Vaibhavi Bhat posted an update
The Shift Toward Digital Currencies: How Governments Are Responding
As the global financial landscape rapidly evolves, digital currencies are gaining momentum, with governments and central banks around the world taking notice. The rise of cryptocurrencies like Bitcoin and Ethereum, along with the growing use of blockchain technology, has pushed governments to explore their own digital currencies—often referred to as Central Bank Digital Currencies (CBDCs). This shift is reshaping the future of money and payment systems.
Governments are responding in varied ways. Some are embracing the opportunity to modernize their financial systems, increase transparency, and improve cross-border transactions through CBDCs. Countries like China, Sweden, and the European Union are at the forefront, with pilot programs already underway. Others are more cautious, weighing the potential risks related to privacy, financial stability, and cybersecurity.
The move toward digital currencies is not without challenges, but it presents exciting opportunities for innovation in finance. This shift could transform everything from how people manage their money to how governments regulate economies. The global financial system is on the brink of a digital revolution, and how governments respond will play a crucial role in shaping the future of digital finance.
https://www.pwc.in/research-and-insights-hub/future-of-digital-currency-in-india.htmlpwc.in
Future of digital currency in India
114 countries including India are exploring digital currency, and as is known, India has also launched its own retail CBDC on pilot.
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