Driving Growth in Digital Securities through Central Bank Digital Currencies

CBDC Overview

CBDC Pilots and Programmes

  • Canada — Project Jasper: The first experiment to test the future of the payment industry was conducted by Bank of Canada, Payments Canada, and several private financial institutions in four phases in 2016. Project Jasper also partnered with the Monetary Authority of Singapore and the Bank of England to work on a cross-border, cross-currency settlement system. The collaboration combined with Singapore’s Project Ubin to use DLT to make cross-border payments faster and less expensive.
  • Singapore — Project UBIN: The Monetary Authority of Singapore validated smart contracts in payments network prototype in cases such as Delivery-versus-Payment (DvP) settlement, thereby creating a milestone in the payment industry. Singapore is currently collaborating with People’s Bank of China (PBoC) to work towards reducing cross border payment costs, speed up settlement and ensure security.
  • China — Digital Currency Electronic Payment (DCEP): The PBOC has reportedly filed 84 patents relating to its CBDC initiatives, revealing that the central bank has major plans to integrate digital currency wallets into existing retail bank accounts in the short-medium term (5). Over the last decade, private companies with online payments such as Alipay by Ant Group and WeChat Pay by Tencent have been growing rapidly and stand to benefit from CBDC adoption.
  • USA — Digital Dollar: With competition from China’s digital Yuan, the US announced that the Federal Reserve would authorize the “Digital Dollar Account Wallets,” which similar to China’s DCEP would provide U.S. residents and businesses a platform to carry out financial activities via an app on their mobile phone. However, the actual implementation date for the kick start of the Digital Dollar is under development.
  • Switzerland — Project Helvetia: Just as Canada and Singapore did, Switzerland carried out an experiment called Project Helvetia which successfully tested the integration of tokenized digital assets and central bank money. Switzerland tested both technical and legal aspects of the wholesale payment system with SIX Digital Exchange (SDX), the Swiss National Bank (SNB) and BIS Innovation Hub (BISIH).

Stable Coins from Regulated Players Emerging

CBDCs are key to enabling digital assets

Conclusion: CBDCs or Stablecoins from Regulated Entities are Key

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Co-Founder & CEO, Altas One Digital Securities

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Atlas One Digital Securities

Atlas One Digital Securities

Co-Founder & CEO, Altas One Digital Securities

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