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.

Every day that passes represents yet another improvement for the digital currency market, but you may still not be aware of the fact that there are countries which have not been open to the developments in the cryptocurrency industry.

The main reason behind this is the obvious s that just about anyone can make between money laundering, criminal dealings and digital currencies. Because of this, certain governments believe that they would be better off not allowing the use of Bitcoin and other currencies in their country, regardless of the fact that the number of illegal activities funded with the help of Bitcoin is quite small. Without further ado, here are some of the most important countries where both Bitcoin, but also other cryptocurrencies have been banned for various reasons.