{"id":416335,"date":"2022-03-15T11:56:13","date_gmt":"2022-03-15T08:56:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-well-positioned-to-help-governments-create-cheaper-cbdcs-deloitte\/"},"modified":"2022-03-15T11:56:13","modified_gmt":"2022-03-15T08:56:13","slug":"bitcoin-well-positioned-to-help-governments-create-cheaper-cbdcs-deloitte","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-well-positioned-to-help-governments-create-cheaper-cbdcs-deloitte\/","title":{"rendered":"# Bitcoin well positioned to help governments create cheaper CBDCs: Deloitte"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2325793f7f9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2325793f7f9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-well-positioned-to-help-governments-create-cheaper-cbdcs-deloitte\/#%E2%80%9D_Bitcoin_well_positioned_to_help_governments_create_cheaper_CBDCs_Deloitte_%E2%80%9C\" >&#8221; Bitcoin well positioned to help governments create cheaper CBDCs: Deloitte &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_well_positioned_to_help_governments_create_cheaper_CBDCs_Deloitte_%E2%80%9C\"><\/span>&#8221; Bitcoin well positioned to help governments create cheaper CBDCs: Deloitte &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>A new study from financial services giant Deloitte highlighted the potential of Bitcoin (BTC) as a base to create a cheaper, faster and more secure ecosystem for electronic fiat currency or central bank digital currency (CBDC).<\/p>\n<p>Deloitte\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www2.deloitte.com\/us\/en\/pages\/consulting\/articles\/state-sponsored-cryptocurrency-adpating-bitcoin-innovation.html\">analysis<\/a>, titled State-Sponsored Cryptocurrency, pointed out the need for a complete redesign of the traditional fiat ecosystem to overcome impending issues of being \u201cslow, error-prone and expensive relative to performance in other high-tech industries.\u201d <\/p>\n<p>However, the report pointed out five key areas where Bitcoin can help traditional fiat currency improve drastically \u2014 speed, security, efficiency, cross-border payments and collaboration with other payment participants:<\/p>\n<blockquote><p>\u201cWith the potential to [&#8230;] do it without the day-to-day operational need for a centralized organization, whether commercial or federal, the result could truly be transformational.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/97bfaeb8-f534-4d5f-893a-313ed743343f.png\"><figcaption style=\"text-align: center;\">Similarities and differences between CBDCs and Bitcoin. Source: Deloitte<\/figcaption><\/figure>\n<p>While stating the various difference between BTC and state-issued CBDCs, Deloitte\u2019s analysis reiterates one of the major inflationary traits of fiat currency, stating that CBDCs have no cap on money supply contained on the ledger and that centralized governments can define the value of the CBDC.\u00a0<\/p>\n<p>According to the analysis, governments that are first to roll out a nationwide CBDC will have an early-bird advantage in influencing the use of their local currency in international markets and trades. <\/p>\n<p>In a CBDC environment, Deloitte envisions crypto exchanges to retain their current position as a facilitator that will be used to convert \u201cusers\u2019 cryptocurrency to paper currency when transacting across different currencies, and charges an exchange fee in return.\u201d In such a scenario, banks will act as custodians of the distributed ledger who will compete with other miners to process transactions and collect the reward.<\/p>\n<p>On an end note, the analysis states that while CBDCs will not serve as a one-to-one replacement for BTC and other cryptocurrencies, the mainstreaming of CBDCs will open up an additional option for users to choose the most <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate medium of payment, concluding: <\/p>\n<blockquote><p>\u201c[Bitcoin] could ultimately spawn a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of new opportunities that would [&#8230;] transform the current payments system into one that is faster, more secure, and less expensive to run.\u201d<\/p><\/blockquote>\n<p><strong>Related: <\/strong><strong><em>Jamaican central bank to airdrop Jam-Dex CBDC to early adopters<\/em><\/strong><\/p>\n<p>While many jurisdictions have joined race to implement in-house CBDCs, one the key factors for its successful implementation is widespread adoption. <\/p>\n<p>In this effort, Jamaican prime minister Andrew Holness announced that the first 100,000 Jamaican citizens to use the country\u2019s CBDC, Jam-Dex, will be given a free $16 payment in the hopes of promoting widespread adoption.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Finance Minister <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/NigelClarkeJa?ref_src=twsrc%5Etfw\">@NigelClarkeJa<\/a> demonstrates use of the CBDC to pay his barber Paul during the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BudgetDebate2022?src=hash&amp;ref_src=twsrc%5Etfw\">#BudgetDebate2022<\/a>. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CentralBankJA?ref_src=twsrc%5Etfw\">@CentralBankJA<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/JamDEx?src=hash&amp;ref_src=twsrc%5Etfw\">#JamDEx<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/izfRqX58Cy\">pic.twitter.com\/izfRqX58Cy<\/a><\/p>\n<p>\u2014 JLPJamaica (@jlpjamaica) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jlpjamaica\/status\/1501311286822547457?ref_src=twsrc%5Etfw\">March 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As Cointelegraph reported, approximately 17% of the Jamaican population remains unbanked, and with the launch of CBDC, the Jamaican government plans to encourage low and middle-income citizens to join the national banking system.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-well-positioned-to-help-governments-create-cheaper-cbdcs-deloitte\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin well positioned to help governments create cheaper CBDCs: Deloitte &#8220; A new study from financial services giant Deloitte highlighted the potential of Bitcoin (BTC) as a base to create a cheaper, faster and more secure ecosystem for electronic fiat currency or central bank digital currency (CBDC). Deloitte\u2019s analysis, titled State-Sponsored Cryptocurrency, pointed out&#8230;<\/p>\n","protected":false},"author":1,"featured_media":416336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMTg1MGQ1NTItZjU1NC00MjE3LTg0ZDMtNDUwNWYyOTdkMmQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75046,75022,80560,74355,71511,70934],"class_list":["post-416335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cbdc","tag-central-bank","tag-deloitte","tag-adoption","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=416335"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/416336"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=416335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=416335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=416335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}