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.

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Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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