Federal Reserve bank of Chicago
Federal Reserve bank of Chicago. Eric Allix Rogers/Open House Chicago

The Algorand team announced on May 5 that they will be hosting a live Q&A session with the team behind the Marshallese sovereign (SOV) currency, which is the first national digital currency.

The live virtual event will be held on May 7 from 3:15 PM to 4:30 PM EEST. The registration page cites a recent report (23 January) from the Bank of International Settlements, where an estimated 80% of central banks are looking at blockchain as the underlying technology for a central bank digital currency (CBDC).

The Q&A session will include people from both the team behind SOV and Algorand, namely Peter Dittus, who is the chief economist at SFB Technologies and Marshall Islands digital currency advisor, Co-Pierre Georg, who is on the Economic Advisory Committee at Algorand Foundation, David Markley, who is the director of business solutions at Algorand, and Pietro Grassano, who is the business solutions director for Algorand in Europe.

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The topics that will be covered will include the story of SOV as well as general questions around central bank digital currencies, such as why central banks would be interested in using CBDC, why they would want to use blockchain as the underlying technology, and what the future holds.

In a previous article, I talked in length about the viability of central bank digital currencies – both ones built on top of blockchain and ones built on top of traditional account systems. Ironically, cryptocurrency was created to be a potential replacement for central banks, but it would seem that, instead of replacing these institutions, digital assets could become a vital part of them, forcing the necessary evolution of the banking system as countries move towards cashless societies.

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