CBCD : What is it and how will it change the world economy?

What is CBCD and how will the world economy change because of it?

A central bank digital currency (CBDC) is a digital version of your local currency (Like Euros, or Dollars) issued by the government. This could seem like a distant future concept, However 10 countries have already fully launched CBDCs, and about 100 central banks are already trying to implement CBDCs. But, why would we need to shift to a whole new currency system? Well, there are many advantages:

• It makes tax evasion much more difficult, since it would become impossible to hide financial activity government.

• CBDCs cannot be lost since they are digital

• It makes it much easier to spot and track criminal activity

• It would lower (or eliminate) transaction fees

• Not relying on intermediates, resulting in real-time transactions

• Traceable transactions, allowing for more secure payment not only for the citizens, but even government projects funds will be traceable.

• Non-digital currency has a high cost of production because of the paper, ink, ect components that in CBDCs are not present, thus lowering the production cost