Don't use any AI websites to answer these questions: QUESTION 1 (9 Marks)

a) What is CBDC and how does it differ from the existing cryptocurrency?

b) Using https://www.atlanticcouncil.org/cbdctracker/, how many countries have launched a CBDC? How many countries are in the pilot stage?

c) Pick one country from (b) in its pilot stage and state one of the challenges currently faced by their CBDC pilot project. Cite your source(s) using the Harvard Referencing Format.

d) In the US, the FEDNow platform was launched in July 20, 2023. If a CBDC which utilized this platform was released in the US, what apps/services would this platform be analogous to?

e) List 2 advantages and disadvantages of a gold-backed currency versus the current fiat US dollar (or US CBDC).