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Over the years, there has been a visible evolution of money, evolving from seashells to metal coins, paper money, to digital bank transfers.
In recent years, Central banks around the world, including those of China, the European Union, Nigeria, and the Bahamas, have been actively developing or piloting CBDCs.
Think of a form of money, something that isn’t cryptocurrency, that combines reliability, state-backed security of physical cash, alongside the digital ease of your bank app! One would agree that it does represent the most significant evolution of money in centuries.
A central bank digital currency is a digital representation of a nation's fiat currency, such as the US dollar or the pound sterling, created and issued by the central bank of that country.
They are not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity, but rather fixed in value by the government.
Similar to the physical currency, it is a direct claim on the central bank, but it operates online, and in contrast to cryptocurrencies, which are decentralized and erratic, it aims to provide stability.
These differences make CBDCs stand at the middle of the traditional finance and the innovative financial technology, thereby creating a significant renovation of the monetary system.
Even though CBDCs are often associated with blockchain, the technology that powers the CBDCs can vary. The major concept behind CBDCs is having a digital ledger maintained by the central bank or authorized intermediaries.
The CBDCs come in two forms, which are the retail and wholesale. The retail CBDC is used by the general public and can be held in a wallet on any individual’s mobile phone to pay for goods and services, just like cash.
The wholesale CBDC, on the other hand, settles high-value securities transactions, such as those between banks and other financial institutions, thereby improving the financial system's efficiency.
The core difference between physical cash, CBDC, and cryptocurrency lies in who is in charge, i.e, who controls it, and its underlying philosophy.
The table below shows a detailed breakdown of the key differences between Central Bank Digital Currencies (CBDCs), cryptocurrency, and physical cash.
Features | Physical | CBDC | Cryptocurrency |
Issuer | Central Bank | Central Bank | Decentralized Network (No single entity) |
Form | Physical (Notes & Coins) | Digital | Digital |
Value Backing | Sovereign Credit (Full Faith of Govt.) | Sovereign Credit (Full Faith of Govt.) |
Pseudonymous (Transactions public, identities hidden) |
Access | Anyone |
Likely both online and offline accessibility |
Anyone with an internet connection |
Transaction Type |
Peer-to-Peer, Offline |
Digital, Likely requires internet |
Peer-to-Peer on a blockchain, requires internet
|
Volatility |
Stable (Pegged to national currency) |
Stable (Pegged to national currency) |
Highly Volatile (Market-driven) |
Primary Goal |
Legal tender for daily transactions |
Modernize payments, improve efficiency |
Decentralize finance, act as a store of value or utility token |
Central Bank Digital Currencies (CBDCs) are being investigated by governments and central banks not just for technological reasons but also because they believe they can be a useful instrument in addressing a number of important issues facing the contemporary financial system.
Here’s a breakdown of the potential strong advantages of why there’s a global push for CBDC:
Even though the benefits of the CBDCs are high, it doesn’t override the significant questions that are highly debated. While the governments and central banks highlight the potential benefits, economists, privacy advocates, and financial experts have raised serious concerns.
Here are the major concerns and risks associated with CBDCs:
Disclaimer: The content created by LBank Creators represents their personal perspectives. LBank does not endorse any content on this page. Readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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我們的線上客服系統目前遇到連線故障。我們正積極修復這一問題,但暫時無法提供確切的恢復時間。對於由此給您帶來的不便,我們深表歉意。
如需幫助,您可以透過電子郵件聯繫我們,我們將盡快回覆。
感謝您的理解與耐心。
LBank 客服團隊