• About Us
  • Privacy Policy
  • Contact Us
Newsletter
Kelscrypto
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
Kelscrypto
No Result
View All Result
Home Blockchain

Fintech Opens Central Bank Digital Currency Compliance Kit

December 16, 2020
in Blockchain
0
Fintech Opens Central Bank Digital Currency Compliance Kit
Share on FacebookShare on Twitter


Fintech company EMTECH is launching a compliance platform that helps central banks tackle compliance issues or safely test their central bank digital currencies (CBDC) in partnership with Microsoft, the firm announced Monday. 

“It is a regulator-based solution that allows central banks to seamlessly introduce CBDCs,” Carmelle Cadet, EMTECH co-founder and CEO, told CoinDesk. 

According to Cadet, the goal of EMTECH’s Modern Central Bank Sandbox is to assist central banks in setting up a digital currency that is interoperable, meaning it can easily be converted to other cryptocurrencies and are compatible with payment devices and terminals across the world.  

With the government of China closing in on issuing its own digital yuan, a number of large economies around the world including South Korea and Sweden have begun working on their own CBDCs. But according to the Bank of International Settlements, emerging economies report stronger motivations for developing national digital currencies as they could help address systemic issues like financial exclusion and payments inefficiencies.    

Cadet said the firm is actively working with the Central Bank of Bahamas on the digital sand dollar, a project to issue a digital equivalent of the Bahamian dollar.  

U.S.-based EMTECH competed against other fintechs to work with the Bahamas’ digital currency, Cadet added. The Caribbean nation’s central bank piloted its CBDC late last year. The Bahamas launched the sand dollar in October 2020.  

The project appears to be in early stages, according to a spokesperson for the Central Bank of the Bahamas.

“EMTECH’s involvement in the project is limited to architecting our cross-border minimal viable product (MVP), which remains a work in progress,” a spokesperson for the Central Bank of the Bahamas told CoinDesk via an email. 

Cloud computing platform Microsoft Azure has partnered with EMTECH to deploy pilot programs as the firm continues to work on engaging central banks interested in issuing CBDCs, Cadet said. 

“We look forward to helping EMTECH on its global mission to enable accelerated central bank digital innovation, harnessed on Microsoft’s highly secure, compliant and scalable Azure platform,” said Chris Lwanga, principal director of software partnerships at Microsoft, in the announcement. 

Cadet explained her research has shown central banks are keen on introducing national digital currencies but they often work behind closed doors. 

“If they build it internally, not thinking about interoperability, is probably going to fail when it comes out,” Cadet said.

The EMTECH leadership team includes Diane R. Maurice, a finance industry regulator with an extensive portfolio of risk management duties and who served at the Federal Reserve, the U.S Treasury Department, and the Central Bank of Tunisia.





Source link

Tags: BankCentralComplianceCurrencyDigitalFintechKitOpens
Share78Tweet49

Related Posts

Bank of Japan Set to Begin Experimenting with CBDC 

Bank of Japan Set to Begin Experimenting with CBDC 

April 6, 2021
0

Earlier today, the Bank of Japan (BOJ) announced that it began experimenting with the possibility of issuing its own...

Fei Protocol Launches Its StableCoin Project, Locking Up $1 Billion ETH

Fei Protocol Launches Its StableCoin Project, Locking Up $1 Billion ETH

April 5, 2021
0

Earlier this Saturday, FEI Protocol held its Genesis event, successfully raising over 639,000 Ether — approximately $1.3 billion —...

Visa to Accept Cryptocurrencies for Payment Settlements 

Visa to Accept Cryptocurrencies for Payment Settlements 

March 29, 2021
0

According to Reuters, Visa announced today that it will begin accepting cryptocurrency USD Coin (USDC) to settle transactions on...

Wall Street Veteran Has More Than 50% of His Portfolio In Bitcoin: Here’s Why

March 23, 2021
0

Bitcoin has faced a strong correction over the past week. Since the highs of ~$12,000 set last week, the...

Breaking Down OpenSea’s $23 Million Raise in NFT Boom

Breaking Down OpenSea’s $23 Million Raise in NFT Boom

March 23, 2021
0

As one of the first NFT-centered open marketplaces on the web, OpenSea has enjoyed a surge in popularity as...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Huobi-Branded Crypto Exchange Launches for Malaysian Market

Huobi-Branded Crypto Exchange Launches for Malaysian Market

November 27, 2020
Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

November 27, 2020
Yes, You Can Spend Your Bitcoin This Black Friday

Yes, You Can Spend Your Bitcoin This Black Friday

November 26, 2020
Bitcoin derivatives market hasn’t been this wrecked since the March crash

Bitcoin derivatives market hasn’t been this wrecked since the March crash

November 27, 2020
Bitcoin breaks $57,000 as on-chain data turns “mostly bullish”

Venmo launches investing service for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash

0
Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
What makes the crypto market’s rise to $500 billion different from 2017?

What makes the crypto market’s rise to $500 billion different from 2017?

0
Bitcoin breaks $57,000 as on-chain data turns “mostly bullish”

Venmo launches investing service for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash

April 20, 2021
One of the biggest Bitcoin miners says Ethereum will soon cross $5,000

One of the biggest Bitcoin miners says Ethereum will soon cross $5,000

April 20, 2021
South Korea aims to “pay special attention” to Bitcoin and crypto transactions

South Korea aims to “pay special attention” to Bitcoin and crypto transactions

April 19, 2021
Chinese state TV covers Bitcoin pushing 20% above $20,000

Chinese regulator says Bitcoin is an ‘alternative investment’

April 19, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 kelscrypto.com

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord

© 2020 kelscrypto.com