The concept of money and spending has been evolving dramatically since the advent of cryptocurrencies. Notably, digital currencies have continued to garner interest while exposing the world to possibilities it never imagined were even conceivable.
Interestingly, owing to its entirely decentralized system, cryptocurrency became a honeypot for many, so much so that it has since drawn the attention of governments worldwide. Today, governments and institutions worldwide are forging another path of using digital currencies through Central Bank Digital Currency (CBDC).
A CBDC, which is issued and regulated by the central bank, is basically the digital variation of a country’s fiat currency. You can think of it as Bitcoin (BTC) or Ethereum (ETH), albeit issued and backed by a nation’s central bank.
In recent years, various governments have been exploring CBDCs for their advantages, such as increasing efficiency…
