The forced digitizations of nearly all industries worldwide makes traditional players adjust and set standards for innovative solutions. Thus, the G20’s Financial Stability Board (FSB) is set for developing a framework for adopting CBDC.
Several countries, including the US and China, are working on their own digital currencies (Central Bank Digital Currency or CBDC). Is this about giving people more freedom over the payments or control over the financial flow? What is in it for the government and its citizens?
A multinational payment bull MasterCard offers a virtual platform to test the potential of central bank digital currency (CBDC). The company wants to help central banks globally that are planning to develop, analyze and explore their state-backed virtual currencies.
As the idea of issuing the Central Bank Digital Currency (CBDC) is gaining traction worldwide, China makes practical steps to make their digital yuan release closer. Now, the country is going to expand its trials to test the CBDC potential on a larger scale.
The legal status of cryptocurrency has been and still is very contentious worldwide, with some countries recognizing them as a medium of payment, while in others, mere ownership of crypto is enough to get you to prison. Will the increasing global attention to CBDCs change anything?