This is the year of central bank digital currencies.
Twelve years on from the launch of bitcoin, six years after the launch of Tether – the first stablecoin backed by US dollar reserves – and just eight months since Facebook’s announcement of the Libra cryptocurrency project, central banks are suddenly getting set to launch their own new forms of digital money.
For now, live pilot projects are still mostly restricted to emerging markets such as the Bahamas, the countries of the Eastern Caribbean Currency Union (ECCU) and Cambodia, where central banks are responding to excessive dependence on physical cash that burdens businesses and individuals with high handling costs.
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