Definition ∞ A Central Bank Digital Currency Alternative is a digital payment instrument that offers some benefits similar to a CBDC but is not issued or directly backed by a central bank. These alternatives might include stablecoins or other privately issued digital currencies. They typically seek to replicate aspects of sovereign currency stability or efficiency.
Context ∞ The discussion around Central Bank Digital Currency Alternatives intensifies as central banks worldwide consider their own CBDC implementations. These alternatives pose questions regarding monetary sovereignty, financial stability, and regulatory oversight. Regulators currently examine how to supervise these private digital assets to protect consumers and prevent systemic risks without stifling innovation.
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