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A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.
Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
A total of 134 countries representing 98% of the global economy are now exploring digital versions of their currencies, with almost half at an advanced stage and pioneers like China, the Bahamas ...
The Digital Euro is the project of the European Central Bank (ECB), decided in July 2021, for the possible introduction of a central bank digital currency (CBDC). The aim is to develop a fast and secure electronic payment instrument that would complement the Euro for individuals and businesses in its existing form as cash and in bank accounts ...
A CBDC is a digital currency controlled by the central bank, while cryptocurrencies are nearly always decentralised. Already 114 central banks are at some stage of CBDC exploration, "with about 10 ...
Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system ...
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This page was last edited on 5 November 2021, at 17:17 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.