Why Do Central Banks Develop Digital Currency?

 As cryptocurrencies such as Bitcoin have prevailed worldwide, countries are seriously considering whether issue their own national digital currencies. Recently, the National Bank of the Republic of Kazakhstan has published a public consultation document as part of its plans to develop and pilot a central bank digital currency (CBDC).

 

Why do central banks develop digital currency?

 

What is Digital Currency?

 

According to the Wikipedia definition, digital currency (digital money, electronic money, or electronic currency) means any currency or money that is majorly managed, stored, or exchanged on digital computer systems, especially over the internet.

 

Today, the most widely-used form of digital currency should be cryptocurrency Bitcoin. It mainly uses technologies such as smartphones, credit cards to make an exchange with online cryptocurrency. In some cases, it can be transferred into physical cash, for example by withdrawing cash from an ATM.

 

The benefit of Issuing Digital Currency

 

l  Widen the range of options for monetary policy

l  Make the financial system safer

l  Encourage competition and innovation in the payment system

l  Recapture a portion of seignorage and address the decline of physical cash

l  Help address the implications of alternative finance upon money creation and distribution

l  Improve financial inclusion


 Why do central banks develop digital currency?


Telpo Digital Payment POS device

 

The rising of digital currency is essentially the replacement of physical cash and another attempt at digital payment. When it comes to digital payment, the multifunctional EFT-POS TPS900 could be a good choice.

 

The POS terminal not only supports financial credit card transactions, but also compatible biometric payment (face payment, fingerprint payment), contactless NFC payment (Mifare), and QR Code payment.

  

What makes it better, it possesses multiple financial certificates to maximum guarantee commercial transaction security, including PCI 6.X, EMV, PCI, Paywave, Paypass, MIR, Rupay, TQM, CE, FCC, RoHS, BIS, Anatel, etc. The OTG, UHF, TPUI, physical keyboard, and tax control module are available to expand its practicability, making it suitable to be used in various commercial transaction scenarios.

评论

发表评论

此博客中的热门博文

How To Clean And Maintain Self-checkout Kiosk?

图片
  Self-checkout is gaining more and more popularity from both retailers and consumers.   75% of people said that they preferred to purchase products using self-checkout as it can save time, Consumer Reports reported. When it comes to the device that promotes business growth, it is quite important to do well in its clean and maintain jobs.  Here are a few practical tips to ensure self-checkout kiosks are normally up and running.   Place it in the proper environment.  Different kinds of self-checkout kiosks are made of various materials and have quite different demands on the environment. Please don’t place an indoor-rated kiosk outside or in an area with numerous dust or particles in the air, because accumulated dust is easy to cause malfunction of the kiosk. The cleaning method is to remove the outer shell of the kiosk and wipe it with a damp cloth (please contact the supplier if the outer shell is not easy to remove).   Keep clean.  The touchscreen could be recognized as the most prom
阅读全文

Health Pass Solution Assist Vaccination Status Verification

图片
  Along with the EU Digital COVID Certificate Regulation entry into force on 1 st   July 2021, many European countries have announced respectively local health passes and made it mandatory to show for access to certain public places.      In France, a compulsory passe Sanitaire (health pass) for access to cultural and leisure venues has already come into force on July 21. Individual should use the valid health pass to prove they are vaccinated or have tested negative for Covid-19, otherwise, they might be fined €135 for a first offense. And the health pass requirement will be extended to a large scope after August.   As an e-certificate that stores and records vaccination and COVID-19 test status, the health pass allows vaccinated people to prove their health credentials at the scan of a QR code. It is not only good to reduce the risk of virus spread but only conducive to boost cross-border businesses and tourism development.     Guided by the successful experience of health code solut
阅读全文

A Comprehensive Guide on NFC POS Machines

图片
  Technology is changing the life. Among the many innovations, NFC has emerged as a pivotal force in the realm of POS. This article delves into the world of NFC POS machines, exploring what NFC is, how it is applied in POS machines, the advantages it offers, and the various scenarios and industries where NFC POS machines are making a significant impact. What is NFC? NFC, or Near Field Communication, is a cutting-edge technology that allows for the exchange of data between devices over a short distance without the need for an internet connection. It operates on radio frequency identification (RFID) principles, using electromagnetic fields to enable communication between devices. NFC tags contain information that can be read by an NFC-enabled device, and they can also be written to, allowing for a two-way exchange of data. How NFC is Applied in POS Machines? NFC-enabled POS machines integrate this technology to facilitate contactless transactions.     When a customer uses an NFC-enabled
阅读全文