How central bank digital currencies could alter the face of 'cash' as we know it

Such currencies hold the promise of a more inclusive, faster and accessible world of finance, although much more foundational work has to be in place before its full potential can be realised

The digitalisation of goods and services has reached a tipping point as more people adopt digital-first behaviours. PHOTO: ST FILE
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Over the past year, the digital currency revolution has picked up pace as the Covid-19 pandemic accelerated the digitalisation of goods and services. The landscape of digital currencies is no longer just speculative trading of Bitcoin and other cryptocurrencies.

As many as 86 per cent of central banks are now in various stages of research and development into "digital cash" or central bank digital currencies (CBDCs), according to a Bank of International Settlements survey in January.

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