ProgressSoft's Central Bank Digital Currency (PS-CBDC) is an advanced, secure form of cryptocurrency built on the most mature form of permissioned distributed ledger technology. PS-CBDC provides currency with technological support and security by design at its core with a one-to-one exchange rate with fiat money. It is the most advanced form of currency that serves as a practically costless medium of exchange; a secure store of value; and a stable unit of account.
PS-CBDC provides comprehensive, immutable ledgers of all transactions and money movements. It offers real-time balance inquiry for all PS-CBDC registered wallets and is the superior, transparent tool for implementing nationwide monetary policies more effectively, as well as enforcing business rules through smart contracts. The Central Bank acts as the sole central authority for PS-CBDC, regulating and issuing certificates for all participant nodes.
- Immutable data backed up on multiple nodes with no single point of failure
- Secure by design at its core with cryptography and permissioned distributed ledger technology
- Allows the nation to make peer-to-peer transactions in real-time
- Regulated and authorized by the Central Bank
- Advanced, transparent tool for implementing enhanced nationwide monetary policies
- Gradual migration with one-to-one exchange rate with fiat money
PS-CBDC provides a costless medium of exchange, secure store of value, and a stable unit of account. It offers the benefits of an unprecedented level of precision when implementing monetary policies, with real-time knowledge of size, pace and distribution of credit by sector.
In addition, PS-CBDC provides the nation with secure, real-time transactions with no intermediaries, this in turn sustains financial inclusion and reduces the number of bank branches and ATMs.
With PS-CBDC, the Central Bank does not need to build new protocols and communication infrastructure. In addition, it eliminates the need to replace damaged or outdated fiat currency, and reduces the risk of theft and the cost of safekeeping cash, all of which enhances efficiency and lowers transaction costs.