Most governments control currency and related interest rates through central banks. The anonymity of cash can provide opportunity for fraud. Some progressive countries are launching their own digital currencies (Sweden and China have both expressed interest in issuing a digital form of government-backed money).
Goals and Objectives
Engage citizens in a central bank-issued electronic currency by providing access via cell phones. Create an economy of scale for investors, entrepreneurs, and regular citizens to use the platform in concert. Reduce costs and enhance transparency and security of transactions.
Blockchain/distributed ledger technology, high-end servers for processing, cryptographic applications, transactional recoding systems, associated payment systems, mobile payment applications
Use Case Summary
Government-backed/operated digital currencies reduce operating costs for businesses and create more secure and transparent commerce systems. These technologies allow governments to monitor ways that cryptocurrency can be used in money laundering activities, while using judicial powers to prevent parts of this. Smaller countries serve as pilot projects, with larger countries following suit based on citizen demand.