Who is leading the global CBDC race?

Quick Summary:

Despite turbulence in the crypto space, interest in blockchain technology and the belief that CBDCs are set to be the foundation of the future global monetary system are at an all-time high.

These include Cambodia’s launch of Project Bakong, co-developed by a Japanese fintech company in 2020; Nigeria’s eNaira is issued by the Central Bank of Nigeria (CBN), although this is currently encountering low demand challenges from merchants due to a scarcity of users and a lack of user knowledge in rural areas.

Beyond safer, faster and cheaper payments, CBDCs have the potential to bring new innovations to the fore and empower transformational change at the industry level, benefitting both institutions and retail consumers.

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Article Details

Author / Journalist: Amit Ghosh

Category: StartupsTechnology

Markets: SingaporeCambodiaChinaJapanNigerNigeria

Topics: Web3 Blockchain Community Govtech Blockchain Digital assets Deeptech Global

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-19 @ 06:00:44 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: e27.co

Language: English

Article Length: 1361 words

Reading Time: 8 minutes read

Sentences: 1 lines

Sentence Length: 1361 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © e27

News ID: 23124402

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About e27

Main Topics: StartupsTechnology

Official Website: e27.co

Update Frequency: 5 posts per day

Year Established: 2006

Headquarters: Singapore

News Last Updated: 14 hours ago

Coverage Areas: Singapore

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