STOCKHOLM, April 29, 2021 /PRNewswire/ -- Central Banks around the world are evaluating and piloting Central Bank Digital Currency (CBDC) implementations where offline and private payments are key requirements. As Crunchfish Digital Cash solution offer these capabilities the company has decided to pursue a global strategy within CBDC, broadening focus from Sweden and India only. – Central Banks have a choice to make. They can either choose to issue their digital cash as a new currency, to be handled by existing payment rails, or as a new format requiring bank infrastructures to be upgraded, says Joachim Samuelsson, Crunchfish Group CEO.
Crunchfish Digital Cash AB ("Crunchfish") will start pursuing opportunities within Central Bank Digital Currencies on a global scale. This strategy is kicked-off by the presentation "Solving offline payments for scalable and interoperable CBDCs" by Crunchfish's Group CEO Joachim Samuelsson at OMFIF's inaugural Digital Monetary Institute Symposium, in which he challenges the prevailing perception that banking infrastructure must be upgraded to handle CBDC. Crunchfish has recently joined as a member of the international forum OMFIF.org as they frequently publish articles and organize meetings in this area.
"Central Banks around the world are looking into various ways of implementing CBDC's. Cash can either be digitized as a new format, requiring large investments in the banking sector or as a new currency, using existing payment rails. Crunchfish has decided to go global with our Digital Cash offer as we believe we provide the most cost-efficient CBDC solution in the world which is also fast to implement", says Crunchfish's CEO Joachim Samuelsson.
Today's announcement of Crunchfish's global CBDC strategy was also prompted by Crunchfish presentation yesterday to Bank of International Settlement's Innovation Network's CBDC WG Offline Payments Workstream with participants from 11 Central Banks from around the world. Bank of International Settlement acts as a bank for Central Banks and supports Central Banks' pursuit of monetary and financial stability through international cooperation, where the Offline Payments Workstream is one of such initiatives. The presentation outlined a detailed comparison of Crunchfish's Digital Cash vs. VISA's Offline Payment System for CBDC. Although similar in some respects, no less than 27 important differences were discussed, most of them patent-pending by Crunchfish.
This announcement comes after Crunchfish publishing several articles recently on Digital Cash for CBDC implementations:
https://www.crunchfish.com/why-must-banks-change-their-infrastructure-as-cash-becomes-digitized/
https://www.crunchfish.com/digital-cash-with-the-ingenious-digital-cash-wallet-xoxo/
https://www.crunchfish.com/cash-is-dead-long-live-cash-2/
https://www.crunchfish.com/digital-cash-implements-cbdc-swimmingly-easy/
For more information, please contact:
Joachim Samuelsson
CEO Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
Ulf Rogius Svensson
IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com
Västra Hamnen
Corporate Finance AB is the Certified Adviser
Email: ca@vhcorp.se
Telephone +46 40 200 250.
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