The idea of central bank digital currencies is becoming more popular


For the first time in history, the National Bank of China has included digital yuan in the calculation of the currency base (cash plus its own reserves). Data at the beginning of 2023 show that e-CNYs in circulation are estimated at 13.6 billion yuan, which respectively amounts to $2 billion. This represents 0.13% of the National Bank of China's cash yuan and reserves, which indicates the transition from the testing phase to large-scale use of the digital yuan for transactions. The idea of central bank digital currencies is becoming increasingly popular; one example is Andrew Griffith, Britain's finance minister for economic affairs, who announced that Britain is considering launching a digital pound sterling. 

He informed parliament that steps are already being taken to create conditions that could allow stable coins with a value equal to fiat money to work effectively. Besides, he noted that this issue should be taken into account when considering further drafts of the law on financial services and markets, which have been approved by the House of Commons of the British Parliament.

In July 2021, the European Central Bank began a two-year test of the digital euro with the goal of introducing it within three years.

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