“Central Bank Digital Currency” is a new concept for many economies that are trying to explore the potential impact of launching digital currencies in their respective countries. Globally, many countries do not allow their citizens to hold central bank currency in digital form. Through a CBDC, a central bank aims to achieve two main objectives: 1. to eliminate the use of digital cash, and 2. to allow people to directly use central bank cash and deposit money in the respective central banks. Various countries are testing the benefits and cons.
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