There is a viable digital alternative to cash on the horizon, and no, it's not cryptocurrency.
CBDC Report YOU MUST SEE! You Won’t Believe Their Plans!
While many seem convinced that cryptos are the currency of the future, financial experts believe that it is the underlying blockchain technology that will help digitize paper currencies. On February 1, 2022, India’s finance minister proposed introducing a Central Bank Digital Currency (CBDC), joining a growing list of global economies exploring the use of the digital currency. Researchers at MIT are even working with the Federal Reserve Bank of Boston to design and test the feasibility of CBDCs in the US, which experts say is the way forward.
“Yes, I think CBDCs are absolutely the currency of the future,” Alan Vey, CEO and co-founder of Aventus Network, assured Lifewire via email. “In the same way that banks switched from storing gold or physical banknotes in bank vaults to using online databases, CBDC represents the logical next step in representing currency.”
CBDCs are issued directly to people by a central bank without having to go through traditional bank accounts. Individuals would hold CBDC accounts directly on the central bank’s core ledger and can access their funds and transact through a digital wallet application.
