Abstract Summary/Description
The report explores the implementation of a Central Bank Digital Currency (CBDC) alongside the traditional payment system, presenting a dual-framework approach that enhances financial innovation while safeguarding the stability of established systems. By integrating cutting-edge digital currency solutions with existing financial infrastructure, this strategy ensures inclusivity, security, and efficiency while addressing critical challenges like hacking risks, privacy concerns, and financial stability. Key considerations include collaboration with technology providers, payment system integrators, and cybersecurity firms to build a secure, scalable, and user-friendly ecosystem. The implementation process involves leveraging cloud technology, blockchain infrastructure, and intermediated design to ensure seamless adoption. Potential partners such as Amazon Web Services (AWS) for cloud infrastructure, IBM and Ripple for blockchain solutions, and Fiserv or PayPal for payment system integration are identified to facilitate development and deployment.
