Insights on CBDC, Digital Fiat Currency, Standardization and More

Mr. Modi addressed the need to replace paper currency with digital currency to move to a “less-cash economy”.

Digital fiat currency will allow small holder farmers to reach higher levels of participation in the formal African economy.

The eCurrency Monarch E-Money Interoperability Switch ensures seven characteristics of the interconnected payment ecosystems.

Central banks need to identify the technology to be used for issuing DFC from the user and operational aspects.

Last month ushered in an important step toward global recognition for the need to study and standardize the technical components of DFC.

The block chain technology in the system stability, application security, business model, etc. is not yet mature.