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Central Bank Digital Currency are already on various phases in Asian Countries

 

CBDCs are now undergoing various phases of research and development to determine how they will perform in practice. China's digital yuan is now at the top of this list, although other Asian countries have also achieved significant success in this area. After publishing a CBDC white paper in October, the Hong Kong Monetary Authority invited public feedback on the prospect of a digital Hong Kong dollar in the future. CBDCs have the potential to have a really transformative impact on the global asset markets when seen in the context of the broader global asset markets. Increasingly vocal in their need for greater vigilance, regulators have gotten increasingly vocal as the value of cryptocurrencies and decentralized financial infrastructure marketplaces have soared. In a recent report, McKinsey & Company expressed their own appraisal of the situation, concluding that while regulated stablecoins and CBDCs could coexist, it is equally probable that one will prevail over the other.

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