central bank digital currency

Central banks around the globe continue to express interest in a central bank digital currency, in a push to digitize the legacy financial system. Oneiro recently announced the first turn-key software platform that helps banks make the transition without ample costs and other fundamental complexities.

Oneiro Digital Currency Platform

In a recent announcement, Oneiro has successfully launched a digital currency platform tailored to CBDC issuance. The first to market protocol will be leveraging Cosmos and Tendermint proof of stake to change the way central banks can enter a digitized economy. Oneiro is also the creator of “ndau,” which is the companies adaptive digital currency. The newly launched software platform will provide institutions will the necessary tools to create their own digital currencies that are secure, scalable, and transparent.

According to the Bank for International Settlements, about 80% of banks are looking into central bank digital currencies. Half of these entities are interested in CBDCs that would be rolled out in general purpose and wholesale environments. With many banks arguably lacking the proper resources, Oneiro is providing a solution that drastically reduces development time, and offers fully customizable monetary policies.

Once implemented, the software quickly gives central banks the ability to control monetary policies, Ecosystem & node operations, staking, system transactions, account management, payment systems security, regulatory, and many other operational activities.

What Stakeholders Said

Cosimo Ventures, a large stakeholder in Oneiro commented on the recent developments. According to Cosimo Ventures Managing Partner, Ciarán Hynes:

“We are pleased with the progress Oneiro has made to extend their blockchain expertise into the CBDC space. Building an institutional-grade CBDC is time consuming and requires large amounts of blockchain expertise and development that goes far beyond the base compliance protocol layer offered by existing general-purpose platforms.”

Central Bank Digital Currency Progression This Year

Despite a year in which COVID19 has fueled unprecedented events, central banks are still focused on transitioning into a digitized economy. On a macro basis, China has seemed to take the lead, with South Korea right behind. In 2019 there was a lot of “interest” in central bank digital currencies, but we started to see real developments early this year. In a push to keep up with China, South Korea recently announced a CBDC pilot that was running for 22 months.

With many banks around the world forming CBDC working groups, South Korea has taken initiative to test CBDCs and study the underlying blockchain technology. On the other side of the world, the United States was originally dismissive, but we are now seeing a different outlook. Most recently, the Federal Reserve was looking into various digital currency models. With the launch of Oneiro digital currency platform, the company has the ability to work with these banks, and help them quickly navigate a digitized economy.

Image Source: Unsplash

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