According to the head of the Banque de France, the central bank wants a working CBDC operational by 2023. For domestic and cross-border bank transactions, the second phase of CBDC experimentation could be used to streamline the process. Euro-based CBDCs are digital representations of a jurisdiction's sovereign currency. A country's central bank could theoretically issue retail CBDCs, which citizens could use to buy goods and services, as a replacement for CBDCs. During a Monday meeting of EU finance ministers, it was decided that the digital euro should not replace cash in the EU but rather supplement it.
Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.
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