Despite its nascency, central bank digital currencies and their offshoots have rapidly evolved into a serious alternative to typical bank accounts. A CBDC is electronic money issued by a central bank for use by consumers and companies in lieu of traditional money. The concept was popularized in a particularly interesting paper published in 2016 by Warren Weber, a research consultant for the Bank of Canada, in which a currency issued by a central bank and backed by Bitcoin (BTC) was explored in detail. Central banks the world over have since begun exploring the concept through the creation of research and working groups, as have international organizations such as the International Monetary Fund, the Bank for International Settlements and the CBDC Group think tank.
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