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Amid crypto winter, central banks rethink in-house digital currencies

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Over the last couple of years, numerous reports have surfaced regarding governments worldwide exploring the issuance of their very own central bank digital currency.

In fact, to date, nine countries have rolled out an active CBDC offering. In this regard, China’s digital yuan witnessed widespread use during the 2022 Winter Olympics.

Other countries that have initiated similar projects include the Bahamas, the Marshall Islands and Nigeria. However, it is being reported that Nigeria’s eNaira has witnessed poor uptake so far, and the others have fared somewhat similarly.

Moreover, India too has launched a pilot scheme for its digital rupee, while Mexico’s central bank recently confirmed the release of a digital peso within the coming year.Despite the apparent enthusiasm, a growing chorus of voices in mainstream finance and among the world’s central banks have begun doubting the long-term efficacy and viability of CBDCs.

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