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Why central bank digital currencies are all the rage in APAC

CBDC Central Bank Digital Currency banner, futuristic smartphone with symbols of fiat currencies of different countries. cryptocurrency and smart money concept
The Central Bank of Indonesia recently announced that the creation of a digital currency, a digital rupiah, is becoming a priority in its Project Garuda initiative. Across APAC, the hyperbole surrounding central bank digital currencies (CBDCs) is starting to emerge. So, what exactly is a CBDC? Essentially, CBDCs are digital tokens, similar to crypto currency, issued by a central bank. They are pegged to the value of that country’s fiat currency. Many countries are developing their own versions