Monetary and Financial Stability
Around 90 countries are actively researching; Seven countries have launched a CBDC, the first of which was the Bahama Sand Dollar, and the latest was Nigeria’s e-Naira. China, South Korea, and 16 other countries are at the pilot stage. Most of the central banks highlighted service providers as digital currency issuers on the central banks’ behalf, which brings private money creation as an option to the table.
For Monetary and financial stability, The EU initiative to regulate digital money is the first step toward regulated e-money (digital currency) that will support innovation through regulated open digital infrastructure. MiCA introduces the first EU-wide licensing regime for digital currency issuers and service providers, allowing cross- currency interoperability.