Blockchain, CBDCs and digital payments: navigating the uncharted terrain of financial evolution (part 1)

Embark on an illuminating exploration of the ever-shifting terrain of central bank digital currencies (CBDCs) and the realm of digital payments, and the journey unfolds against the backdrop of a financial landscape in constant evolution. This article aims to shed light on the transformative potential of CBDCs and the continuous pulse of 24/7 trading in the foreign exchange market (forex). The forex market is open 24 hours a day, five days a week with a staggering daily trade volume of $7.2 trillion. According to the Bank of England: “The average daily reported UK foreign exchange turnover was $3,117 billion in April 2023”together with the Bank of International Settlements claiming “The United Kingdom [remains] the most important FX trading location globally, with 38% of global turnover…...the United States accounts for 19%”. It is therefore sensible to presume that the City of London will be keen to preserve its position as the premier centre for forex, whether organizations wish to t…