Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.
Circle CEO Jeremy Allaire recently made his case on why the People’s Bank of China (PBoC) issuing its own cryptocurrency might be a massive boost for the yuan. In fact, it could propel it to increased global status.