Definition : Digital Currency
The race for countries to issue digital currencybacked by their central banks is picking up speed, and China leads the way.
Giving to the People’s Bank of China, the Asian giant is testing the new government-backed digital currency in various countries to replace banknotes and coins in circulation, equivalent to the country’s central bank.
The pilot tests are carried out in a closed environment and are not connected with the current issuance system and circulation of sovereign currencies.
“In the quick term, the central bank’s digital currency will not issued in great amounts to the public, said a report from the central bank, which will be the sole issuer of the digitized yuan.
In the first stage, it will offer digital money to commercial banks and other operators. Then the public will be able to transfer the funds in their bank accounts to the digital version. Of the yuan and deposit it in electronic wallets.
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What About The Development Of The Digital Dollar?
While China continues to develop a digital version of its currency. The United States explores how the Federal Reserve can issue a digital dollar.
Other countries such as Sweden, Canada, Switzerland, the United Kingdom, Japan, and the European. Central Bank are also investigating the advantages and risks of making virtual money regulated. And also, By governments and backed by the currencies of each nation.
At the last Davos Forum, held in January in Switzerland, the topic was on the table, especially as China confirmed that the design of its digital yuan was finalized.
Nobody wants to be left-hand out of the race. Even less, the US, which is unwilling to cede territory to China, risks the dollar’s historical supremacy.
Unlike cryptocurrencies or other digital representations of money used by commercial banking. Central bank-issued digital currencies (CBDCs) are equivalent in the real world. They backed by money. Physical and subject to the regulations of each country.
A digital dollar, then, is like having paper dollars, but in the virtual world. Therefore, could bought from anywhere in the world and exchanged for tickets.
The main difference with other types of digital money that they would be issued by the Federal.
And not, for example, by stages that trade cryptocurrencies.