Central Bank Digital Currencies (CBDCs)

A CBDC is a digital money used to represent a legal tender backed by the central bank. It is simply a country’s money in digital form. Because they are backed by the country’s central bank. CBDCs tend to be stable and safer than other digital currencies. The need for CBDCs is driven by the rapid digitization of economies, the push for real-time payments and settlement, and the need for more efficient domestic and cross-border monetary interactions.