CBDC - THE FUTURE OF MONEY?
Central Bank Digital Currencies (CBDCs) hold the potential to renew the centralised financial system while introducing additional risks. Central banks, holding a monopoly on definitive money issuance, can use CBDCs to drive financial reforms and maintain monetary policy efficiency amidst economic innovation. Key factors driving CBDCs include the rise of crypto-assets, the social impacts of COVID-19, and the decline in cash usage. Cryptocurrencies challenge central banks’ roles by enabling quasi-instant cross-border payments, prompting a response in the form of CBDCs. CBDCs lack a universally accepted definition, with various interpretations by institutions, and they can be classified based on form, issuer, settlement technology, and accessibility. Over 100 countries are involved in CBDC projects, from research to active implementation. Despite their potential, CBDCs differ significantly from both fiat money and cryptocurrencies in issuance, backing, denomination, and functionality. This research aims to provide information about the new level in the history of money, the potential to fulfil traditional monetary functions, and the definition of CBDCs. snapshot of the legal issues and advancements in CBDC adoption, highlighting key regulatory characteristics worldwide and drawing useful conclusions for both theory and practice.
Keywords: money, blockchain, CBCD, legal tender, regulation.
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