War Against Cash Paves Way for Central Bank Digital Currency Which Marks the Advent of Cashless Society

Abstract

In the digital age, nations are increasingly paying digitally instead of using cash in this digital revolution. Central Bank of Lesotho (CBL) is considering implementing CBDC in Lesotho. The research study offers a comprehensive view of CBDC world-wide and how CBDC synchronises with Digital ID and Supremacy AGI (Artificial General Intelligence) to determine the credit score of CBDC’s clients. The study further explores the Central Bank Digital Currency, its potential benefits and risks as well as its implications for the future. This study employed qualitative method, interpretive approach and adopted PRISMA. The data was collected through a systematic literature review framework to ensure inclusion and to understand different perspectives in countries that have rolled out the CBDC. Findings reveal that well-developed countries are conducting a pilot study on digital currency while others had launched CBDC. Countries which are already using CBDC include Ecuador, China, Australia, Canada, India, Spain, Italy, Israel, Norway, Nigeria, France and Sweden. Some countries are exploring digital money while other countries are considering using digital currency. Lesotho is also considering using central bank digital currency. The study also reveals the potential benefits and risks of using CBDC from a variety of perspectives. The major benefits of employing digital money is to fight against crime, corruption and tax invasion. On the other hand, it is believed that digital currency is primarily dominated by negative issues especially considering the infringement of freedom and privacy inherent in this future monetary system. The study concludes that the time for digital money through Unicoin has arrived. Therefore, the system of one world currency has begun.