Governments worldwide are rushing to develop central bank-backed digital currencies (CBDCs) as a direct response to the booming cryptocurrency market. This article will provide readers with an overview of recent developments in the CBDC sector. 

China Leads the Way for CBDC Development and Adoption

China is well known for being the first country to show utter seriousness in the development of its CBDC - the Digital Yuan. At this point in time, core development is essentially concluded, as China has already started testing and early-phase adoption efforts. Multiple events have happened since our last coverage of China’s CBDC development.

Since becoming popular once again, bitcoin has sparked lots of attention from numerous politicians and governments from all around the world. While not all countries are supportive of bitcoin and its prospects, Russia seems to be the only country that is seriously considering the idea of banning the digital currency.

However, things may change. According to recent reports, the head of a powerful far-right political party in France has recently called to end the use of bitcoin and other cryptocurrencies in the country. Marine Le Pen, who is the leader of the French National Front, and who will likely be a candidate for the 2017 French Presidential Election has published a note accusing world leaders of seeking a world with no cash, and of pushing bitcoin forward to fuel this scheme.

Chances are that you have heard about the Paris terrorist attacks, due to which, over 130 people lost their lives, and hundreds more were injured. Recent reports indicate that bitcoin might have played a role, due to a certain bitcoin address worth $3 million, linked to ISIS militants.