The number of fraudulent cryptocurrency startups and suspicious companies not properly registered with regulators is growing. This makes governments and watchdogs alerted about the security of their citizens. For instance, the government of Singapore recently passed a warning to all of its citizens of the risk of involvement with cryptocurrency.
During the Covid-19 pandemic where congregating is a very big risk to our health, cryptocurrency has become a godsend to gamblers because it provides the unmatched social distancing required in the fight against coronavirus.
A bureaucrat at the International Monetary Fund (IMF), an organization working to strengthen worldwide financial cooperation, proposed a way for the central bank (CB) and private companies to jointly operate the CBDC.