{"id":564590,"date":"2021-02-15T13:50:05","date_gmt":"2021-02-15T13:50:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/what-the-hell-is-an-e-currency\/"},"modified":"2021-02-15T13:50:05","modified_gmt":"2021-02-15T13:50:05","slug":"what-the-hell-is-an-e-currency","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/what-the-hell-is-an-e-currency\/","title":{"rendered":"What the hell is an e-currency?"},"content":{"rendered":"

Central bank digital currencies (aka e-currency).<\/strong> There have been a handful of countries announcing over the past couple of years that they are either considering or actively working towards issuing a digital currency \u2014 including Egypt, with the central bank saying back in 2018<\/a> that it\u2019s working on feasibility studies on the potential cryptocurrency. China is working on the second trial<\/a> of its digital yuan in Shenzhen after completing the first trial last September. Sweden also tested its e-krona last year<\/a> and is working on a feasibility study that will be complete in 2022.<\/p>\n

The Bahamas became the first country in the world to roll out a central bank digital <\/strong>currency<\/strong>, known as the Sand USD, last October<\/a>.<\/p>\n

So what is it?<\/strong> A central bank digital currency (CBDC<\/a>) is a digital token or instrument that can be used for payments or a stable asset and is part of central bank-controlled money supply \u2014 which includes regular paper notes, coins, and bonds. Just like paper banknotes have serial numbers to make them trackable and confirm their authenticity, each CBDC unit has a distinguishing feature for the same purpose.<\/p>\n

It\u2019s not BTC, but many CBDCs are largely based on the same principles and blockchain <\/strong>technology as is BTC<\/strong>, distributed ledger technology (DLT). DLT is a way to keep track of financial records: \u201cInstead of one central database storing all the financial records of people, DLT is composed of several copies of this transaction history, each stored and managed by a separate financial entity, and usually managed from the top by the country\u2019s central bank. These financial entities share DLT together in a distributed manner,\u201d explains Coindesk.<\/p>\n

An important difference between CBDCs and BTC is the fact that there\u2019s no \u201ccentral <\/strong>authority\u201d in charge of Bitcoin<\/strong> or other similar cryptocurrencies, which (naturally) doesn\u2019t sit well with a traditional central bank. BTC and other cryptocurrencies use a blockchain that is \u201cpermissionless,\u201d meaning anybody can access the system and participate in making transactions. CBDCs use a \u201cpermissioned\u201d blockchain that assigns certain levels of permissions and controls to each entity that is allowed to access the blockchain, making it more tightly regulated.<\/p>\n

In essence, CBDCs bring the best of traditional banking and cryptocurrencies:<\/strong> Crypto enjoys a level of convenience and security because of its digital form that cash does not. But cryptocurrencies like Bitcoin operate without central regulation, which \u2014 among other things \u2014 makes the currency price susceptible to major price fluctuations.<\/p>\n

The upsides:<\/strong> A significant perk of using CBDC is the move away from cash, which is difficult to track and regulate, therefore making it the tool of choice for criminal activity and laundering. Relying less on cash could also cut back on costs to produce paper banknotes and coins for central authorities, and would also fund transfers less costly for users. \u201cThe idea is that with a CBDC, financial entities are more connected, making a smoother way to move money around than the disjointed financial system that\u2019s in place today.\u201d<\/p>\n

The downsides:<\/strong> Swedish bankers, for one, are concerned<\/a> that the introduction of the e-currency will create \u201can identity crisis\u201d for traditional banks by allowing people to bypass commercial banks and potentially drying up the banking system\u2019s main source of income. But the Swedish central bank\u2019s Deputy Governor Cecilia Skingsley has previously said that \u201cpeople can already exit the banking system by buying treasury bills,\u201d and the introduction of a CBDC would not \u201cfundamentally change\u201d the situation for the worse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Central bank digital currencies (aka e-currency). There have been a handful of countries announcing over the past couple of years that they are either considering or actively working towards issuing a digital currency \u2014 including Egypt, with the central bank saying back in 2018 that it\u2019s working on feasibility studies on the potential cryptocurrency. China […]<\/p>\n","protected":false},"author":1,"featured_media":564591,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[344,518,695,633],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-cryptocurrency","tag-digital-currency","tag-enterprise-explains","tag-enterprisepm","wpautop","entry"],"acf":{"mongo_id":"29b7691c-a906-4c7f-9886-28e8cc190d0a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/456.jpg","photo_position":"above","related_issue":[564581],"teaser":"","voice_url":""},"yoast_head":"\nWhat the hell is an e-currency? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/what-the-hell-is-an-e-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the hell is an e-currency?\" \/>\n<meta property=\"og:description\" content=\"Central bank digital currencies (aka e-currency). 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With Bitcoin and other cryptos having currently achieved a USD 1.47 tn market cap, prominent financial institutions are looking to both invest in, and enable\u2026","rel":"","context":"In "CRYPTO"","block_context":{"text":"CRYPTO","link":"https:\/\/enterpriseam.com\/egypt\/category\/crypto\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605012,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/cbe-looking-into-issuing-digital-currency\/","url_meta":{"origin":564590,"position":2},"title":"CBE looking into issuing digital currency","author":"enterpriseam admin","date":"19 December 2018","format":false,"excerpt":"Central bank still poking into crypto: The CBE is still working on feasibility studies on the potential issuance of a digital currency, Sub-Governor Ayman Hussein said earlier this week, positioning the study as part of the Sisi administration\u2019s drive toward a cashless society. The sub-governor did not name the international\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575469,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution\/","url_meta":{"origin":564590,"position":3},"title":"Global central banks are laying the foundations for a digital currency revolution","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"Global central banks are laying the foundations for a digital currency revolution: Thinking among global central bankers about how best to usher in national digital currencies has moved into higher gear over the past week, with both the Bank of International Settlements (BIS) (pdf) and the Financial Stability Board (FSB)\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594189,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/","url_meta":{"origin":564590,"position":4},"title":"Digital currencies are now on the agenda for many central banks","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Cryptocurrencies are now firmly on the radar of central banks: Facebook\u2019s controversial plans to launch its Libra cryptocurrency has \u201cspooked\u201d central bankers, and driven home the message that if they don\u2019t make their own digital currencies, someone else will, writes Brendan Greeley in the Financial Times. 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