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Central banks around the world want to get into digital currencies—here’s why – CNBC

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether to issue digital currencies of their own.

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Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.
China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the…

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