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18 January 2021

What Is a CBDC? - CoinDesk

What Is a CBDC? - CoinDesk

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CBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with.

What sets a CBDC apart from established currencies is that proponents hope it can use new payment technology, typically a blockchain, to potentially increase payment efficiency and lower costs.

In addition, central entities control who gets access to the blockchain and what they can do with it.

For instance, the central entity might decide that Alice can only read the blockchain, while Bob can both modify and read the blockchain. .

Bitcoin and other public blockchains like Ethereum are unique in that no central entity or group of entities (as is the case with DLT) is in charge.

The idea is that with a CBDC, financial entities are more connected, making a smoother way to move money around than the disjointed financial system that’s in place today.

But it wasn’t until 2019, when libra, the Facebook-backed digital currency project based on blockchain technology, was unveiled that governments around the world began to more seriously explore whether they should be adopting similar technology. 

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