Central banks eager to master digital currencies

Most central banks across the world are now scrambling to master the concept of digital currencies, a disruptive technology once they looked upon with regulatory scepticism.
Seeking to win a first-mover advantage in the race, China’s central bank is issuing 10mn yuan ($1.5mn) worth of digital currency to 50,000 randomly selected consumers in what some see as the country’s first public test of the digital yuan payment system.
The People’s Bank of China’s (PBoC) campaign comes as central banks worldwide race to issue digital currencies to modernise payments systems, as well as to fend off potential competition from privately issued cryptocurrencies.
Others are catching up, too.
Last Friday, a group of seven major central banks, including the US Federal Reserve set out how a digital currency might look, in a bid to catch up with China’s “trailblazing” and leapfrog private projects like Facebook’s Libra stablecoin.
European Central Bank president Christine

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