A CBDC is a central bank-backed digital currency issued and authorized by the central bank of a country. Nearly 114 countries are currently exploring the option of a national digital currency in the form of CBDC. According to the Bank of International Settlements, CBDC is envisioned by most as a new form of central bank money. Central banks are embracing CBDCs in an attempt to compete with private and decentralized cryptocurrencies such as Bitcoin and Ethereum.
Origin of CBDC
The first country to propose a national digital currency was China when its central bank, People’s Bank of China, began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. The deputy governor of the Chinese central bank at the time, Fan Yifei, had asked central banks to take the lead, both in supervising private digital currencies and in developing digital legal tender of their own.
China became the first major economy to launch a pilot project of its central bank-backed dig
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