Amidst cryptocurrency booms and innovations in blockchain technology, governments have been showing great interest in creating their own digital monetary imprint through what is called a central bank digital currency (CBDC).

According to the Atlantic Council, a NATO-aligned think tank, the number of countries investigating a CBDC has exploded from 35 pre-COVID-19 to 130 today. China, for example, has a pilot program covering over 260 million people which allows transactions for public transit, stimulus payments, and e-commerce. Russia’s “digital ruble” went into action last month as an optional currency.