With the crypto market turning up its pace of growth over the last year and a half, the idea behind central bank digital currencies (CBDCs) seems to have gained an increasing amount of traction among many governments and retail banking institutions. In this regard, as per a study recently released by consulting giant PwC, more than 60 central banks have been exploring the unique value proposition put forth by CBDCs.
Furthermore, it bears mentioning that following the dawn of the coronavirus pandemic, the use of physical cash has continued to dwindle globally, with many now transitioning to digital payments in order to minimize potential health risks, while others have simply grown accustomed to online shopping. So, there are several reasons why an increasing number of countries may be looking to employ CBDCs, especially because they make it possible for people to facilitate fast, convenient, contactless remittances. But how many nations are actually open to launching such a solution?
What’s hampering the adoption of CBDCs globally?
Not all CBDCs are created equal
Will CBDCs ever be interoperable with other digital assets?
Taking the next step
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