Central banks are accelerating the crypto currency effort

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After the testing of the digital yen in Japan, the digital yuan in China, the digital ruble in Russia.

The project to issue digital currency to central banks has become on the agenda of many countries.

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As the use of cash decreased in the world. While digital wallets or cryptocurrencies are used as an electronic payment tool.

Central banks in many countries have also accelerated their efforts in creating digital currencies.

China is in the experimental stage

China, the world’s second largest economy, is leading the digital currency project.

As China is in the experimental stage of the project, which it has been working on for years.

Beijing aims to further accelerate the pilot programs.

The Bank of Japan is also conducting experimental studies on the issuance of digital currencies.

In the first place, it examines the technical feasibility of issuing and distributing digital money.

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Russia will start testing it next year

The Central Bank of Russia will also enter the digital ruble testing phase in 2022.

The digital euro is also on the agenda of the European Central Bank.

Where European Central Bank President Christine Lagarde expressed her hope that the digital euro will be ready within 4 years.

Eyes on the Congressional Resolution in the United States of America

In the United States, the largest economy in the world, Federal Reserve Governor Jerome Powell said that they will not proceed in the way of issuing digital money without congressional approval.

In the current studies, the risks and benefits that will be obtained mainly from central banks issuing special digital currencies have been emphasized.