China has already put the digital yuan into use on a limited test basis, and Sweden is close to that with the e-krona
recognised the disruptive potential of electronic money long ago. “This is a service which it is expected will be more and more availed of as the ease and economy of using it are understood,” its New York arm declared in a report. The year was 1917, and the Fed had just started allowing banks to transfer funds by telegram free of any interest charge. More than a century on, central banks are grappling with another technological revolution: the rise of mobile payments and the turn away from cash.
The second risk is that private-sector systems are too successful, with more people switching to payment platforms offered by big tech firms such as Facebook or Tencent. Many central banks began taking this risk more seriously when Facebook unveiled its plans for a digital currency in 2019.
Central banks would also have to pay heed to new vulnerabilities. In the event of a panic, savers could convert their bank deposits into theirCBDC
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