CBDCs (Central Bank Digital Currencies)


Most of you must be familiar about the fact that China has banned Bitcoin (for the 19374848th time it seems). However, did you know that they were working on a digital currency of their own? Digital yuan is a currency the Central Bank of China is keen on launching and it’s a part of a broader concept called “Central Bank Digital Currencies (CBDCs)”. In this post, let me try to break this concept down for you and talk about why the Chinese Government is doing so.

(7 min read)

A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.

83 countries (representing over 90 percent of global GDP) are now exploring a CBDC. In…

View original post 1,249 more words

One thought on “CBDCs (Central Bank Digital Currencies)

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.