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GLOBAL NEWSFive reasons why central banks want to get into the CBDC game

The race to release a fully-operational CBDC system has been waging for several months now. Now, while many countries remain interested in the same, only a handful of nations led by China have been actively working on them. Needless to say, this has precipitated the views of quite a lot of people everywhere.

A former CFTC chairman weighed in on the importance of a central bank digital currency on the latest edition of the Thinking Crypto podcast. Chris Giancarlo laid out a few “imperatives for central banks to get into the digital currency development game.”

First of all, different companies have commenced their own CBDC journies. Private sector actors like Alipay and WeChat Pay have caught on CBDCs “like wildfire in China,” for instance. Needless to say, the central repository remains opposed to such a position. In fact, regulators are concerned about the development of non-sovereign digital money.

Secondly, financial system modernization plays a role too.

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