Central Bank Digital Currency Development, Challenges and Future Recommendations in Global Countries

Abstract

The introduction of Central Bank Digital Currency (CBDC) is an inevitable trend in the context of the deepening of digital finance. In recent years, the innovation of financial technology has received the attention of various countries, and many new tools have appeared in the field of payment and settlement of medium of exchange, and the use of cash in many countries has shown a clear trend of reduction. As the impact of the development of the digital economy gradually strengthens, central banks have begun to explore the feasibility and necessity of CBDC issuance. This paper provides a literature review of the current status of CBDC development in each major country in the world, so as to analyse and derive an analysis of the problems and challenges in the development of global CBDC, and ultimately give suggestions for the future development of CBDC.