Central Bank Digital Currencies (CBDC) are gaining traction across the world. Fast-growing economies have been keen on the emergence of financial technology with blockchain at the forefront. As a result, different governments are in competition to test and launch CBDCs. While there has been growing criticism that some will abuse the power that comes with this by invading users privacy, the positives definitely outway the negatives. For starters, it will reduce the cost of issuing a national means of payment as well as make it more sustainable and environmentally friendly. Additionally, improve access to the new means and heighten security.
Countries including Russia, China, France, and Brazil are already testing CBDCs. Different Central Banks are in different stages of their testing with China seemingly at the forefront.
Aiming to capitalize on the newly found interest among Central banks is Mastercard. The financial service provider has recently launched a test kit that will allow Central banks to test CBDCs. The corporation is launching a virtual environment that will simulate the real economy, allowing for the issuance, distribution, and trade of CBDCs from the Central bank, commercial banks, and into the economy to be used to buy goods and services.
With the entry of private companies, the process leading to the launch of CBDCs could be hastened with proficiency taking a lead. Additionally, as Mastercard was quick to note, it will allow for further exploration of other opportunities and compatibles for CBDCs such as credit cards.
As governments and big corps begin to venture into the new possibility; that is bridging crypto and fiat, already Gibraltar based company Tap Global is in the space and well ahead.
Tap Global understands the game
For a long time, there has been a view that the crypto industry is out to destroy the traditional banking industry. The two have seemed to be locked in a battle. One that has so far taken casualty from both sides. In reality, the two can and should come together. The foundation and stability found in the banking sector and the technological revolution ignited by the crypto industry would be a game-changer in personal finance.
But so far only a few companies have ventured into this. One is the banking giant Mastercard. While on the crypto front is Tap Global. With the help of Mastercard, Tap Global has become one of the world’s crypto banks, helping bridge crypto and fiat currency.
Admittedly, CBDCs will be the end game. This will be for the masses but as such, its capabilities will be limited. It will just be a digital currency offered on an online much like online banking. But with one great disadvantage for users and a big win for Central banks, lack of privacy.
This is why the bridge between crypto and fiat must be handled from a crypto oriented company. One that understands the genesis and appeal of crypto, to be incorporated into the reliable fiat. Anything else will lead to the greatest loss of privacy to big corporations and governments since the launch of the internet.
Why choose Tap Global?
Holding spending and converting crypto hassle-free. This is the guarantee that is Tap Global, everything is a tap away.
Tap grants users access to split-second access to crypto trading & payments with the revolutionary Tap trading app and contactless, Tap prepaid Mastercard. With a tap, users can spend their crypto assets, including trading in leading crypto exchanges and or convert them into fiat for everyday use.
Tap offers a one-stop-shop. An account to receive crypto or fiat. A HODL paradise with elegant design to look at the portfolio. Access to leading crypto exchanges with reduced trading rates and risk. The trading fees are as low as 1.5% with real-time trades execution.
What about security and regulation? Tap Global is fully licensed and regulated by the Gibraltar Financial Authority. This is the gold standard of regulation. Why? In the crypto space, very few companies are regulated to hold crypto including some of the largest crypto exchanges. Which means they could be holding billions worth of client crypto in simple hardware wallets, scary right?
TAP is in a blanket of regulatory guarantee and was the first company to be awarded a license issued by the Gibraltar Financial Services Commission (GFSC) as a DLT Provider. Furthermore, Tap is partnered with BitGo, and their cold storage is insured for up to $100 million, so even in the event of a (very unlikely) crypto hack, your assets are totally safe and covered by the insurance.
Which means you can go to sleep with peace of mind that your funds are insured and secured. Additionally, one can block transactions, cancel their card, or change PINs easily and conveniently in case of a personal security breach. For smart investors, this is the company to deal with now while the world begins to understand the bridge. Further, to ensure adaptive and advancement in the space, choose Tap Global.