“…Therefore, it is pertinent to examine its effects on the fiat currencies of countries that according to the literature are heading towards adopting the CBDCs, such as China, the US, the EU, the UK, Canada, Russia, and Japan (Alonso et al, 2021). Moreover, Ciner et al (2013); Fatum et al (2017); Fong and Wong (2020) and Shehadeh et al (2021) suggest that USD, EUR, GBP, RUB, JPY, and CNY are the strongest currencies in the world, and these countries (or blocs) are leading the CBDCs progress worldwide. We also set the F.X.…”