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1) Why are countries racing to launch their digital currencies?

In recent years, there has been a global race to launch central bank digital currencies (CBDCs). These currencies provide countries with greater ability to regulate payments, reduce reliance on the dollar, and control the flow of money in real-time. They can also lower the costs of international remittances, which is a problem many countries face. At the same time, some fear that these currencies could reduce privacy if not designed carefully. However, experts predict that the global financial future will be a blend of government digital currencies and decentralized cryptocurrencies.