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Central bank digital currencies are controlled by the government, and are unlike Bitcoin which is decentralised and untraceable.
India is in process to introduce its own CBDC soon. A CBDC is a virtual currency issued by the central bank of a country. India is in process to introduce its own CBDC soon.
As of now, 11 countries have issues CBDCs of their own. A look at where the world stands on progress regarding CBDC since April 2021.
The Sand Dollar of the Bahamas was the first CBDC of the world, launched in 2019.
Central bank digital currencies are digital tokens, similar to cryptocurrency, issued by a central bank. They are pegged to the value of that country's fiat currency.
Many countries are developing CBDCs, and some have even implemented them. Because so many countries are researching ways to transition to digital currencies.