Public sector regulatory agencies are at an inflection point as digital assets have emerged in the private sector in the form of cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). To inform this process, AWS has collaborated with industry analyst firm, Constellation Research, to write a new research report available to the public. “The CIO Imperative for Digital Assets in the Public Sector” presents an exploration of the requisite topics to get CIOs and their teams up-to-speed and ready for this journey.
Many central banks globally are researching the possibility of launching a central bank digital currency (CBDC). AWS has worked with customers in the financial industry as they design secure, resilient, and scalable critical financial infrastructure networks. In this post, we share best practices for central banks to consider as they move through the CBDC development lifecycle.
China will launch its digital currency February 2022, and the UK and Eurozone have joined the movement for central bank digital currencies (CBDC), but it is the smaller, emerging economies that are leading the charge and have much to gain, experts have predicted. In a recent Global Government Forum and AWS Institute panel discussion, financial technology (FinTech) specialists noted it is the Bahamas and Cambodia who are the CBDC pioneers. The Bank for International Settlements said 86% of central banks are experimenting with CBDCs and 10% are close to implementing them, while banks representing 20% of the global population will launch a digital currency within three years.
The future of money is digital: How the cloud can deliver solutions for central bank digital currencies
Increasingly, central banks want to answer practical questions and make the technology choices involved to deliver a central bank digital currency (CBDC). They need a solution that delivers on their missions and meets the performance criteria required to support a stable monetary and financial system. To help organizations understand available technology options and see how cloud services can enable optimal solution designs, AWS authored a two-part whitepaper. Here are some of the highlights.