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Central Bank Digital Currency is a digital form of fiat money that can be launched by central banks. The People's Bank of China has a project of a digital renminbi, the Netherlands' financial regulator declares its readiness to play a leading role in the development of digital currency within the Eurozone. Deutsche Bank analysts say that in the long term, CBDC can replace cash. CBDCs offer significant general-purpose benefits that make them attractive for research and development. The digital nature of such currencies modernizes payments, making them more efficient.