The fight for fiat currencies to remain relevant in the age of digital cryptocurrencies

  • Cryptocurrencies aren’t only private virtual assets like Bitcoin, Ether or Solana – any form of digitally transferrable currency secured using cryptography, usually using a blockchain or encrypted ledger that records all transactions made comes under the umbrella of cryptocurrencies.
  • As of mid-2021, 83 countries that represent most of the world economy, had shown interest in launching their own CBDC. The countries have different goals, ranging from simply complementing existing national currency to stay relevant, all the way to displacing and eliminating the appeal of decentralised cryptocurrencies such as Bitcoin.
  • Government budgets and sovereign currencies are already on shaky footing, even before considering the impact of digital currencies.

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