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The use of digital assets has increased in society and the financial system at large and can no longer be ignored. After considering the many advantages of technological advancement, financial institutions have begun investigating how to include the technology backing digital assets into the current economic system. As such, the rise of privately issued currencies has prompted central banks worldwide to explore a central bank-issued digital currency.
Crypto Daily is dedicated to offering its readers valuable information and thought it well to unpack and demystify CBDCs. Through a series of comprehensive articles, we will explore all aspects of CBDCs, ensuring our readers understand this emerging technology as we evolve into a cashless society.
This introductory article will discuss what CBDCs are and touch on the two categories of CBDCs. A further section will discuss the benefits of CBDCs.
What Are CBDCs?
Understanding central bank digital currencies (CBDCs) is a type of digital money is crucial. Technological development led to the advancement of the forms of money. Society has evolved from using a barter system in which goods and services were exchanged, collectables as money, to physical money such as coins and banknotes, to digital money, which exists on computers. Digital money has been revolutionized by blockchain technology into a system where society is exploring programmable digital money issued by central banks – CBDCs.
The Bank of England explains that CBDCs are money issued by a country’s central bank. It is digital as it does not take the form of physical money such as notes and coins and is in the form of an amount existing on an electronic device such as computers. According to a recent blog by
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Author: Jana Serfontein
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