A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth.
A few countries have introduced central bank digital currencies , China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and someon Wednesday to establish a pilot that could lead to a digital currency for the 20 countries that use the common currency, making it the first heavyweight Western central bank to formally forge ahead, could become a global blueprint.
Commercial bankers fret about the costs and possible deposit bleeds as customers could move money into central bank accounts, while developing countries worry that an easily accessible digital dollar, euro or yuan could cause havoc in their systems.
In contrast, Canada and some others appear to be tapping the brakes, while most of those already using CBDCs are seeing very little interest.
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