Since 2014, there has been a significant maturation in the discussions concerned with the digital payment vehicle that is accessible by the public and is issued by the central bank.
The CBDCs which is an abbreviation for the Central Bank Digital Currencies have been the main topic of high level discussions. This is especially at the Bank for International Settlements (BIS) as well as the International Monetary Fund (IMF).
All the experienced central bankers have validated the block chain technology in a manner which will make all the purchasers of the crypto-currencies on the Thanksgiving of the 2017, including the millennial proud.
However the consumer adoption of this novel retail payment innovation has been considered the most difficult aspect thereby making it a cruel reality according to CoinDesk.
This difficulty of adoption is irrespective of the innovation in the Sacagawea dollar coins of the United States or the magic internet money.
Moreover the habits pertaining to the use of physical cash as well as the credit card and mobile phones varies from country to country depending upon the regional preferences based on the anonymity as well as the technological advancements of the country.
So far, the innovation teams of the Central banks have done a great work with the technology of blockchain.
According to CoinDesk, despite the persistence as well as increase in the physical cash in certain regions, consumers across the global are accepting the usage of digital payments which has been trending lately.
However, constructing the digital solutions on top of the already existing market infrastructure with respect to finance might enable only the retail level payments which are led by the private sector and the innovations therefore might go only so far.
Source: CoinDesk, Investing
