Central bank digital currencies continue to be a popular topic of discussion within the crypto and broader financial circle, with China often dominating the headlines owing to the progress of its planned digital yuan project. On June 22, a former central bank senior official revealed that the country had completed the backend infrastructure for its planned CBDC.
While China’s proposed digital currency electronic payment, or DCEP, system has been some time in the making, the emergence of Facebook’s Libra in 2019 reportedly triggered an accelerated developmental path. Indeed, Libra’s original plan for a token backed by a basket of fiat currencies saw stakeholders in several countries calling for their central banks to create their own CBDCs as a countermeasure. Several other countries are also announcing their intentions to develop their own sovereign digital “coins.”
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