Designing a financial system for an entire country is a massive undertaking. Unsurprisingly, there have been multiple technical roadblocks along the way as governments roll out their centralized digital currencies. Crypto2023, presented by Bitstamp.
. How effective these technologies will be and the extent to which they will be implemented by the government remains to be seen.have called for the possibility of CBDCs having multiple permissioned nodes so that a central bank is not the sole authority in a major payments system.Most countries experimenting with CBDCs are doing so independently. This drives a new problem: Different CBDCs use drastically varied design standards and technologies that are typically incompatible with one another.
We’ve already seen this happen with the current cryptocurrency ecosystem. Different blockchains such as Ethereum, Solana and Avalanche have their own ecosystems, which are largely incompatible with one another, except through common points such as bridges or centralized exchanges. Many central banks across the globe are exploring a hybrid model for CBDCs, where the central bank distributes CBDCs to a regulated entity such as a bank or fintech institution. While CBDCs would be regulated and managed by the central bank, intermediary entities would handle the basic checks for know-your-customer , anti-money laundering and overall transactions.
Further, CBDC onboarding will likely be contracted out to private players, particularly if the country’s banking infrastructure isn’t strong. For instance, Jamaica hasWhile still in the development phase, one thing is for certain: There is no one-size fits all approach to CBDCs. China’s success with CBDCs as an authoritarian country compared to Nigeria and the Caribbean’s extremely low adoption rates paint very different pictures.
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