Here’s a story of a global blockchain firm, with footprints across several continents wooing a wide range of industries with products involving the most sophisticated of technologies and their quest for innovation. It started during the time when people had just started to take cryptocurrency seriously. Bitcoin had only begun to come into character exhibiting its signature swings, which are now far-flung. HashCash began dabbling with blockchain technology in designing efficient financial products. One thing led to another in quick succession and only four years later things looked quite like this.
And as they say, you can never have too much of a good thing going for long. Long story short, people started getting wary of Bitcoin. And countries divided over their policies on banning or legalizing cryptocurrency. HashCash has always maintained that maintaining a reserve of crypto for all governments is beneficial.
Somewhere around this time, a concept that was hatched a while back started gaining popularity and the leading nations were suddenly in a frenzy to launch their pilot project.
A central bank digital currency (CBDC) is an electronic record or digital token to represent the virtual form of a fiat currency of a particular nation (or region). A CBDC is centralized; it is issued and regulated by the official monetary governing body of the country.
CBDC is ideated to infuse the positives of both the virtual currency and the central bank-issued sovereign currency.
“CBDCs are devised with the goals of establishing a cashless society and a formal based economy, with increased financial inclusion and more effective monetary policy. This will give rise to a safer and more effective financial system nourishing the fintech industry and fostering an environment of competition and innovation,” summarizes Raj Chowdhury, Founder, and CEO of HashCash Consultants.
In effect, the introduction of the CBDC will ensure fair use of currency units cutting the expense of circulation of physical money and the risk of counterfeit currency. The trust built in this digital currency will also allow simplified reconciliation in cases of overseas settlements. This will effectively empower the citizens and financial institutions.
Why HashCash Services
Hashcash with its diverse portfolio in delivering fintech solutions and rich experience from working with top global banks makes for a strong candidate to provide the technology driving the CBDC.
HashCash boasts of a concrete foundation rooted in research, development, and implementation of multiple variations of DLT and blockchain technology. Their work history has spiraled around providing fintech solutions to central banks among others since 2015. They continue their march in providing thought leadership on motivation, design, and policy issues driving CDBC adoption in a collaborative and consultative approach.
Raj Choudhury rounds up HashCash’s CBDC mission, thus: “We strive to create an open and efficient financial service ecosystem fostering financial inclusion and empowering the society to go cashless online and offline.”
As a blockchain pioneer company, an advocate of the technology, and a proponent of ideas, HashCash welcomes the move by major global economies to concede to developing CBDC in an assured move of adopting the positives of digital currency.