Too Long; Didn't Read
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.