What is CBDC Cryptocurrency?
Central Bank Digital Currency. It is a digital form of currency issued by any Government or Central Bank of a Country. This currency has no paper or coin format like normal currencies. CBDC can exchange in digital forms such as QR codes Or Bar Codes or Other virtual formats. This is not treated as Cash always but one can use it for fund transfers and payments such as Tax etc. Even though it is digital cash, there is not much risk like a cryptocurrency. The best thing about CBDC is that it is supported by a Government Institution or Central Bank in the country.
CBDCs are a digital form of central bank money, which is electronically created and stored and is different from physical cash. The advantages of CBDCs include instant settlement, low cost for transactions, security against counterfeiting, and the ability to be used 24/7 which makes them more attractive to citizens.
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The United Arab Emirates Government has already taken steps to increase Dubai’s use of blockchain. The government promises it will branch out to the rest of the Middle Eastern region. The decision by United Arab Emirates minister of economy Abdulla Bin Touq Al-Marri suggests that cryptocurrency and asset tokenization by UAE are the things other countries in the region such as Saudi Arabia and Kuwait will likely follow.
What is CBDC Cryptocurrency?