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CBDCs: The Future of Money?


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Does President Biden’s executive order on cryptocurrency mean the U.S is looking at creating its own Bitcoin? The answer to this is yes and no.  Bitcoin is a cryptocurrency that is a form of a digital currency made by people to have value whereas, a Central bank digital currency (CBDC) is a digital asset backed by a country’s government and is produced by its central bank. Since CBDCs are produced by the central bank that produces money, CBDCs are the same as cash. Think of CBDCs as a digital dollar that is not housed at a bank. WSJ’s Dion Rabouin explains what digital currency is, its usefulness, and why the U.S. is rushing to catch up to digital currency leader, China.

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