What is (CBDC) Central Bank Digital Currency - Steven Kelly

CBDC, or Central Bank Digital Currency, is a form of digital money issued and regulated by a country's central bank. It is a digital representation of a nation's fiat currency, designed to function as legal tender in digital transactions. CBDCs leverage technology like blockchain or distributed ledger to provide secure and efficient means of exchange. They are distinct from cryptocurrencies like Bitcoin as they are centralized and typically issued by a central authority. CBDCs have the potential to enhance payment systems, reduce transaction costs, improve financial inclusion, and enable better traceability of transactions. However, the implementation and implications of CBDCs are complex and require careful consideration of factors like privacy, cybersecurity, and monetary policy. CBDC initiatives are still in the developmental stage in many countries, with different models and approaches being explored.
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