Hey guys welcome back to Crypto Clan, today we’ll be discussing stunning CBDC news stories that could send Quant to the stratosphere. On the 20th July, the official Quant Twitter page released a video of its CEO and founder, Gilbert Verdian, going into detail in regards to Quants involvement in the development of a Latin American digital dollar and how a digital dollar could aid in remittance payments between remittance payers in the US to payees in Latin American countries which use the dollar as legal tender.
As stated by Verdian, Quant is set to create a Latin American dollar and through Quants Overledger blockchain technology, digital dollars can be readily and efficiently transferred between recipients within the network.
According to the Inter-American Development Bank, remittance payments from the US to Latin America amounts to $77 billion per year. It is estimated that remittance payments sent from the US contribute to 67% of total remittance payments sent to Latin America. The substantial sums of money sent from individuals living in the US to Latin American countries contribute significantly to the overall GDP of nations within the region, whereby remittance payments make up over 24% of El Salvador’s GDP.
These statistics indicate the importance of remittance payments in this region of the world and also indicates a market that can be capitalised on. Quant Networks Overledger OS Blockchain technology, will enable stakeholders within Latin America to actively carry out monetary transactions and especially aid in the seamless and cost-effective transfer of remittances.
The Overledgers ability to connect a number of individuals may aid in overcoming limitations in traditional remittance gateways. The remittance market leader, Western Union, is the typical gateway used to send remittance payments around the world, including Latin America, typically charging payers with high transfer fees, whereby, in most cases, recipients are typically left with an average of around 8% less than what was originally sent. A gateway infrastructure that could enable the seamless transfer of digital dollars provided by the Quant Network may aid in overcoming this limitation.
Furthermore, the implementation of Quants multi-chain apps or Mapps will aid in providing speed and efficiency in the Overledger blockchain network. Mapps involve the leveraging of different characteristics synonymous with individual blockchains, for example, transaction speeds could be provided by Solana blockchain and the high level of security provided by the Bitcoin blockchain could be used to settle payments. The potential use of Quants Overledger Mapp technology will provide greater flexibility and efficiency in payment methods between individuals within an economy.
So what does this all mean for QNT token holders? With the Quant Network set to be used to develop a Latin American dollar CBDC. Quant’s Overledger blockchain will see users, in this case, the Inter-American Development Bank or a similar organization paying annual licensing fees for the use of the Overledger OS platform through QNT tokens. Furthermore, the millions if not 10s of millions of transactions that will ultimately occur on the network will lead to such actions leading to increases in QNT token transactions due to the token acting as gas on the Overledger blockchain.
These factors will ultimately lead to increases in demand for QNT tokens which in turn will lead to increases in the price of the token, this factor will ultimately lead to increases in overall returns for QNT token holders, especially over the long run. Aswell as Quant’s involvement in a Latin American dollar, the Quant team tweeted a video of Gilbert Verdian discussing details in regards to the benefits of CBDC technology and how the Quant Network will provide a multitude of advantages in CBDC technology.
The tweet provided by the Quant Network, referenced, ‘We welcome the evolution of money with this announcement from the @ECB for creating a digital Euro’. On the surface the tweet and video may not provide a definitive link between the European central bank and Quant, however, a report was written by the ECB which was titled, ‘THE USE OF DLT IN ISSUANCE AND POST-TRADE PROCESSES”, directly mentioned Quant.
The passage stated DLT-based system for DLT and legacy-based solutions by Quant. Quant’s Overledger Operating System is a DLT system aiming to interconnect and interoperate disparate DLTs as well as legacy systems. It aims to eliminate the problem of single-ledger dependency by facilitating the communication, migration and exchange of information as well as a value among different DLTs, by allowing general purpose applications to run on top of them.
The mention of Quant in this document indicates that the ECB is aware of Quant Network. With Quant directly involved in developing a Latin American Dollar, Quant could see its technology implemented in developing CBDC technology for a number of central banks including the ECB. The Euro is the second most used currency in the world, whereby approximately 341 million people use the currency on a daily basis. A Euro CBDC developed by the ECB will see synonymous transactions occurring on its network.
A Euro CBDC powered by Quants Overledger blockchain would enable the effective and efficient connecting of a number of individuals within the eurozone, which in turn will aid in desired monetary activity.
As previously mentioned the QNT token would be the gas of the overarching oVERLEDGER BACKED CBDC, THIS FACTOR WILL LEAD TO SUBSEQUENT INCREASES TO THE tokens price, thus greater returns for investors over the long run.
What are your thoughts on today’s CBDC news headlines? What price could QNT reach by the end of the year? Let us know your views in the comments below Thanks for watching the video, we hope you enjoyed it.
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