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Why Central Banks Want to Get into Digital Currencies

finextra.com
 10 days ago

Plans for CBDCs are at varying stages around the world, but why are central banks taking a renewed interest in digital currency?. With the use of physical cash dwindling, particularly after a year of lockdowns, interest has turned to central bank digital currencies (CBDCs) once more. Over 60 central banks have been looking into CDBCs since 2014, with several already at the trialling stage. Bank of Japan has started a one-year trial of its digital yen, and the People’s Bank of China has trialled its digital yuan in cities including Shenzhen, Chengdu and Suzhou as well as holding a “digital wallet lottery”. Plans are afoot to allow visitors to use the digital yuan at the 2022 Beijing Winter Olympics.

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