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Browsing: stablecoins
The low adoption of CBDCs in Africa, which would hinder the policy objectives central banks hope to achieve, remains a significant concern for African central banks.
- 90 per cent of central banks were involved in CBDC analysis or projects in 2021. The percentage of central banks undertaking pilot projects reached 26 per cent
- Access to digital cash as an alternative payment mode is a critical factor driving the adoption of CBDCs in Africa.
- Providing access to those without internet or smartphones is a significant challenge for adopting CBDCs in Africa.
What is a CBDC
A central bank digital currency (CBDC) is a digital currency valued in the national unit of account that serves as a central bank liability. Initially, central banks globally were cautious about CBDCs, but their interest has grown recently. According to a recent Bank of International Settlements (BIS) poll, 90 per cent of central banks were involved …