While China’s proposed digital currency electronic payment, or DCEP, system has been some time in the making, the emergence of Facebook’s Libra in 2019 reportedly triggered an accelerated developmental path. Indeed, Libra’s original plan for a token backed by a basket of fiat currencies saw stakeholders in several countries calling for their central banks to create their own CBDCs as a countermeasure. Several other countries are also announcing their intentions to develop their own sovereign digital “coins.”
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