Governments across the globe are exploring or already piloting digital forms of national currencies, which have the potential to enable faster, less expensive retail and corporate transactions — and more secure money transfers.
Central bank digital currencies (CBDCs) can also bolster financial inclusion because customers don't have to have a bank account to hold them; they can instead use encrypted "digital wallets" that exist in the cloud, on a desktop or laptop, or even on USB storage device.
In March, US President Joe Biden issued an executive order calling for more research on developing a national digital currency through the Federal Reserve Bank, or "The Fed." The order highlighted the need for more regulatory oversight of cryptocurrencies, which have been used for nefarious activities such as money laundering. The Fed has been investigating the creation of a central bank digital currency (CBDC) for years.
To read this article in full, please click here
|
