Central Bank Digital Currencies (CBDCs) are slowly becoming a reality. The initial hype may have faded, but to crypto advocates’ disdain, these digitized versions of legal tenders appear to be inevitable. So far, 100 countries are reported to be exploring the concept in some form or the other.

Despite not yet being rolled out full-fledged, CBDCs have managed to attract numerous narratives.

Social Experiment?

Project Rosalind – a central bank digital currency (CBDC) initiative with the Bank of England, in joint participation run by the BIS Innovation Hub London Centre – developed 33 API functionalities and successfully explored more than 30 retail CBDC use cases covering a broad range of domains for both individuals and businesses.

Ripple also teamed up with Colombia’s central bank, Banco de la República, to pilot CBDC.

The recent events demonstrate that CBDCs have emerged as a powerful indicator of blockchain technology’s increasing importance, maturing beyond its initial perception as a fleeting craze, according to KuCoin. A spokesperson for the crypto exchange told CryptoPotato,

“With the rapid development of the Internet, e-commerce and online transactions have become more prevalent. Whether it’s CBDCs in various countries or blockchain-based cryptocurrencies, I think it’s all a great social experiment – bringing humanity into a new digital world.”

He further said these explorations deserve recognition and praise “as they will contribute to the progress of society and the building of a better world for mankind.”

One of the main factors that have driven conversion surrounding counterparty risk and the necessity to have a trusted service provider in an effectively regulated jurisdiction that is comprehensive, transparent, and logical is the abrupt collapse of Sam Bankman-Fried crypto empire – FTX.

To that extent, David Newns, Head of SIX Digital Exchange (SDX), believes CBDC initiatives across the world serve