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Explainer: Central bank digital currencies – Moving towards reality? – Source Reuters Tech News

LONDON (Reuters) – Central banks are looking at creating their own digital currencies – a stark contrast to the ethos of cryptocurrencies that seek to subvert mainstream authority over money.

FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

As Facebook’s efforts to launch its Libra cryptocurrency pour fuel onto debates over who will control money in the future, major economies have started to examine how so-called central bank digital currencies (CBDCs) could become reality.

Here are some key questions on the rise of central bank digital currencies and their progress in entering the mainstream.


Yes – and fundamentally so.

CBDCs are traditional money, but in digital form; issued and governed by a country’s central bank. By contrast, cryptocurrencies like bitcoin are produced by solving complex maths puzzles,…

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Source Reuters Tech News

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