Fintech
CBDC Implementation: Insights from Jorge Lesmes at NTT DATA
“The lack of financial literacy, education and adequate cybersecurity guidelines in the financial sector, as well as the pressure on banks to innovate quickly, are just some of the persistent issues that require attention,” he says.
“In terms of leadership and current adoption in the digital currency space, many countries, including the United States, China, Switzerland and Nigeria, have been at the forefront.
The United States, with its strong financial infrastructure and status as a global financial and technological leader, is well positioned to facilitate the development and adoption of digital currencies including Tether (USDT), MakerDAO (DAI) and USD Coin (USDC ).
“China introduced the first digital USD (FDUSD), backed by the United States and recognized as one of the largest stablecoins in the world. Switzerland excels in the regulatory space by combining technological innovation with a robust regulatory framework to ensure the safe creation and adoption of digital currencies.
“Nigeria, along with some other African nations, is seeing growing interest in digital currencies and has led the way in launching its own CBDC, the e-naira.”
Elsewhere, the UK is also not far behind, “but if it wants to follow the example of countries that have prioritized regulation and ensured stability, it will need to continue to take measures to promote robust public trust in this space,” continues Jorge .
The global banking messaging network SWIFT has also announced plans launch a new platform in the next year or two to connect the rise of central bank digital currencies.
In fact, today over 90% of countries are exploring CBDCs. Preparations for future implementation are now underway rapidly as exploration has seen key markets secure regulations and adoption of digital currencies.
With all this in mind, the introduction of CBDCs could be set to transform the central financial landscape in the shortest time possible, with the Bank for International Settlements (BIS) predicting by 2030 there will be 15 retail CBDCs.