The digitalization of the economy and payments is a global global trend. Taking into account this trend, we have developed the «CFA Platform» — the Platform for the issue and turnover of Digital Financial Assets.
The CFA platform can be used to organize the issue and turnover:
- CBDC¹ - Central Bank Digital Cash;
- Local digital currencies, including city and campus currencies;
- Digital points / bonuses / loyalty miles issued by commercial banks, chain retailers or large companies such as air carriers;
- Digital, utility tickets / tokens / rights, certifying the rights to services, things, results of intellectual activity.
CFA are points, coupons, liters, miles, minutes and other accounting units of a quantifiable nature, used in a specific ecosystem and having a specific issuer responsible for their liquidity.
— This is one of the types of CFA, a new aggregate state of money, devoid of the shortcomings inherent in cash and non-cash money (high cost of issue, wear, control by commercial banks, etc.).
Digital cash has the best properties of money and is characterized as follows:
- The cost of issuing and servicing digital cash is orders of magnitude (20-50 times) less than the cost of issuing and servicing cash and about 5-10 times less than the cost of servicing non-cash money;
- Qualitative Uniformity — Each unit of digital cash is equivalent to any other unit of the same type;
- Divisibility and combinability — Digital cash does not change its properties if it is divided into small parts or combined into one large part;
- Persistence — Digital cash is not subject to physical wear and tear;
- Portability — The high cost, enclosed in a small volume and weight, a smartphone is enough to use digital cash;
- Recognition — You can easily and quickly determine what kind of currency it is;
- Security — The consumption / transfer of digital cash is the exclusive prerogative of the user — the owner of the wallet;
- Ease of use (translation by QR code / phone number);
- Independence from commercial banks and payment systems.
Digital cash is intended for:
- Partial or complete replacement of paper and metal cash in all areas where they are used by the population and legal entities;
- Expansion of the client mass due to the unbanked population: schoolchildren, migrants, etc.;
- Creation of digital financial assets serving some specific segments of the economy, regions or used for other tasks:
- "Painted" — For targeted programs and for charitable purposes;
- "Social" — To combat social problems;
- "Transport", "Construction", etc. — For large organizations.
- Automation through the use of smart contracts, subconditional transactions — lease of property, transfer of ownership, etc.;
- Reduced crime and fraud compared to cash.
Technologically, "Platform CFA" consists of:
- Blockchain platforms² and monitoring subsystems;
- Subsystems for issuing digital cash;
- Exchange subsystems for exchanging non-cash money for digital cash;
- Mobile application — «Wallet» for users — individuals and legal entities.
In order to connect to digital cash, users just need to download the «Wallet» mobile application and, using it, register in the system. The «Wallet» makes it possible, among other things, to buy / sell digital cash using physical and mobile cards and accounts in commercial banks.