The coronavirus pandemic is accelerating the development of central bank digital currencies (CBDCs) as it has prompted millions of people to turn to cashless payments. But, efforts to create CBDCs is nothing new. Central banks have been exploring how CBDCs could become a reality since Facebook’s efforts to launch its own cryptocurrency Libra raised the prospect of a private company competing with traditional currencies.
On February 10, the American Council on Germany hosted a discussion with Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, on CBDC trends in Europe.