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Are CBDC Also on the Blockchain

  • Thread starter Thread starter Nomad
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Nomad

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Cryptocurrencies are based on blockchain. CBDC is a digital currency created by the Central Bank by creating a reserve of fiat money. In other words, if the government is releasing 100 CBDC, it will deposit $100 in the reserve funds. Are CBDCs also based on blockchain technology?
 
Of course yes, CBDC is also on blockchain technology. They operates on a secure and transparent blockchain network that make use of blockchain technology to carry out all transactions. All transactions on CBDC are recorded on a decentralized ledger.
 
Heatman said:
Of course yes, CBDC is also on blockchain technology. They operates on a secure and transparent blockchain network that make use of blockchain technology to carry out all transactions. All transactions on CBDC are recorded on a decentralized ledger.
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I think that each and every CBDC could operate on a blockchain until or unless thy create an entirely different kind of system for such kind of coins. Long time ago, we used to have E-gold accounts and E-Gold was also a kind of digital payment processor based on a different kind of software. Are you aware about it?
 
As I understand it, I think it works with blockchain but also with another technology that I don't remember now, it is like a hybrid of two technologies, but yes, it partly works with blockchain technology, there is not much news about CBDC lately, I hope they are delayed as much maximum possible
 
riberet19 said:
As I understand it, I think it works with blockchain but also with another technology that I don't remember now, it is like a hybrid of two technologies, but yes, it partly works with blockchain technology, there is not much news about CBDC lately, I hope they are delayed as much maximum possible
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I once heard that the United States is also working on CBDC but I cannot verify the news. However, China is testing CBCD, and India is also trying to launch CBDC. The Central Bank in my home country is also doing feasibility research on CBDC. CBDC is pegged with the national currency in 1:1 ratio but I don't know if they will be on blockchain. If they are on blockchain what blockchain will they be using? Are central banks developing their own blockchain to launch CBDC?
 
DigitalNomad said:
I once heard that the United States is also working on CBDC but I cannot verify the news. However, China is testing CBCD, and India is also trying to launch CBDC. The Central Bank in my home country is also doing feasibility research on CBDC. CBDC is pegged with the national currency in 1:1 ratio but I don't know if they will be on blockchain. If they are on blockchain what blockchain will they be using? Are central banks developing their own blockchain to launch CBDC?
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I think that banks are creating their own blockchain but with a private ledger, unlike conventional blockchains, on the other hand, the United States, or rather the Federal Reserve, is working on a payment system called FEDnow that I don't know if it uses blockchain technology.

Anyway, I think CBDCs are a reality and will arrive quite soon.
 
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