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The United Nations (UN), IMF, And The World Bank Launches A Digital Currency Challenge to Enhance World Financial Structure

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Last updated on April 14th, 2022 at 11:11 am

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The United Nations has unveiled The global CBDC Challenge for central bank digital currencies (CBDC). The CBDC challenge strives for innovative solutions to improve payment inefficiency and grow crucial financial inclusion. 

The Monetary Authority of Singapore, in collaboration with the International Monetary Fund (IMF), World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and the Organisation for Economic Co-operation and Development (OECD).

The Global CBDC Challenge seeks to coordinate creative market ready solutions with public policy questions across the following problem statement categories:

Instrument – To enhance and widen the accessibility and use of digital payments

Distribution – To reduce risks related with payment transfers and demand infrastructure

Infrastructure – Availablility of a viable CBDC infrastructure that is low-cost, efficient and robust and provides for trusted settlement of payment transactions among participants

The Global CBDC Challenge is open to FinTech companies, financial institutions and solution providers around the world. There will be approximately 15 finalists which will be selected to receive mentorship from industry experts and be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.

“The physical location of the participant does not matter. We welcome solutions from all jurisdictions and will work with the participants to facilitate an effective presentation of the solution during the judging phase.”

                 – The Global CBDC Challenge

The Amazon Web Services will support finalists by providing the AWS platform and AWS promotional credits. The finalists of the Challenge will have the chance to pitch their solutions to the global audience at the Demo Day to be held at this year’s Singapore FinTech Festival in November 2021.

The challenge is open to everyone globally,  Africa included.There will be 3 willing solutions, each will receive $37, 000 each in prizes. The submission deadline is on July 23, 2021. See full details here:

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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