank digital currency. Many central banks considering the potential implementation of CBDC consider the offline function as an important requirement for reasons including flexibility, crisis, financial inclusion, cash similarity, privacy, accessibility, etc. By inviting technology suppliers to submit their suggestions, the Nordic Center hopes to guide the central bank to understand the applicability, applicability and readiness of various available solutions, risks and trade-offs, and the maturity of technology.
BIS Innovation Center invites suppliers to submit offline CBDC technology
Interpretation of the news:
The Nordic department of the Bank for International Settlements’ Innovation Center has opened a call for technology suppliers to submit their ideas for incorporating offline functions into future central bank digital currencies (CBDCs). While most central banks are considering the potential implementation of CBDCs, the offline function has become an important requirement for ensuring flexibility, crisis management, financial inclusion, cash similarity, privacy, accessibility, and other reasons. The Nordic Center hopes that by inviting technology suppliers to submit their recommendations, they can guide the central bank’s understanding of the application, readiness, and risks of various solutions, trade-offs, and technology maturity.
The decision to integrate offline functions into CBDCs suggests that central banks are taking a more cautious approach to the introduction of digital currencies. It is also a recognition that the majority of existing payment solutions rely heavily on an internet connection. Although there are still some concerns about the feasibility of offline connectivity, the move does indicate that central banks are taking a more realistic and flexible approach with the implementation of CBDCs.
The search for suggestions from technology suppliers is a significant step towards achieving a more accessible and inclusive financial system. With financial inclusion being a key objective for many governments, CBDCs offer the potential to bring the benefits of digital payments to people who are currently excluded from the traditional financial system. By incorporating an offline mode into CBDCs, governments can ensure access to these services even in areas where the internet connection can be weak or unreliable.
In conclusion, the Nordic department of the Bank for International Settlements’ Innovation Center has opened a call for technology suppliers to submit their ideas for incorporating offline functions into CBDCs. This decision marks a major shift in central banks’ approaches to implementing digital currencies and indicates a commitment towards flexibility, inclusiveness, and accessibility in the financial system.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/2109.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Digital Currency Group Looks for New Banking Partners for Portfolio Companies
It is reported that after the collapse of Silicon Valley Bank, Signature Bank (SBNY) and Silvergate, Digital Currency Group (DCG) is trying to find new banking partners for portfolio companies. DCG: Santander Bank, HSBC Bank and Deutsche Bank are still willing to provide services for encryption companies Analysis based on this information:Digital Currency Group (DCG), one of the most prominent investment firms in the blockchain industry, is reportedly trying to find new banking partners for its portfolio companies. This comes after the collapse of Silicon Valley Bank, where DCG had a significant number of accounts, and the recent changes in banking relationships with Signature Bank (SBNY) and Silvergate. The shift to new banking partners is expected to help DCG’s portfolio companies, many of which are related to cryptocurrencies or blockchain technology, access the banking services they need to operate and grow their businesses. The collapse of Silicon Valley Bank, which had been one of the largest banks in the blockchain…
-
The Importance of Grayscale, ARK Fund, Beacon Chain, and Federal Reserve during 21:00 – 7:00
21:00-7:00 Keywords: Grayscale, ARK Fund, Beacon Chain, Federal Reserve
Overnight updates on April 10th at a glance
The financial market operates around the clock, and as an invest -
US Officials Take Issue with Voyager Digital’s Asset Sale to Binance.US
On March 15th, US officials wanted to remove a clause contained in Voyager Digital’s plan to sell its digital assets to Binance.US, which would prevent them from legally pursuing anyone involved in the sale. In a motion filed in the New York Bankruptcy Court on March 14th, the United States trustee, William Harrington, and other government lawyers argued that the court improperly exceeded its statutory powers in approving a pardon. They asked the court to defer approval of the sale for two weeks in order for them to file an appeal. US officials want to remove the exemption clause protecting their executives from the proposed sale of Voyager assets Analysis based on this information:US officials have filed a motion asking a New York Bankruptcy Court to defer approval of Voyager Digital’s plan to sell its digital assets to Binance.US. In a bid to remove a clause that would prevent the US officials from pursuing anyone involved in the sale, William…
-
Mutiny Wallet: A New Era of Crypto Wallets
On April 5th, it was announced that Mutiny Wallet is a network first and privacy conscious Bitcoin wallet that has completed over $300000 in seed round financing, with participatio
-
Solana Solend Loan Agreement Launches on SolendV2 with Updated Features
On April 11, it was reported that the loan agreement on Solana Solend had been launched in the first phase of SolendV2, and three new functions had been updated: loan weight, TWAP
-
PUMA’s Global Expansion Plans
7:00-12:00 Key words: India, Solana, Thailand, PUMA
Summary of important developments at noon on February 26
Interpretation of the news:
… -
Ronin hackers attempted to phish Euler hackers to steal funds, but Euler officials have called for intervention
On March 22, it was reported that the address marked \”Ronin bridge explorer\” (Ronin hacker) on the chain yesterday sent an on chain notification to the address marked \”Euler explor
-
What is Bitcoin in plain language
What is Bitcoin in plain language According to official information, the transl
-
US Stock Market Mixed with Dow Up, Nasdaq and S&P Down
According to reports, the three major indexes of the US stock market ended up mixed, with the Dow index up 0.39% and this week\’s cumulative decline of 0.13%; T…
-
XRP Tokens Rise More Than 20% Following Reports of Possible SEC Case Win
According to reports, XRP tokens have risen by more than 20% in the past 24 hours after reports on Tuesday that Ripple may be able to win its case with the Securities and Exchange