How central banks are driving innovation in payments
www.weforum.org
While many recent payments innovations came out of private sectors, most notably in the form of cryptocurrencies, central banks are racing to build the future of payments infrastructures with their own versions. While the cryptocurrency industry hits its winter, central bank digital currencies, or C
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- While many recent payments innovations came out of private sectors, most notably in the form of cryptocurrencies, central banks are racing to build the future of payments infrastructures with their own versions.
- While the cryptocurrency industry hits its winter, central bank digital currencies, or CBDCs – which are digital equivalents of a country’s fiat currency issued by a country’s central bank – are starting to blossom.
- At least 65 countries are thought to be in advanced stages of CBDC development.
- China is by far the largest world economy that has launched its own central bank digital currency.
- People’s Bank of China (PBoC) introduced e-CNY or digital yuan in 2020, transaction volume in e-CNY has surpassed US$13.9 billion as of August 31, 2022.
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