Are CBDCs kryptonite for crypto?
Central bank digital currencies digital currencies backed by a central bank have received renewed interest with the United States President Joe Bidens Executive Order on Ensuring Responsible Development of Digital Assets. Proponents of CBDCs argue that widespread adoption will promote financial inclusion, expand public access to safe money, improve the efficiency of payments and more.But their rationale remains tenuous. Many analysts and practitioners increasingly view CBDCs as fundamentally at odds with the purpose of cryptocurrency, which is to provide a secure, decentralized....
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The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said.
BIS Says Central Banks Need to Hurry up With CBDCs
Benoît Cœuré, head of the BIS Innovation Hub, talked about central bank digital currencies (CBDCs) at the Eurofi Financial Forum, Ljubljana,....
Binance CEO Changpeng "CZ" Zhao says there is room for CBDCs and crypto, and that he didn't see it as a threat to his company or the sector. Binance CEO Changpeng "CZ" Zhao appears to have softened his stance on central bank digital currencies (CBDCs), arguing in a conference that he doesn’t think CBDCs are a threat to his company or the crypto sector. CZ spoke at the Web Summit in Lisbon on Nov. 2 about CBDCs and their role in the crypto industry.The Binance boss said that CBDCs would validate blockchain technology and build trust among those with concerns about the technology,....
Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets. The officials agreed that more discussions still need to be carried out before a final decision is made.
Interoperability of CBDCs
Just under a year after the Tanzanian President Samia Suluhu Hassan asked the country’s finance chiefs to prepare for cryptocurrencies, officials from the country’s financial sector are now calling for a clearer global stance towards central bank digital currencies (CBDC) and....
A reading of two recent op-eds on central bank digital currencies (CBDCs).
Reserve Bank of India Deputy Governor T. Rabi Sankar says with complete confidence that digital bank assets or CBDCs will ultimately pull the plug on cryptocurrencies such as Bitcoin, Ethereum, and others. So, is this seriously the end of the line for crypto? RBI Deputy Governor T. Rabi Sankar says: “We believe that CBDCs would […]