The Facebook announcement of Libra was a catalyst for Central Bank digital currency research around the world. The very idea that a non-sovereign currency could be issued by an organization with more than 2 billion users has led the world’s Central banks to create their own version of the digital currency
Countries are trying to find the right solution with CBDC
China has deployed a full-scale company to introduce the currency of its own Central Bank to ensure that Libra is crushed if it can ever overcome the regulatory barriers that all authorities on the planet throw at it. The US has been much slower and is still discussing its own digital dollar, while China is now in the testing stage.
The realization that the CBDC could be the key to further controlling global markets has further accelerated Japan’s entry into this space, and the Bank of Japan is experimenting along with six other Central banks, in hopes of curbing China’s growing influence.
