Central Bank Digital Currencies: Demystifying the Next Evolution of Money
Central Bank Digital Currencies or CBDCs are promoted as a medium for remedying fundamental issues with modern economies and societies. Central banks have largely remained monolithic and true to their mandate of facilitating for financial stability and economic growth, a role they served with varying degrees of success. The 2008 financial crisis showcased the inefficiencies of commercial banks and their reliance on central banks for their rescue. The COVID-19 pandemic has accelerated the digitalisation of work, communication, and even money, all signs point towards the declining use of physical money.
Researcher, Institute for the Future, University of Nicosia, European Blockchain Observatory and Forum
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