R3 Says No Central Bank Is Currently Working On CBDC
R3 Says No Central Bank Is Currently Working On CBDC
May 2, 2020
R3 Says No Central Bank Is Currently Working On CBDC
R3 Says No Central Bank Is Currently Working On CBDC
May 2, 2020

Blockchain firm R3 said that no central bank is currently working on a Central Bank Digital Currency (CBDC), which can be used by consumers.

It has been reported that R3 states that no central bank is currently pursuing the development of retail CBDC.  

The authors of the document explain that CBDC’s are divided into wholesale and retail, as wholesale is limited to commercial banks, while retail can involve corporations, small businesses, and even individuals.

However, the report explains that a wholesale CBDC is just a new modernization step for central banks, while retail CBDC “is an opportunity to extend access to digital central bank money.”

Also, the report clearly states that all the CBDC projects currently pursued by central banks worldwide aim to create wholesale CBDC systems.

The report added:

“Unlike wholesale CBDC, retail CBDC does not currently exist in production. Retail generally refers to the general public, corporates and certain financial institutions that currently do not have access to central bank money. As a result, experiments in the space are incredibly novel. However, central banks across the world […] are beginning to commit resources towards implementing retail CBDC.”

Thus, CBDCs are being widely researched and developed around the world.

ALSO READ :  Crypto Trading Pioneer Rana Yared Plans To Exit Her Position At Goldman Sachs

Source: Cointelegraph | Image: Pixabay


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.