Central Bank Digital Currencies
The future of government-issued money is digital
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Central Bank Digital Currencies (CBDCs) are digital forms of a country's official currency, issued and regulated by the central bank. Unlike cryptocurrencies, CBDCs are centralized, government-backed, and represent the digitization of traditional fiat money.
Why Now?
Central banks worldwide are racing to develop CBDCs in response to declining cash usage, the rise of cryptocurrencies, and the need for faster, cheaper payment systems. Over 130 countries representing 98% of global GDP are exploring CBDCs.
Key Characteristics
Government-Issued
Legal tender backed by central bank, just like physical cash
Fully Digital
Exists only electronically, no physical form required
Instant Settlement
Real-time payments without intermediary delays
Programmable
Can embed rules, conditions, and automatic execution
CBDCs offer efficiency and control but raise concerns about privacy, surveillance, and the future of commercial banks. The design choices matter enormously.
Global Adoption Status
Source: Atlantic Council CBDC Tracker (2024)