Home Blog On the Road to Cashless Society: Digital Dollar, Euro & Yuan is coming

On the Road to Cashless Society: Digital Dollar, Euro & Yuan is coming

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Muhammad Jahangir Alam

The world right now is massively hit by the pandemic coronavirus and the way it is being shown by the media is not the actual truth there is an entire different story to it and a complete film is going at the back that’s to bring digitalized currency.

A provision for a digital dollar was part of a draft stimulus bill put together by the U.S. Democratic Party as a means to make payments to people and businesses hit by coronavirus-induced economic turmoil, and it didn’t make the final cut. But China’s digital yuan is in the pipeline and now a digital euro is being trailed by France’s central bank as an experimental program is launched by the banquet de France to test the integration of digital euro in settlements procedure.

“A host of market infrastructure projects are underway, especially in Europe, aimed at helping financial markets to function more effectively and more smoothly,” the Banquet de France wrote in a statement laying out its digital euro testing plans late last month and inviting qualified institutions within the European Union to sign up by a mid-May deadline with a proposal that covers one of the use cases it outlined.

The European central bank stated in back December last year that they would create a digital currency if the private sector fails to do so. “If industry efforts fall short of developing an innovative and efficient pan-European payment solution, the social need for it could potentially be met by issuing a [central bank digital currency],” the ECB wrote in a paper.

And since these meetings are called and proposals are made we get to see that bitcoin rates have been increased by 15%.

Social Capital CEO and former Facebook FB executive Chamath Palihapitiya was an early Bitcoin investor. In a recent discussion with Morgan Creek Digital Partner Anthony Pompliano, Palihapitiya shared his views on the current state of the global economy and governments’ basically Palihapitiya explained how Bitcoin could stand the gain from the major economic crisis of the 2020s. He believes the chances for Bitcoin to succeed as a global reserve currency have increased over the past few months. “This is either zero or it’s millions,” said Palihapitiya. And according to him Bitcoin value probability is increased by 1% to 5-10%.

Surprisingly, there are 19 countries creating and researching the issuance of digital decentralized currency. As we can see in 2018, The Marshall Islands announced the creation of a new official digital currency, called the Sovereign (SOV), after issuing the Sovereign Cryptocurrency Act of 2018.

In 2017, project Ubin, a digital version of the Singapore Dollar (SGD) was announced.

Following the US trade restrictions, Iran announced it will issue its own cryptocurrency, that will be pegged to the official national fiat currency, the Rial. The Central Bank of Iran (CBI) recently drafted new rules regarding cryptocurrencies, reversing a previous ban.

The bank of Canada has been doing research on the issuance of a CBDC, since 2016. As the cryptocurrency industry continues to grow in Israel, the Bank of Israel is considering issuing a state-sponsored cryptocurrency. And like this list goes on. In simple words we can say that the world is rapidly moving towards cashless society which is a pre-planned agenda by the hidden ruling powers making the covid’19 the base reason of this entire digital system. This is just the trailer of it and there is a lot more to go.

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