The Curious Case Of Central Bank Issued Cryptocurrencies
Bitcoin is a great value driver for users but unfair for banks. Banks saw a big threat coming up from massive force of cryptocurrencies headed by bitcoin. They had no options left but to test out cryptocurrency for banking. With this mindset, Central banks of three powerful nations started working on centrally backed cryptocurrencies. We will discuss about these in this article:
Canada was the first nation who started experimenting with centrally backed cryptocurrency, They run a testing project which comes up with negative acceptance from the central bank. They decided to no to launch Digital Dollars after the test.
Know more about cadcoin: https://www.cryptocoinsnews.com/canada-cadcoin-experiment-bitcoin-dismissed/
RScoin is another experimental currency, Conceptualized by bank of England. They launched a whitepaper which briefly explain the implementation plan of Rscoin. Rscoin protocol is well thought and seems promising. They are still in talk stage with commericial banks to start this project. Rscoin is fiat currency pegged cryptocurrency, which supply will be matched with fiat currency circulation,
Know more about Rscoin: https://arxiv.org/pdf/1505.06895.pdf
Fedcoin is conceptualized by fedral resever bank, they are planning to issue cryptocurrency. Fedcoin project is inspired by Rscoin whitepaper. Fedcoin is brain child of currency guru doug cassy. They might create a Ripple style ledger by the same name. It doesn’t matter which. There would be an important difference between Fedcoin and more traditional cryptoledgers. One user—the Fed—would get special authority to create and destroy ledger entries….The Fed would…provide two-way physical convertibility between both of its existing liability types—paper money and electronic reserves—and Fedcoin at a rate of 1:1
Know more about Fedcoin: https://www.caseyresearch.com/cm/project-fedcoin-presentation
Recently Reserve Bank of india announced that they are experimenting with their own digital currency called “Lakshmi”
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.