Central Bank Digital Currency
Persistent WCBDC, RCBDC : For white-labeling and exploration.
Central Bank Digital Currency (CBDC) is a centralized digital fiat currency issued and maintained by a monetary authority or central bank. For effective distribution and accessibility, CBDC uses the DLT platform, which also reduces the settlement risk in delivery versus payment. The CBDC platform is to be designed DLT agnostic with REST APIs, and adapters to communicate with the DLT platform of choice.
The CBDC platform offers scalable retail payments having bidirectionally operable CBDCs with distributed ledger for Govt digital services where central bank node is the issuer and a secondary DLT network is run by commercial banks.
CBDC wallets are to be accessible via webapps, android and iOS apps and are linked using the national identifier. Secondary wallets can be run by commercial banks and other operators, which are also supported to offer various features and other retail use cases.
Benefits List
- 1 Year: Persistent’s CBDC sandbox demonstrates how CBDC could be minted and reliably distributed as tokens on the Corda DLT. Multiple CBDC wallets can be built to conveniently and securely access CBDC. These wallets can be operated using existing National ID or be provided by trusted wallet providers. The wallets enabled access to CBDC via web interfaces, mobile apps as well as offline cards.
- Wallet Infrastructure: A user-centric wallet infrastructure for financial inclusion – integrated with a national identifier, or run by other commercial organizations accessible to apps and offline cards.
- Interoperable CBDCs: CBDCs representing interoperable digital versions of cash can be used by anyone with or without a bank account and seamlessly sent to other non-DLT wallets or converted to fiat and back.
- Easy to Administer: Full-fledged deployer dashboard to control and monitor software components.
- Ease in Transfers: Efficient fiscal transfers while enhancing cross-border payments with real-time settlements and efficient transfers.
- Reduced Maintenance Cost: Reducing the number of intermediaries required for payments improves the trust and transaction speed significantly, while DLT offers immutability, scalability, and security.
- Increase in Efficiency: Reduction in transaction latency makes the transactions robust and cheaper.
Why Persistent?
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