CBDC'S GLOBAL MARKET

Will The world go CBDC

CBDC is a virtual money backed by a central bank, it's like crypto but issued by a central bank. CBDC's are used in a few countries so far, 11 countries have started to use it and 21 have started pilot programs. CBDC stands for (central bank digital currencies ) CBDC has the option to replace countries paper money so I believe this is the start of digital currency taking over the paper currency because CBDC also has the potential to replace paper currency and make it digital.

As you can see in the picture above CBDC has been around for a few years with the use of credit cards, crypto currency and online marketing this has made a digital currency appealing. CBDC is not like crypto it is a more private ledger and crypto is a more permissionless ledger they also don't rely on blockchain technology, some CBDC use non- blockchain distrubuting ledgers and centralized ledgers.

CBDC is gaining popularity around the world with 44 countries in research experience and 36 in pilot. So it seems that most countries in the world are trying the idea of digital currency.

This is the US Federal reserve building, so far the news is that the federal reserve is considering it's own CBDC, with 59% of Americans using cash on a weekly basis more sales are likely done with credit cards or other digital payments. Two states in the US has began to test CBDC, one is Federal Reserve of Boston which proved the feasibility of a US CBDC. The other is the Federal Reserve of New York which has begun to work with leading banks in the US to see how the digital currency will work in the future and if it works it will be implemented in our society. But it is said that CBDC has the option to replace paper cash in the society and 11% of Americans have stopped using cash which was 5% last year, I believe we are entering a digital future which may not use paper currency anymore.