Digital currency, stored and accessed electronically, has gained prominence with the rise of Distributed Ledger Technology (DLT) and digital signatures. It can be categorized as centralized or decentralized, with the latter posing a threat to monetary institutions. To address this, the Bank for International Settlements (BIS) has outlined guidelines for Central Bank Digital Currencies (CBDCs). CBDCs, being regulated and centralized, are digital versions of a country's currency with legal value. Many countries, including the Bahamas, Eastern Caribbean Union, and China, are exploring or implementing CBDCs to meet the demand for secure and regulated digital currencies.

Explore the whitepaper to learn more about:

• Types of CBDC and why they are critical to banking and financial services institutions
• Potential technology challenges in CBDC
• Impacts of CBDC and opportunities for central banks & financial institutions
• What banks can do to capitalize on these challenges and opportunities

Sounds interesting? Download the whitepaper and read on how HCLTech can help to innovate first in this segment with its vast range of offerings. HCLTech is an innovative solution provider and partner that develops new models for payments and other services as per the market scenario set by Central Bank Digital Currencies.