"Good questions - Good answers" - where you can freely express all the questions, concerns, or difficulties that are causing you a headache and immediately receive answers from the crypto loving community in Remitano. We believe that starting with the right question, we will have the right answer and from there, which will lead us to make the right investment decisions.
The activity consists of 2 parts:
Part 1 Ask questions by commenting on the article. A good question selected by Remitano will receive gifts from us and become the official question in part 2 - Answer
Part 2: Answer by commenting on the selected question. The 2 best answers selected by Remitano will receive gifts.
In the second round of Good Answers, Remitano found two best answers to the question:
" Could the development of CBDC be accelerated by the impact of the coronavirus on retail payment, which have seen a sharp decline in cash payments due to concerns over viral transmission?"
Congratulations to 2 players:
*Alexpeterson with answer:
There are a lot of disruptions to the banking system already as a result of COVID-19.The COVID-19 pandemic is also affecting the development of central bank digital currencies (“CBDCs”). The Bank of International Settlements has said that the COVID-19 pandemic may accelerate the development of CBDCs in part by changing consumer views on cash. Recently, China, a leader in CBDC research, announced that it will continue to press forward with its development of a digital renminbi.
*Visiblemoney with answer:
This isn't the first time that a major pandemic would wreck fatal havoc on the globe without changing money order. It is not just simple to accept that Covid-19 as a single factor would suffice to fast track development of CBDC as a safe haven to viral transmission rumoured around cash payments.
This is no news anymore that CBDCs have been in the works for many years in some countries, as there are many other benefits in the eyes of the lawmakers that speak in favour of introducing them. In fact, digital Yuan like some other sovereign coins has been in the development since 2015 with few details being known until its completion.
What can accelerate a strong currency development apart from economic cum political interests are; ready social acceptability, functional infrastructure and workable policy framework, lower cost of implementation and World Bank endorsement among others.
On a contrary note, the acceleration of the fast development of CBDCs has been stalled in many countries which could not reconcile its purpose with problems of security, centralization of data and access and privacy which are germane to those who faulted it!
Therefore, accelerated development of CBDC would only come to full force when the world leaders move for its support and not as a duress call of plague.
Stay tuned for another round of Good Questions!
