What is CBDC? How are countries around the world competing to research CBDC?

Central bank digital currency” is a digital form of central bank money that is widely available to the general public. This is a digital currency asset that many major countries around the world are conducting research and development on.

The essence of CBDC is quite similar to the base money but in an electronic version with the aim of increasing the central bank’s control, limiting the role of commercial banks, and reducing the costs for the user side in order to compete with current solutions.

This is the opportunity for the age of the crypto market. The US is the trigger for the CBDC race in the world. Out of the 91 countries that were counted:

10%: Percentage of countries that have issued CBDC.

16%: Percentage of countries that are implementing CBDC trials.

17%: Percentage of countries that are developing CBDC.

43%: Percentage of countries that are researching CBDC.

9%: No further announcement on CBDC at this time.

3 countries announced the cancellation of research on CBDC.

In the context that most central banks in the world research on CBDC, Vietnam is one of the 50 countries that has a leading Global Innovation Index (GII) in 2021, Vietnam cannot be a name that stands out from this trend.

CBDC is simply the “cryptocurrency” version that countries need, and they will be used in parallel and cannot completely replace the current fiat money. Because there is no complete model at the national level, not to mention trade between countries, the role of fiat money is still necessary. CBDC is an inevitable trend to change an outdated monetary system. This will be a challenge but also a great opportunity for the stablecoin market in general and Crypto in particular.

In the future, with the momentum of technology development, do not know if CBDC can completely replace the current fiat currency??

STE also seizes and does not miss the opportunity of the crypto market. STE is developing strongly and closely following the roadmap to create value for the community in both material and spiritual terms in this new era of technology development.

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