China sparked a trend that has seen a number of countries issue CBDCs while others investigate their viability.
According to a new report from the Wall Street Journal, this has resulted in a surge in demand for cryptocurrency and blockchain experts to assist these governments on their CBDCs.
Cryptocurrency experts were once regarded as outlaws by most countries. They were out to destabilize a financial system that had been in place for decades, and others saw them as working against their countries’ growth. That is no longer the case. These specialists are now in high demand from the governments that previously warned them. According to a new analysis, blockchain experts are now obtaining a job that has been designated for bureaucrats for centuries, and they’re doing a fantastic job at it.
China just produced a whitepaper for its digital yuan, the world’s most advanced CBDC, which is the first glimpse inside its mechanics. Other countries, particularly smaller ones, have accelerated their CBDC implementation. According to a new report, this is largely owing to the assistance of cryptocurrency and blockchain professionals from around the world, who are now in high demand.
CBDCs are paving the way for the future of digital payments.
The Wall Street Journal published an article about how these specialists are influencing the future of countries like the Marshall Islands, Cambodia, and the Bahamas. One of them, Israeli crypto expert Barak Ben-Ezer, was the first to suggest a CBDC for the Marshall Islands, a small island nation with no currency or central bank.
The CBDC, according to Ben-Ezer, is similar to Bitcoin, but with one major distinction. “We informed them that while bitcoin is fantastic, it is not a legal tender. You’re sitting on a virtual gold mine “He recalled something.
Ben-Ezer had a vision of assisting the little country in developing a tradable digital currency and then leveraging it to attract new financial flows, similar to what Panama’s canal accomplished for global shipping trade. His plan was approved by the legislature, and he set to work a few months later. As payment for himself and his team, he received 10% of the issued digital money.
The Bahamas, which published its CBDC last year, is another island nation that has made significant progress on its CBDC. The Sand Dollar has provided a better way for the island nation’s 390,000 residents to transact and has fully protected the island’s financial system from collapse in the event of natural disasters, which are all too common in the country.
Jay Joe, a blockchain expert from Canada, was the driving force behind the Sand Dollar project. With the majority of Bahamians unable to access bank branches, Joe focused his company, NZIA Ltd., on how a digital currency could be transacted directly via mobile phones.
There was no game plan. We were relying on our blockchain expertise.
Joe and his company have been in high demand all over the world since then, he told the Wall Street Journal. While smaller countries are most interested in CBDCs since they have more to gain and less to lose, Joe said that global superpowers are also seeking him for advice on their potential CBDCs.
The CBDC uprising is not without its detractors. For the Marshall Islands, for example, the first obstacle occurred when First Hawaiian Bank threatened to close its correspondent bank on the island if the CBDC plans were pursued.
Following suit, the IMF warned that the CBDC “may disrupt external aid and other critical financial flows, resulting in a severe drag on the economy.”
The Marshall Islands, on the other hand, was adamant about following through, and their efforts have paid off.
CBDC China is a non-profit organization that promotes/n
