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The CBDC trials launched by central banks and even countries happen quite often now. Amazon collaborated with IMF for a pilot use case for CBDCs and online retail payments. Recently Brazil’s Central Bank selected Visa and Microsoft for the CBDC trial. Seems that Americas are more interested in the CBDC projects right now — so why Europe seems to lead this race?
Eugen Kuzin, CMO at the crypto payments ecosystem CoinsPaid, shared his opinion on the current situation. Here's the expert’s commentary on this topic:
"There is a lot of interest in the development and integration of CBDCs at the moment with the International Monetary Fund (IMF) sharing its intent to develop a unifying platform for different CBDCs around the world. The clamor for these new national currencies is particularly gaining traction in the US and EU, a trend that has also drafted contributions from private companies like Amazon.
While the EU is notably at a more advanced stage in its Digital Euro pursuit, the United States is still largely skeptical on whether or not its financial landscape needs a Digital Dollar in the near term. As previously emphasized by Fed Chair Jerome Powell, the launch of the CBDC project will take a longer time due to its implications estimation. For what we are currently observing, the EU might be at par with LatAm nations as it concerns the testing of CBDC use cases as the US has not made any emphatic effort to design a prototype.
If the following tendency continues, I believe the EU will likely put more effort into the CBDC race, drawing on the competitive advantage it already has over the US. As a more neutral fiat currency, the Euro and its digital counterpart will possibly wield more influence in the long term."
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