Global experiments with digital currency: Do stable coins have a role to play?

We’ll soon hear the clink of the digital rupee to keep up with the era of the cryptocurrency. A lot needs to be worked out in due course, including a new definition for a bank note to account for the incoming digital currency as well as the small matter of stability and risk elimination, something crypto currencies don’t do very well. “While interest in Central Bank Digital Currencies is near universal now, very few countries have reached even the pilot stage of launching their CBDCs. There are two types of digital currencies which have a relation to fiat money, or a government-issued currency that is regulated and controlled by the central bank of that nation. Transactions of 62 billion Yuan already done, confirmed Mu Changchun, head of the PBOC’s Digital Currency Institute, at the Hong Kong Fintech Week last month.