With the rising demand in digital payments, central bank digital currencies (CBDCs) have become a hot topic in the financial industry.
Based on some form of distributed ledger technology, CBDC is digital cash issued and controlled by a government’s central bank.
While they are expected to function similarly to cryptocurrencies, CBDCs will feature centralized networks where the state has increased control over the users.
With that said, central banks worldwide are racing to issue their state-controlled digital currencies, which are expected to cause drastic changes in the world economy.
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