Governments around the around are busy developing central bank digital currency

Long before the India government announced to introduce a ban on local cryptocurrency-related business, rumors spread that the policymakers are spending time on central bank digital currency. Now the central bank digital currency is becoming reality in a European country for Union Bank payment coin, fiat money-pegged cryptocurrency has come out in Liechtenstein, which allows direct exchange between the local fiat currency.

The idea of central bank digital currency has been debuted for so long. Then the token is originally created to reduce inconvenience in the physical transport of paper money around the country and risk of fluctuation of exchange rate. In other words, the token is far more convenient in circulation when you launch transaction and stable in value, when compared respectively with physical money and digital cryptocurrency like bitcoin, which can be so speculative when you take a look at the Bitcoin price history and its fork-bitcoin cash, the so-called most suitable cryptocurrency for daily use.

In theory, the central bank digital currency is better holding a fixed exchange rate with the fiat one, and the government-backed identity can increase the confidence of people toward the new gadget. Therefore, the token can be the better choice for mass adoption when compared with cryptos, which now are experiencing long-lasting bearish trend. According to some data. coms, the bitcoin value now are standing at $ 6,930.50, breaking the bottom line of $7000 and BCH price at $533.30 USD, suffering a further loss.