Because systems for the exchange, storage, and transmission of value have evolved over time—from trading for goods and services to minting coins to printing banknotes and creating digital forms of payment—they are anything from static.
“CBDCs [central bank digital currencies] are the next step,” claims Field.
He is supported by the central banks of the globe. According to a recent survey by the Bank of International Settlements (BIS), 93% of central banks are engaged in some kind of CBDC initiative that aims to investigate or reap the potential benefits of dispersing tokenized legal tender held by a central bank.
Recent completion of Project Rosalind by the Bank of England (BoE) and BIS revealed the technology may facilitate a “diverse range” of creative ways to use money. Project Rosalind was a year-long examination of API prototypes for retail CBDCs. Field finished Project Rosalind by himself.
The effort, in Field’s words, “basically demonstrated that private sector innovation can occur on top of a CBDC system managed by the public sector.”
He thought that CBDCs may “change the nature” of the financial sector in the next years.
