China could be one of the first countries to develop and maintain central banking digital currency, or CBDC. But China’s move toward CBDC doesn’t necessarily mean that other countries’ central banking systems will, or can, automatically follow. Moving an economy from bills and coins -- whether physical or virtual -- to 100% digitization isn’t something a country just does. Furthermore, there is the question of whether central banks can -- or should -- work directly with consumers and businesses, in direct competition with commercial and investment banks.
Mention the words “digital currency” and the first thought that might come to mind is Bitcoin...
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