Retail central bank digital currencies: Are they inevitable if the metaverse is inescapable?
Central bank digital currencies (CBDCs) have rapidly gained attention in recent months among central banks worldwide in the last few months, with 18 nations reported to have launched or piloted a retail CBDC by mid-January this year and many more publishing papers for discussion.
CBDCs are intended to be fiat currency – that is, a direct liability of the central bank – and this characteristics raises a range of issues. What are these, in particular, in the jurisdictions of Singapore, Hong Kong, China and India?