Global CBDCs Are Coming

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Central Bank Digital Assets

I was a little astonished when I reviewed the Deloitte article on the experimentation of CBDC globally. I thought I had a good grasp of the CBDC in the works, but their comprehensive look made me realize I need a bigger staff. The breath is much more expansive and much further along than I had thought from reading individual articles. The map I posted below just cemented my reading and made me realize how much our current financial system will change in the coming years as a result of CBDC adoptions. This will have a dramatic affect on the US Dollar unless we somehow gain a bigger foothold.

We have a lot in the works; a Brazil Digital Real, Eastern Caribbean Dcash, Bahamas Sand Dollar, Canada’s E Dollar by Jasper, e-CNY in China, Digital Yen by Stella, Hong King CBDC by LionRock, Thailand CBDC by Inthanon and LionRock, Australia CBDC project Atom, South Africa CBDC by Khokha, India is looking at a Digital Rupee, a digital Euro by Stella, France is looking at CBDC, United Kingdom has hired RSCoin to research and launch CBDC, Sweeden is working on the e-krona, and Switzerland is working on the e-franc. So I count 16 CBDC’s excluding the US. I would say that central banks have really ramped up global experimentation with digital assets. I can’t help but wonder how much the high dollar is affecting those decisions and how many of these CBDC will ultimately sell NFT’s in some way for more tax revenue?

If you have time, I attached the Deloitte PDF about Global CBDC that is probably a must-read or will become a must-read soon enough. It’s fourteen pages and takes about twenty minutes to read.

Deloitte-Experimentation-of-CBDC-Globally-1

European Parliament members vote in favor of crypto and blockchain tax policies

The resolution recommended authorities in its 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate efficient tax collection.” (cointelegraph)

“Blockchain’s unique features could offer a new way to automate tax collection, limit corruption and better identify ownership of tangible and intangible assets, allowing for better taxing mobile taxpayers. […] Work must be undertaken to identify the best practices for using technology to improve the analytical capacity of tax administrations.” (cointelegraph)

Fidelity Adds to Crypto Offerings With Ethereum Index Fund

The Fidelity Ethereum Index Fund is only available to accredited investors and will track the performance of the Fidelity Ethereum Index PR benchmark through passive, direct ownership of ether, a source familiar with the fund told CoinDesk. The new Ethereum fund is the second launched by Fidelity Digital Assets’ digital asset management business, following the 2020 launch of the Wise Origin Bitcoin Index Fund I.

What is Solana (SOL) Pay, and how does it work?

Solana Pay is an open protocol for developers to build on and customize, with standardized payment criteria that offers all sorts of decentralized finance apps, “Dapps“. Solana (SOL) Pay is considered by many to be the next innovation in the payments processing arena, facilitating payments while taking nonfungible tokens (NFT’s) and WEB3 into account. Some are going so far as to call Solana’s new payment protocol for the Visa or PayPal of Web3.

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