{"id":26536,"date":"2021-05-27T10:53:02","date_gmt":"2021-05-27T09:53:02","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=26536"},"modified":"2025-10-31T10:55:53","modified_gmt":"2025-10-31T10:55:53","slug":"introduce-your-wallet-to-digital-currency","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/introduce-your-wallet-to-digital-currency\/","title":{"rendered":"Introduce your wallet to digital currency"},"content":{"rendered":"\n

A payments revolution is well underway. Use of cash is rapidly diminishing around the globe; crypto and other blockchain-enabled forms of private money are on the rise. Central banks, who drive monetary policy and financial stability, have for some time been positioning themselves to facilitate and oversee digital currencies within the global economy. The product of their efforts is CBDC \u2013 Central Bank Digital Currency. CBDC is a digital currency that is typically (but not always) blockchain-enabled. It is a complement to the fiat (traditional) physical currency issued by a region\u2019s central bank.<\/p>\n\n\n\n

Globally, central banks are getting serious about digital currencies. They are creating their own as a way to gain better control over the decentralised digital currencies that are entering the economy, for example Bitcoin and Ether. An estimated 86% of central banks<\/a> worldwide are currently engaged on CBDC projects; many are partnering with commercial banks in their experiments. For both central and commercial banks, the CBDC space is unknown territory. While the rise of CBDC presents great opportunities to enhance the digital payment and liquidity management landscape, the known and unknown risks that come with such a revolutionary change to their well-established financial system are a cause for concern. That\u2019s no surprise, as this proposition threatens the global cash management and central currency status-quo.<\/p>\n\n\n\n

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The CBDC proposition threatens the global cash management and central currency status-quo…<\/p>\n<\/blockquote>\n\n\n\n

CBDC\u2019s progress: let\u2019s take stock<\/strong><\/h2>\n\n\n\n

CBDC is still in the experiment phase, but it\u2019s far beyond being considered hype. To get a feel for the extent to which the project is underway globally, look at the progress already made by central banks\u2026<\/p>\n\n\n\n

Retail CBDC<\/h4>\n\n\n\n

This is CBDC issued for the general public and commercial businesses, with possible features such as some level of anonymity, traceability and round-the-clock availability. Recent moves by central banks on retail CBDC include:<\/p>\n\n\n\n