News Snapshot:
If recent events are any indicator, the race for central bank digital currencies (CBDC) appears to be heating up. In August, trials of China’s digital currency electronic payment pilot were announced in 27 cities across the country. There were also reports that some of China’s major state-run commercial banks had already started conducting large-scale internal testing of digital wallets around the same time. First Mover Advantage Reported by Reuters on Sept. 21, the article argued that Beijing should “accelerate the pace [of development] to seize the first track†in the global race to issue fiat digital currencies. It also referred...
