In a bid to add flexibility to governments in executing their economic policies, Atom Foundation, that focuses on liquidity solutions on the blockchain, today announced the launch of its not-for-profit Central Bank Distributed Secure Coin (CBDSC), a new, patent-pending stablecoin alternative technology.
The CBDSC, which is an improvement over the current Central Bank Digital Currency (CBDC) projects, will also allow governments and central banks to maintain a unique monetary policy on top of existing CBDCs.
“All the current CBDC projects are not secure and have zero protection against volatility, price manipulation, hacking, and loss of funds,” said Yoda Regev, CEO at Atom Foundation.
“Our CBDSC, when compared to stablecoin or current CBDC solutions is equivalent to comparing smartphones and the telegraph and will allow issuers more leeway to directly implement economic policy on the blockchain, and guard against currency volatility and mismatch,” Yoda said, adding that CBDSC will offer a lifetime license at no cost.
While the current CBDCs pegged to a fiat currency are exposed to unexpected volatility due to trading or manipulation and users holding such funds can lose these funds via hacking or loss of wallet access.