What is a central bank digital currency (CBDC)?

The cryptocurrency market’s surging popularity over the past few years has prompted governments around the world to take notice. Financial institutions, banks, and even private companies are now racing to create their own electronic cash alternatives, often dubbed central bank digital currencies or CBDCs in short.

Central bank digital currencies are often heralded as the next evolution of money, since they could eventually render physical cash redundant. CBDCs typically come in the form of a virtual token that’s the equivalent to a country’s existing fiat currency. This means you could conceivably manage and transfer your wealth from a digital wallet, just like you would with any cryptocurrency.

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