About 20% of 66 central banks summarized that they are likely to issue a CBDC within the next few years. Thus, it seems inevitable that state digital currency will become publicly available to ordinary citizens in the years to come. A law passed by the National Assembly of Ecuador gives the government permission to make payments in electronic currency and proposes the creation of a national digital currency which is discussed at https://theleadbtc.org/role-of-cryptocurrencies-in-a-cashless-society/.

COVID-19 Crises is Changing the Way the World See Money

The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and U.S. global competitiveness. The transition towards cashless, and the effects this will have on society, is one of the most hotly disputed talking points within the fintech sector. Mobile payments have surged in the past decade but there are still unanswered questions about how a truly cashless society would work in practice – or, indeed, if it’s even possible.

Moving toward a cashless society with crypto payments

Ducatus Cafe, owned by cryptocurrency mining company Ducatus Global, accepts Bitcoin, its own virtual currency called Ducatus, and other cashless payments. "We just want to make sure people understand that cryptocurrencies are here to stay," Ducatus CEO Ronny Tome said. Digital Currency is a term that refers to a specific type of electronic currency with specific properties. Digital Currency is also a term used to include the meta-group of sub-types of digital currency, the specific meaning can only be determined within the specific legal or contextual case. Legally and technically, there already are a myriad of legal definitions of digital currency and the many digital currency sub-types. Combining different possible properties, there exists an extensive number of implementations creating many and numerous sub-types of Digital Currency.

Minutes of the CBDC Engagement Forum - May 2022

Contrary to other online payment platforms such as Alipay or WeChat Pay, the digital currency does not have transaction fees. Although historically, cash was competing against cards, more and more alternatives are being developed, tested, and introduced into the payment markets. We have exemplified one earlier with contactless payments; let us now dive into some other payment methods eyeing breakthroughs in the Belgian market. Similar in many respects to holding gold coins, but in a ‘virtual’ vault rather than a physical one.