Ever since Facebook, now Meta, launched the Libra (Diem) project in 2019, in partnership with twenty or so other companies, including MasterCard and Visa, nation-states worldwide have been in a hurry to develop digital versions of their sovereign currencies, also known as Central Bank Digital Currencies, or CBDCs for short.
In China, which has, by far, come furthest in this run. The roll-out of the digital yuan is now in full swing, driven forward by the Winter Olympics. The Beijing Olympics is in all likelihood the final test before the digital yuan will be widely introduced into the Chinese economy.
Most nation-states are in research mode
Other nation-states, including the U.S, are far behind China. In the European Union (EU) the European Commission announced Wednesday it’s planning to propose a bill for a digital euro early next year. Politico reported that the bill will serve as the legal foundation for the European Central Bank’s ongoing technical work on the virtual version o
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