Why Do Central Banks Develop Digital Currency?
As cryptocurrencies such as Bitcoin have prevailed worldwide, countries are seriously considering whether issue their own national digital currencies. Recently, the National Bank of the Republic of Kazakhstan has published a public consultation document as part of its plans to develop and pilot a central bank digital currency (CBDC). What is Digital Currency? According to the Wikipedia definition, digital currency (digital money, electronic money, or electronic currency) means any currency or money that is majorly managed, stored, or exchanged on digital computer systems, especially over the internet . Today, the most widely-used form of digital currency should be cryptocurrency Bitcoin. It mainly uses technologies such as smartphones, credit cards to make an exchange with online cryptocurrency. In some cases, it can be transferred into physical cash, for example by withdrawing cash from an ATM. The benefit of Issuing Digital Currency l Widen the range of options
