CBDC meaning in Business ?

Answer:

What is Central Bank Digital Currency mean?

A central bank digital currency (CBDC) (also called digital fiat currency or digital base money) is a digital currency, still in a conceptual or trial stage of development, issued or proposed to be issued by a central bank. A report by the Bank for International Settlements states that, although the term "central bank digital currency" is not well-defined, "it is envisioned by most to be a new form of central bank money [...] that is different from balances in traditional reserve or settlement accounts."

The present concept of CBDCs was inspired by Bitcoin and similar blockchain-based cryptocurrencies, but differs from such a virtual currency and cryptocurrency in that a CBDC is or would be issued by a state and have an official legal tender status. CBDC implementations will likely not use any sort of distributed ledger such as a blockchain.

CBDCs are presently mostly in the hypothetical stage, with some in proof-of-concept programmes; however, more than 80% of central banks are looking at digital currencies. China's digital RMB was the first digital currency to be issued by a major economy. On 27 September 2021, Tajikistan announced the creation of a CBDC with the Fantom Foundation, utilizing their Lachesis consensus aBFT technology.

reference

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