PARIS and SHENZHEN, China, July 31, 2020 /PRNewswire/ -- Shenzhen Thousand Cities Strategic Algorithms Cloud Technology (TCSA) was invited as the advisor on sovereign currency technologies for "A New Era of Policymaking for Post-Pandemic Emerging Economies", the 12th annual conference hosted by the Central Reserve Bank of Peru (CRBP) and Reinventing Bretton Woods Committee (RBWC) on July 24, 2020.
The virtual conference welcomed attendees from the Central Bank of Russia, Pakistan, Costa Rica and Armenia, as well as the Latin American Currency Research Center, International Finance Association, and University of Pennsylvania Economic Research Institute. RBWC President Marc Uzan emphasized the economic impact of the coronavirus pandemic on countries around the world. The central banks in attendance shared their respective fiscal and monetary policy decisions in an effort to restore economic health and productivity, maintain financial stability, and pave the way forward for policymaking after the pandemic.
TCSA proposed national economies should enhance their monetary systems by upgrading sovereign credit currencies to sovereign asset currencies supported by comprehensive data and algorithmic analytics. Using this innovative approach, central banks can achieve true unification of fiscal, economic, and monetary data. This unification also enables the creation of a "Policy Decision Cockpit" that directly oversees a country's economic, fiscal, and currency systems – giving government officials and political parties an effective tool to pilot economic policies and social programs. With the "Policy Decision Cockpit", central banks will be able to design economic policies using reliable blueprints, solid evidence, and real-time optimization. The tool will enhance the efficacy and responsiveness of monetary policies against internal and external shocks, while supporting targeted reform of economic governance systems.
TCSA's "Sovereign Asset Currency System" consists of two package options: "Electronic Payment + AI Algorithmic Engine + Policy Decision Cockpit" or "Digital Currency + AI Algorithmic Engine + Policy Decision Cockpit." Either system can be built within 1 to 3 years on top of existing POS, mobile payment, online banking systems or digital currency schemes – effectively ensuring a powerful, risk-free upgrade of existing payment systems. Furthermore, TCSA will conduct a comprehensive technology transfer of all customized software and hardware to central bank partners to ensure absolute data privacy and security.
In August, TCSA will host webinars with various central banks to further discuss the implementation of the "Sovereign Asset Currency System".
SOURCE Thousand Cities