DEVELOPMENTS AND PERSPECTIVES OF CENTRAL BANK DIGITAL CURRENCIES. A COMPREHENSIVE ANALYSIS OF BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY
DEVELOPMENTS AND PERSPECTIVES OF CENTRAL BANK DIGITAL CURRENCIES. A COMPREHENSIVE ANALYSIS OF BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY

Summary/Abstract: This article provides an academic examination of the profound implications of Central Bank Digital Currencies (CBDCs) on the global financial landscape, with a specific focus on the pivotal role played by blockchain and distributed ledger technology (DLT) in their implementation. CBDCs have emerged as a transformative force in monetary policy, offering central banks novel tools to enhance financial inclusivity, payment efficiency, and regulatory oversight. Our analysis underscores the critical role of blockchain and DLT in underpinning the security, transparency, and integrity of CBDCs. These technologies, through their immutable ledgers and cryptographic safeguards, mitigate the risk of fraud, counterfeiting, and unauthorized access, thus bolstering the credibility of digital currencies issued by central banks. Furthermore, this article investigates the ongoing pilot programs conducted by various central banks across the globe. These pilot initiatives serve as experimental grounds for assessing the feasibility, scalability, and usability of CBDCs.

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