HARNESSING DIGITAL CURRENCIES

Momentum continues building for central bank digital currencies (CBDCs). With many currency unions and countries expected to make adoption by banks mandatory, including in the Eurozone and, likely, the UK, banking innovators are already establishing their CBDC strategies, readying their technology infrastructures, and even piloting different aspects of digital currency.

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As CBDCs are generally safer than other forms of virtual money, like cryptocurrency or stablecoin, consumers, businesses, and governments are keenly interested in fast, easy, cost-effective, and secure digital transactions. To harness the power and potential of CDBCs, every bank should address the key steps for remaining competitive in the inevitable digital currency future.

The article offers the following insights:

• Learn the importance of starting early and taking a strategic approach to developing and executing digital currency offerings.
• Discover the key elements for designing an effective CBDC business and technology strategy to help with gaining competitive advantage.
• Understand the status of the regulatory environment and how the evolving situation affects a bank’s CBDC offering development.
• Ascertain the seven most critical technology requirements, adjustments, and modernizations necessary for digital currency success.