Central banks worldwide are implementing digital solutions to improve the efficiency of the financial system. Amongst the G20 countries, 19 out of 20 are exploring the idea of a Central Bank Digital Currency (CBDC), with 16 already in the development stage. China appears to be at the forefront of CBDC development with great ambitions to alter the global financial system. What is a CBDC? A Central Bank Digital Currency (CBDC) is a digital token which acts as a completely digital version of cash issued and guaranteed by a central bank. CBDCs are unlike cryptocurrencies, which are decentralised and, in the case of ... (full story)