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In the world of crypto currencies and digital coins, sky high inflation and fiat currencies, the prospect of central bank digital coins are looking more and more likely by the day. But a lot of people don’t really seem to understand what they are, how they would differ from electronic money we have today, and what they might lead to in the future. Despite what you might think, they’re not just crypto-currency versions of our current currencies, and they’re not just digitised versions of what we have right now either. The truth is, there are so many possibilities here, so many different ways central bank digital coins could work, that no one really knows for sure what the end result will actually be. But we do know that the results, and the consequences of this idea that many governments seem intent on pursuing, will have cause monumental and far-reaching changes to the world we live in today. Nonetheless, there have been some developments recently, countries and institutions that have started making strides towards implementing CBDCs, and really, this is just the start.
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