This month, the China Academy of Information and Communication Research released the White Paper on Global Digital Economy (2022). The white paper writes, “Against the backdrop of a marked increase in instability and uncertainty in the international situation, the widespread and far-reaching impact of the new crown pneumonia pandemic, the headwinds of economic globalization, and profound and complex changes in the international economic, technological, cultural, security, and political landscape, the new round of technological revolution and industrial change has brought new development opportunities for all countries, and the digital economy’s role as an economic. The role of the stabilizer and gas pedal of development has become more prominent.”
The white paper shows that the scale of the global digital economy continues to expand. Major countries have taken the digital economy as an important means to cope with the impact of the epidemic and enhance their economic development capacity. The global digital economy has ushered in a new round of development boom, with the digital economy providing important support for global economic recovery.
With the rapid development of the digital economy, a medium of exchange that can bridge the digital world with the real world is needed. The central bank digital currency (CBDC) issued by major central banks is the obvious choice to fill this role. With the rapid development of the digital economy and digital currencies around the world, more and more central banks are actively studying the issuance of CBDCs.
Yi Gang, Governor of the People’s Bank of China, has stated in a speech that “CBDCs allow central banks to continue to provide the public with a credible and secure means of payment in the digital economy, and maintain the stability of the payment system while enhancing payment efficiency.”
OMFIF, the Official Monetary and Financial Institutions Forum, predicted in early 2022 that 2022 would be a pivotal year for global digital payments, with many countries stepping up their efforts to explore and advance central bank digital currency CBDC programs. A report released by the forum this month said a survey of 18 central banks found that 35% of central banks preferred issuing CBDCs, and none were completely opposed to issuing CBDCs.
In September 2022, the IMF released a report showing that nearly 100 CBDCs were in the research or development stage globally as of July 2022, when Nigeria and the Bahamas had officially launched CBDCs. The reasons given by central banks in the
report for issuance were their desire to retain the role of the central bank and promote financial inclusion, and their belief that if central banks decide to issue CBDCs, they expect deployment should be sooner rather than later. According to recent media reports, India’s Central Bank, the Reserve Bank of India, launched a retail CBDC pilot this month. Brazil’s central bank governor, Roberto Campos Neto, also said he plans to launch a central bank digital currency in 2024. The State Bank of Pakistan (SBP) signed a new law for e-money institutions (non-bank entities that provide digital payment instruments) to ensure the on-time issuance of CBDC in 2025 …… Central banks around the world are using CBDC to facilitate the development of their digital economies.
Fintech companies are also becoming visible in CBDC projects as the Bank of Spain opens a call for proposals from financial institutions and technology solution providers, and the Bank of England invites tenders for a “CBDC sample wallet proof-of-concept” project.
ACU Group has the complete solution for CBDC issuance by central banks worldwide.
ACU Group provides different CBDC solutions according to the specific needs of different countries. ACU Group’s self-developed digital financial system supports the issuance of assets and ensures the security and stability of the system. ACU Group tailors CBDC and the range of products that support CBDC-enabled payments to the requirements of central banks and takes additional steps to provide financial access, connect different markets, create compliance solutions, provide liquidity, and offer web services and an enterprise ecosystem for processing remittances. ACU Group can work with central banks and regulators to ensure a common infrastructure both meets business needs and protects consumers.
As a global pioneer in e-money and cashless payments, ACU Group is committed to being one of the major players and contributors in each sector. In 2022, with the rapid development of CBDC and the digital economy, ACU Group is also bringing its advanced financial technology and quality FinTech services to more regions around the world, such as Southeast Asia and Africa.