Individuals would be the main users of retail CBDCs. Since the currency is created and backed by the nation's central bank, users might use them effectively as digital cash.The necessity to carry physical money might be eliminated by this invention, which would also help to lower the costs of doing business in the established financial system.
The main users of wholesale CBDCs would be banks and other financial organisations. The use of CBDCs would allow banks to make payments in a quicker and more automated manner. Payment settlement systems now operate in a single jurisdiction or with a single currency. Using blockchain technology might make transactions faster, smoother, and more trustworthy.
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