Implementing the use of CBDC effectively will rely on a number of factors. Popularizing the CBDC by creating awareness through social media and mainstream media is the first proposal. It is important for people to understand the reason for transitioning from the use of physical currency to the use of CBDC. Therefore, the government must express the benefits over traditional money to the public. The government must get a consensus from the people regarding the use of CBDC, which they can only give once they understand about it. The transition process must also engage all the stakeholders, from the business people to the common members of the public. Involving all stakeholders will promote transparency in ensuring the smooth implementation of the transition plan. The people who will use the CBDC must be involved in the process of transitioning to its use. Involving all stakeholders will help to point out flaws that can be corrected to improve the efficiency of the product.
Why Central Bank Digital Currencies (CBDC)?
CBDC will be an effective option because of its safety and its efficiency. People using CBDC will get the opportunity to make fast transactions because they will exchange money and products or services in real-time. The cost of using CBDC is also low, considering that the owner of the money moves around with it at his convenience. People will not encounter the costs of going to the banks, both in terms of transportation costs to the banks and the time spent queuing in banks. Therefore, CBDC is the most effective option for national currencies in the future.