CBDC vs Cryptocurrency | What's the Difference between CBDC and Cryptocurrency?

CBDC vs Cryptocurrency | What's the Difference between CBDC and Cryptocurrency?

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Both cryptocurrency and Central Bank Digital Currency (CBDC) have recently captured the attention of the world.
Cryptocurrency refers to any type of digital or virtual currency that employs encryption to protect transactions. Cryptocurrencies lack a centralized issuing or regulating authority, instead relying on a decentralized system to log transactions and generate new units.
CBDC, on the other hand, is a digital form of central bank money that is widely accepted by the general public. They are based on the value of a country's fiat currency. CBDCs are being developed in several countries. For example, during the announcement of the Union Budget 2022-23 in India, Finance Minister Nirmala Sitharaman stated that the Reserve Bank of India (RBI) would soon launch its digital currency.
Though cryptocurrencies and CBDCs appear similar, there are some differences.

🕒 Timestamps 🕒
00:00 Introduction
01:15 What is a CBDC?
02:57 What is a Cryptocurrency?
04:23 CBDC Vs. Cryptocurrencies: Core Differences
06:14 Can They Coincide?
07:11 Final Thought

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