Around the world today, an estimated one in five people still has no direct engagement with the financial system. We’ve examined the potential of CBDCs on driving financial inclusion in a previous article, and the benefits for those without bank accounts would be significant. It is undeniable that our world is becoming increasingly digital, and for the unbanked or for people in rural areas it is ever more difficult to participate in the digital economy. CBDCs provide a gateway to a variety of digital services, for many different people.
Why everyone benefits from CBDCs
Central banks around the world are researching the potential of CBDCs. It’s an evolution of cash that could benefit all segments of society and businesses and drive digital innovation.
At the same time, CBDCs have the potential to benefit people already familiar with digital payments and digital currencies. CBDCs are stable and more resilient when compared with crypto, with the potential to offer greater opportunities. G+D’s Managing Director Central Bank Digital Currencies Raoul Herborg notes that “the possibility of innovation could lead to economic growth,” with the potential to develop new business models.
How people would benefit from CBDCs
Three animations demonstrate the potential of central bank digital currencies – how they can support financial access and create brand-new opportunities for innovation. With these three use cases, we examine how CBDCs can be used by three very diverse target groups – and demonstrate why all of us need digital cash.