Central Bank Digital Currency Issuance
The technology that Bitt employs enables central banks to issue a secure, immutable and efficient central bank digital currency. From taxes to social welfare benefits, governments of the world cumulatively receive and disburse trillions of dollars to and from their citizens. A digital transformation of this flow of money, is a strategic shift from the cumbersome dependence of physical cash to a more efficient, secure and lower cost electronic payment system. Through harnessing the potential of blockchain technology it is possible for central banks to use Bitt’s central bank solution to safely and securely issue a digital legal tender currency.
Digital currency issued by a central bank to the public, has the potential to modernise the financial system of any economy, thereby ushering in the establishment of a strong payment and settlement framework with unprecedented levels of economic growth. This technology advancement can allow for seamless inter-central bank digital currency transfers. A central bank digital currency issuance can also enable a central bank to achieve greater seigniorage and interoperability of its currency, whilst simultaneously increasing the reach of its monetary policies and broadening financial inclusion.
Bitt's Central Bank Digital Currency Issuance solution is recommended to governments and central banks, who first prudently engage in a pilot project and proof of concept, using a phased approach within controlled environments to deploy, test and assess the viability and feasibility for larger-scale implementation.