In 2022, which country’s central bank became the first to adopt a digital currency for retail use?
Practice Questions
1 question
Q1
In 2022, which country’s central bank became the first to adopt a digital currency for retail use?
China
Sweden
Bahamas
Estonia
The Bahamas became the first country to adopt a digital currency for retail use with the Sand Dollar.
Questions & Step-by-step Solutions
1 item
Q
Q: In 2022, which country’s central bank became the first to adopt a digital currency for retail use?
Solution: The Bahamas became the first country to adopt a digital currency for retail use with the Sand Dollar.
Steps: 6
Step 1: Understand what a central bank is. A central bank is a financial institution that manages a country's currency and monetary policy.
Step 2: Learn about digital currency. Digital currency is money that exists only in digital form and is not physical like coins or paper money.
Step 3: Identify what retail use means. Retail use refers to the use of currency for everyday transactions by consumers.
Step 4: Research which countries have adopted digital currencies. Look for news or reports about central banks and their digital currency initiatives.
Step 5: Find out which country was the first to adopt a digital currency for retail use. In 2022, it was reported that The Bahamas was the first country to do this.
Step 6: Confirm the name of the digital currency adopted by The Bahamas. It is called the Sand Dollar.
