The central bank of Bahrain is the first to pilot a new toolkit developed by the world economic forum. This toolkit will help Bahrain’s central bank determine if a Central Bank Digital Currency (CBDC) is the right fit for the gulf kingdom. Other nations considering CBDCs will also be using the toolkit in the future.
Bahrain Jumps on CBDC Bandwagon
The central bank of Bahrain has been chosen as the first central bank to employ the World Economic Forum’s (WEF) newly released tool kit for determining if the Middle Eastern nation would benefit from implementing a CBDC. A CBDC is a digitized sovereign currency issued by a nation’s central bank, which would be similar to current public blockchain networks. Bankers and policy makers have done a 180 degree turn on cryptocurrencies and are now considering issuing their own.
The WEF consulted with central bank researchers, global policy makers, international organizations and experts from over 40 institutions to create the CBDC Policy-Maker Toolkit. The toolkit is designed to help nations…