They can execute payments more quickly if they use digital currency instead of traditional payment methods, such as ACH or wire transfers.
Foreign transfers must be cheaper: Individuals must spend a lot of money to transfer money from one country to another, especially when currency conversions are involved. According to Andrew Kiguel, CEO of Tokens.com, "digital assets are making marketing faster and cheaper."
Because banks are closed on weekends and after normal business hours, existing money transfers take longer. Regardless of the time of day or night, digital currency trades occur 24 hours a day, seven days a week.
Support for the unbanked and underbanked: According to the FDIC, more than seven million American homes lack a bank account. It costs them money to cash their paychecks and send payments via money orders or remittances. In the event that a CBDC is established, the unbanked would have free access to their money and be able to pay their debts.
More efficient government payments: A CBDC would make it much easier for the government to transmit payments like tax refunds, child assistance, and food stamps to people.