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Central bank digital currencies are digital tokens, similar to cryptocurrency, issued by a central bank. They are linked to the value of the fiat money used in that nation.
CBDCs are being developed by numerous nations, and some have even put them into practice. Understanding digital currencies and what they signify for society is crucial because so many nations are looking at how to make the transition.
A government-issued currency known as fiat money is one that is not backed by a tangible good like gold or silver. It is regarded as a type of accepted legal money for the exchange of goods and services. Banknotes and coins served as the traditional forms of fiat money, but technological advancements have made it possible for governments and financial institutions to replace the physical form of fiat money with a credit-based system in which balances and transactions are recorded digitally.
Although physical currency is still extensively accepted and exchanged, its use has significantly declined in several wealthy nations, a tendency that increased during the COVID-19 epidemic.
Extra reading:
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp
https://coinmarketcap.com/alexandria/glossary/central-bank-digital-currency
https://hedera.com/learning/tokens/what-is-a-central-bank-digital-currency-cbdc
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