The central bank is increasingly looking at digital currency as a way to improve the efficiency of existing payment systems and process payments faster. However, the issues related to central bank digital currencies vary depending on the central bank, and their respective governments have a series of different targets for the central business district

Opportunities for underdeveloped countries

The demand for small countries and the room for central business districts to disrupt current financial agreements may differ from larger countries, where the main stakeholders in the financial system M are more resistant to change.

The Bahamas is a small island chain with a population of less than 400000, becoming the world's first officially launched national central bank digital currency. After Hurricane Dorian in late 2019, most of their banking services became blind. If such an event limits access to traditional banking methods, they will be forced to face how to manage their funds.

Successful pilot projects in India

The Reserve Bank of India (RBI) launched a digital rupee pilot project in the wholesale banking industry on November 1, 2022, with 9 banks participating. The purpose is to test various technologies, including adding some layers to a centralized system of banks and others to a distributed ledger network (blockchain). The ultimate goal is to upgrade financial inclusivity, rather than replacing the current currency format, as 20% of India's 1.4 billion population does not have bank accounts.

Privacy is a key issue in the EU

The European Central Bank must consider the different needs of its 27 member countries, as some have the euro as their currency, while others do not. Now, efforts are shifting towards a solid design of the digital euro and creating a legal framework that can address 43% of respondents in public consultations who list privacy as the most important feature of the digital euro, as well as the need for anti money laundering rules and restrictions on its use for investment purposes.

The hesitant attitude of Britain and America

According to data from the Atlantic Council, the CBDC program in the United States and the United Kingdom is the least developed among the G7 countries. The Bank of England has established a CBDC department to focus on the so-called 'British currency', despite some financial authorities being less enthusiastic. US President Biden issued an executive order in March 2022 titled 'Ensuring Responsible Development of Digital Assets', and both governments seem to be committed to introducing a CBDC too, despite their continued commitment to doing so.

The Central Business District can benefit underdeveloped countries and countries affected by natural disasters. India and China have implemented pilot programs and are evaluating their advantages and disadvantages. Western countries emphasize potential risks and focus on safety and regulation.