Despite the global financial instability, Central Bank Digital Currencies (CBDCs) are becoming a high priority for central banks.
In 2022, there was a flagship year for CBDC research and development (R&D), with a number of major hackathons taking place. The next step is to resolve outstanding questions about CBDC interoperability and how the technology fits into the broader financial sphere.
The global macroeconomic environment has been fraught with high inflation, low growth, and high debt, which has led to instability in traditional financial markets and extreme volatility in the crypto markets. CBDCs are being explored in over 100 countries as a potential solution to these challenges.