State-Backed Digital Currencies: Why Are World Governments Looking Towards Them?

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Governments always seek ways to make their economies more efficient. And with the rapid growth of the cryptocurrency market, they turned their eyes to this field in search of new solutions.

With the continuous advancement of crypto acceptance by traditional companies, we can now observe the trend where central banks across the world are increasingly looking into the matter of digital currencies backed by a state – namely, CBDCs (central bank digital currencies).

The question many of them are trying to unravel is how central bank digital currencies could influence their economies, help them transform and progress? What benefits are there to adopting CBDCs? 

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