As bitcoin and other cryptocurrencies roared back to life in 2020 and threatened the longstanding “cash is king” rhetoric, many central banks have been carving out a similar yet completely distinct concept: central bank digital currencies (CBDCs), their own solution to a cashless global financial system. China became the first major economy this week to create a blockchain-based digital version of its currency, the cyber yuan. This is good news on one hand for the country’s citizens who rely heavily on electronic payments, but it also gives the government greater oversight into the spending habits of its citizens. ... (full story)