Central bank digital currency (CBDC) research and development has been a high priority in China, and the United States appears to be following suit. The Federal Reserve of New York and a group of private banking firms recently launched a 12-week ‘digital dollar’ pilot project. But there are still concerns over how this might affect financial freedom.
On March 9, 2022, U.S. President Joe Biden placed the “highest urgency” on research and development efforts into a potential U.S. central bank digital currency. Was it a move to stay relevant or competitive compared to other regions?
Many would agree. A handful of nations, including China and Russia, have already started pilot programs. The U.S., U.K., and most of the eurozone are still under the investigation and research stage. This is evident in the CBDC tracker chart below found below:
There’s a noticeable difference in CBDC development by…
