Central Bank Digital Currencies (CBDCs): A detailed guide on how they work?

Cryptocurrencies have made huge progress in a short time. But, despite the hopes, cryptocurrencies have not yet changed how we pay for things. One of the reasons is its extreme price volatility. Recently, crypto has inspired the biggest financial institutions, the central banks, to create digital currencies, the Central Bank Digital Currencies (CBDCs). With the help of blockchain technology, these currencies are poised to modernize retail payment systems. It also streamlines the connection between the public, corporations, and financial institutions.

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