Central bank digital currencies (CBDCs) are digital forms of national currency, issued and controlled by a central bank. CBDC is a new form of money that exists only in digital form and is widely available to the general public. It is digital or electronic money a country’s central bank can issue alongside cash like notes and coins. It is designed to provide a secure and convenient alternative to physical cash and to make digital payments easier for individuals and businesses. It is a liability of the central bank. CBDCs are backed by the central bank, which means they hold the same value as traditional fiat currencies and can be used for a wide range of transactions, such as online and in-person purchases, bill payments, peer-to-peer transfers, paying employees or purchasing goods and services. They are unlike cryptocurrencies, which are not regulated by a central authority. This paper aims at explaining central bank digital currency (CBDC) in detail.
central bank digital currencies, CBDC, digital fiat currency, digital base money, finance, finance industry
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