{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=&target_lang=NL&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=CBDCs+rising%3A+Over+50%25+of+the+world+testing+digital+currency&text=CBD+adoption+increasing%3A+According+to+an+IMF+survey%2C+110+countries+in+the+world+are+in+some+form+of+testing+a+central+bank+digital+currency.&text=The+idea+of+a+digital+currency+has+been+around+for+over+a+decade%2C+with+Bitcoin+paving+the+way+for+blockchain-based+tender+to+exist+in+our+financial+system.+However%2C+the+idea+of+a+national+digital+currency+set+to+work+in+conjunction+with+traditional+fiat+is+slightly+newer+-+and+countries+are+excited+to+test+it+out.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AAccording+to+International+Monetary+Fund+%28IMF%29+director+Kristalina+Georgieva%2C+more+than+half+of+all+of+the+global+central+banks+are+exploring+how+a+digital+currency+could+be+launched+in+their+country.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AAt+a+virtual+conference+hosted+by+Milan-based+Bocconi+University%2C+Georgieva+noted+that+the+IMF+has+been+looking+at+how+the+implementation+of+national+CBDCs+across+the+globe+might+impact+aspects+within+the+macroeconomy+and+whether+harnessing+the+technology+is+sustainable+for+the+world%27s+economy.+She+stated+that+blockchain-based+currencies+offer+people+and+countries+the+ability+to+tap+into+more+affordable+and+smoother+transfers+and+transactions.+As+it+stands%2C+Georgieva+believes+that+CBDCs+should+be+touted+as+the+best+option+and+most+reliable+form+of+digital+currency+%28compared+to+other+decentralised+cryptocurrencies%29+as+a+result+of+the+inherent+regulatory+compliance+that+is+built+into+the+concept.%0A%0A%3Ciframe+title%3D%22YouTube+video+player%22+src%3D%22https%3A%2F%2Fwww.youtube.com%2Fembed%2F6nU2VfaAHZM%22+width%3D%22100%25%22+height%3D%22315%22+frameborder%3D%220%22+allowfullscreen%3D%22allowfullscreen%22+data-mce-fragment%3D%221%22%3E%3Cspan+data-mce-type%3D%22bookmark%22+style%3D%22display%3A+inline-block%3B+width%3A+0px%3B+overflow%3A+hidden%3B+line-height%3A+0%3B%22+class%3D%22mce_SELRES_start%22%3E%EF%BB%BF%3C%2Fspan%3E%3C%2Fiframe%3E%0A%0AGeorgieva+stated+that+over+half+of+the+world%27s+195+independent+countries+are+in+some+form+of+researching%2C+exploring+and+testing+a+CBDC+in+their+country%3A%0A%0A%E2%80%9C%3Cem%3EWe+did+a+survey+of+our+membership%2C+and+it+was+very+impressive%3A+110+countries+are+at+some+stage+of+looking+into+CBDCs.%3C%2Fem%3E%E2%80%9D%0A%3Ch2%3EIMF+Direction%3A+Bitcoin+is+an+asset%2C+but+not+a+currency%3C%2Fh2%3E%0AIn+the+conference%2C+Georgieva+continued+to+add+that+stablecoins+and+digital+currencies+issued+by+a+central+bank+are+able+to+bridge+the+gap+between+traditional+finance+and+privately+issued+money.+However%2C+she+noted+that+Bitcoin+and+other+decentralised+cryptocurrencies+offer+the+resources+for+asset+and+investment%2C+rather+than+money.+With+volatility+and+a+lack+of+regulation+-+and+therefore+state+and+public+trust+-+Bitcoin+is+ill-fitted+as+a+substitute+for+money+as+tender.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AShe+also+noted+that+well+established+legal+framework+is+a+necessity+for+central+bank+digital+currencies+to+work+and+function+in+an+economy.%0A%3Ch2%3EWhich+countries+are+testing+CBDCs%3F%3C%2Fh2%3E%0AAccording+to+%3Ca+href%3D%22https%3A%2F%2Fcbdctracker.org%2F%22%3ECBDC+Tracker%3C%2Fa%3E%2C+the+majority+of+the+countries+exploring+CBDCs+are+in+the+northern+hemisphere.+This+comes+despite+expert%27s+claiming+that+developing+countries+or+emerging+markets+would+benefit+from+a+digital+currency+to+%27bank+the+unbanked%27.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AThere+are+only+five+of+the+countries+that+have+explored+central+bank+digital+currencies+and+decided+to+scrap+the+idea.+Tunisia%2C+Haiti%2C+Denmark%2C+Ecuador%2C+and+Finland+for+various+reasons+have+cancelled+the+concept.%0A%0A%3Cimg+class%3D%22aligncenter+size-large+wp-image-146876%22+src%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwp-content%2Fuploads%2F2021%2F10%2FScreenshot-2021-10-06-at-06.50.49-1024x603.png%22+alt%3D%22%22+width%3D%22640%22+height%3D%22377%22+%2F%3E%0A%0A%3Cem%3ESource%3A+CBDC+Tracker%3C%2Fem%3E%0A%0ARight+now%2C+the+Bahamas+is+the+only+country+with+a+CBDC+that+is+backed+by+the+state.+The+Sand+Dollar+was+launched+by+the+Central+Bank+of+the+Bahamas+in+2020.+There+are+four+other+central+banks+in+the+world+that+have+launched+a+CBDC%2C+but+not+as+state-backed+digital+currencies.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AMeanwhile%2C+the+interest+in+CBDCs+across+the+world+is+mostly+across+the+Asian+market.+According+to+Google+Trends%2C+the+majority+of+search+interest+comes+from+South+Korea%2C+which+is+currently+piloting+a+CBDC.+Singapore%2C+China%2C+Hong+Kong+and+Canada+are+in+all+various+phases+of+testing+their+own+CBDCs.+In+some+cases%2C+there+are+two+or+more+CBDCs+currently+researched+and+tested+in+a+country.+Canada%2C+for+example%2C+is+researching+the+e-dollar+while+piloting+Jasper+which+is+a+collaborative+project+between+Payments+Canada%2C+the+Bank+of+Canada+and+other+market+participants.%0A%0A%3Cimg+class%3D%22aligncenter+size-large+wp-image-146870%22+src%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwp-content%2Fuploads%2F2021%2F10%2FScreenshot-2021-10-06-at-06.50.06-1024x250.png%22+alt%3D%22%22+width%3D%22640%22+height%3D%22156%22+%2F%3E%0A%0A%3Cem%3ESource%3A+Google+Trends%3C%2Fem%3E","timeout":15}