Technology Adviser: Norton Rose Fulbright

Central Bank of the Bahamas
Central Bank of Bahamas became the first in the world to issue a retail CBDC
Photo: Mikael Latreille

There is no doubt technology can improve the efficiency of payments, but it is not infallible, and central banks cannot afford to blindly place trust in it. The perceived threat of Libra, the growing demand for digital money and forced transformation as a result of Covid‑19 means central banks are exploring the use and risks of central bank digital currencies (CBDCs).

In January 2020, the Central Bank of The Bahamas went live with the first consumer-ready central bank digital currency – the

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