Welcome to CBDCs and The Object Management Group (OMG) wiki for Central Bank Digital Currency (CBDC)

Apr 24, 2023
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By Leroy A. Brown

Central Bank Digital Currencies (CBDCs) are a global trend that is occurring as part of the new world financial system.

With the rise in popularity of digital currencies such as Cardano, Bitcoin, Hedera, Ethereum, XRP, and others, it was only a matter of time before central banks worldwide began exploring, researching, testing, and implementing their digital currencies.

A CBDC is the digital version of a country's fiat currency that the central bank issues. It has the same function as physical money.

CBDCs are seen as a way to improve the financial system by providing more efficient and secure payment systems, reducing costs, having instant settlement, and increasing financial inclusion.

The People's Bank of China, which is the central bank of the People’s Republic of China, is leading the world in the use of its digital yuan, as it has been reported that the digital yuan already has over two hundred million (>200 million) users.

The Bahamas and Nigeria were the first and second countries, respectively, to implement their central bank digital currencies (CBDCs).

Many other countries are either exploring, researching, testing, or implementing their respective CBDCs.

The central banks, governments, commercial banks, and other entities that support CBDCs, do so on the premise that the following advantages and pros may happen:

  • CBDCs may increase efficiency in the financial system, such as having instant settlement.

  • Central bank digital currencies (CBDCs) may provide a more secure payment process.

  • Because of instant settlement as one of the benefits, CBDCs may increase the speed of doing financial transactions.

  • CBDCs may increase financial inclusion by enabling the storing and transferring of digital money on devices such as mobile phones, which may be more convenient than traditional banking services.

  • Central bank digital currencies (CBDCs) may provide more transparency as transactions may be easier to track.

  • CBDCs use a digital ledger to record transactions which makes it easier to track. Therefore, this may help to prevent fraud and financial crimes.

  • Central bank digital currencies (CBDCs) may assist central banks in implementing monetary policies as they will have greater control over the money supply.


The general public, some commercial banks, and other entities that are concerned about CBDCs do so because of the following disadvantages and cons that may happen:

  • CBDCs may cause the disintermediation of commercial banks and other entities as there may be no need for intermediaries to provide services like deposits, settlements, payment processing, creating credit, etc.

  • As central bank digital currencies (CBDCs) create little or no need for intermediaries, there may be massive job losses.

  • Central bank digital currencies (CBDCs) may cause commercial banks to have fewer deposits as they may no longer be needed, and as such, they may not be able to create credit. Together, these may lead to instability within the financial system.

  • Because CBDCs require a network to function, this makes them vulnerable to hacks and other cyber security crimes and challenges.

  • Central bank digital currencies (CBDCs) may erode personal privacy as they will be linked directly to accounts and can be easier tracked.

  • CBDCs may give governments, through central banks, greater control over individuals’ and corporations’ money.

  • Because CBDCs can be programmable, governments, through central banks, may dictate how, when, and where money may be earned and spent by individuals and corporations.

  • Most, if not all, of the benefits, advantages, and pros that CBDCs may bring already exist in the current financial system. And as innovation continues, the financial sector will become more efficient, cheaper, and effective. 

Therefore, there may be no need for central bank digital currencies (CBDCs).


What is the Object Management Group (OMG) WIKI for CBDC



The Object Management Group (OMG) is a group of mainly computer-based companies that create standards for the industry.

The Object Management Group (OMG) wiki for Central Bank Digital Currency (CBDC) was created to allow its members and to publicly share information about central bank digital currencies (CBDCs).

The Object Management Group (OMG) wiki for Central Bank Digital Currency (CBDC) is managed by the OMG-CBDC Working Group (WG).


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