The development of a US CBDC has sparked controversy over the years with proponents and critics divided on key concepts. This division has led to the crypto industry flagging the development of a CBDC for stifling digital assets amid privacy concerns. Other days these central bank technology could lead to widespread government control.
At the moment, there are over 130 countries and financial institutions exploring CBDCs with partnerships with blockchain firms. Wholesale and retail pilots have also been announced in some jurisdictions with participation drawn from traditional finance firms and businesses.
Central Banks Tip Public Innovation
Central Banks have backed a CBDC drive with reasons ranging from public sector innovations into blockchain technology, government-backed assets unlike private cryptocurrencies, programmable money to increase the tax net, etc. The regulatory debacle of crypto spurred authorities for alternatives citing the need to protect investors from fraudul
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