Digital currencies created and regulated by a nation's central bank are known as Central Bank Digital Currencies (CBDCs). While they share some traits with cryptocurrencies like Bitcoin, the key difference is that their value is stabilized and controlled by the central bank, mirroring the country's standard currency.
With a growing number of nations either actively developing or already using CBDCs, it's crucial for us to grasp what they are and how they could impact our lives and society as a whole.
What is central bank digital currency?
CBDC is essentially a digital version of a country's currency, managed by its central bank. Unlike physical cash, it exists purely as numbers on a computer or other electronic devices.
In the context of the UK, the Bank of England is working closely with HM Treasury to explore the
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First found on: What is CBDC and How Will It Impact Society in 2023?
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