Independent Banker - January 2021 - 55

The private sector
has had its hands
in the world of
cryptocurrencies
for years, but the
country's central
banks have held
off -until now. While
far from a certainty,
here's what you
need to know about
the development
of a central bank
digital dollar.
By Colleen Morrison
YOU'RE NOT
ALONE IF YOU'VE
NEVER HEARD
OF A CENTRAL
BANK DIGITAL
CURRENCY. Yet
over the past few years,
dozens of countries have
looked into creating one.
And this growing wave
of attention around
central bank digital
currency, or CBDC, has
fi nally spread to the
United States.
In August, the
Federal Reserve Bank
of Boston announced
its partnership with the
Massachusetts Institute
of Technology (MIT)
to conduct research
that will " explore the
use of existing and
new technologies
to build and test a
hypothetical digital
currency platform. "
That same month,
the People's Bank
of China concluded
its initial pilot of its
digital currency/
electronic payment
(DC/EP) to the tune of
$162 million in digital
wallet transactions.
By October, the Bank
for International
Settlements and seven
central banks, including
the Federal Reserve,
released a report
outlining " foundational
principles and core
features of a [CBDC]. "
Each announcement
gave credence to
a technology that
previously operated on
the fringes of standard
payment systems.
But what exactly is
a central bank digital
currency?
A form of
cryptocurrency, CBDC
off ers a digital solution
backed by a central
bank, making it less
volatile than a marketbased
digital currency
like bitcoin. While
CBDC can leverage
distributed ledger
technology such as
blockchain just like
bitcoin does, it doesn't
require that structure to
operate. Central banks
have therefore started

Independent Banker - January 2021

Table of Contents for the Digital Edition of Independent Banker - January 2021

Table of Contents
Independent Banker - January 2021 - Intro
Independent Banker - January 2021 - Cover1
Independent Banker - January 2021 - Cover2
Independent Banker - January 2021 - Table of Contents
Independent Banker - January 2021 - 2
Independent Banker - January 2021 - 3
Independent Banker - January 2021 - 4
Independent Banker - January 2021 - 5
Independent Banker - January 2021 - 6
Independent Banker - January 2021 - 7
Independent Banker - January 2021 - 8
Independent Banker - January 2021 - 9
Independent Banker - January 2021 - 10
Independent Banker - January 2021 - 11
Independent Banker - January 2021 - 12
Independent Banker - January 2021 - 13
Independent Banker - January 2021 - 14
Independent Banker - January 2021 - 15
Independent Banker - January 2021 - 16
Independent Banker - January 2021 - 17
Independent Banker - January 2021 - 18
Independent Banker - January 2021 - 19
Independent Banker - January 2021 - 20
Independent Banker - January 2021 - 21
Independent Banker - January 2021 - 22
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Independent Banker - January 2021 - 24
Independent Banker - January 2021 - 25
Independent Banker - January 2021 - 26
Independent Banker - January 2021 - 27
Independent Banker - January 2021 - 28
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Independent Banker - January 2021 - 30
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Independent Banker - January 2021 - 32
Independent Banker - January 2021 - 33
Independent Banker - January 2021 - 34
Independent Banker - January 2021 - 35
Independent Banker - January 2021 - 36
Independent Banker - January 2021 - 37
Independent Banker - January 2021 - 38
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Independent Banker - January 2021 - 55
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Independent Banker - January 2021 - Cover3
Independent Banker - January 2021 - Cover4
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