Editor’s ChoiceIssuing CBDCs Using Algorand

Issuing CBDCs Using Algorand

Algorand Algo has released a new guide on how to build CBDCs on the Algorand blockchain and they have made a huge hire to the team they are continuing to build.

So Algorand Algo is one of the top blockchains out there and Algorand has been endorsed by the world economic forum. There had to have different people building their central bank digital currencies on the algorithm blockchain. So they tweeted out today that the Algorand Algo research team is publishing issuing digital cen issuing central bank digital currency using al grant. 

A new report capturing insights from more than a year of continued research into how CBDCs are unfolding at central banks around the world. So I’ve seen interviews of Sean Ford of al grant multiple times. He mentioned that they are in contact with different central banks looking to build on the Algorand Algo blockchain. 

This was published through yahoo news. They did a press release so they are highlighting that central banks are building their digital currencies and they’re going to use different blockchains. They’re going to use an algorithm. They’re going to use the XRP ledger. 

Some might use Ethereum. So it’s going to be a multi-chain world and this is coming whether we like it or not. 

My major concern with the US digital dollar CBDC is that the government’s going to be able to track everything. I think the US government is still trying to figure that out and how it’s going to abide by the US concerts constitution your right to privacy and things like that. Because I don’t want everything I’m doing track because we know that data can be used against US rights. 

We’ve seen it time and time again you give the government you know any type of open door to take away our freedoms. It may not happen overnight it may happen 10 years from now.

Now if you’re in another country you know you don’t have maybe the US constitution to guide your country. But certainly, you may want to contact your constituents and representatives and let them know. What is this CBDC going to do is it going to track everything. We do and so on and so forth.

Also another big update around Algorand. They tweeted out thrilled to welcome Alberto cribiori to the city. So a city Citibank alumni to al Goran’s board of directors with an extensive background in traditional finance cribiori will be pivotal in furthering Algorand’s adoption.

Read: XRP Ready to Launch Ducati NFTs

In the financial services industry, we’re seeing members of jp morgan and other banks joining Algorand. This is just pretty interesting to watch this unfold I’m very bullish on Algorand and that is why I continue to buy it on the dips. I’m a long-term holder. I’m just saying right this is not financial advice. I’m just stating what I’m doing and Algorand is certainly a project I’m very bullish on. So they did a full press release on this so it’s great to see Algorand building out with some talented people.

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