CBDCs: An Idea Whose Time Has Come?
Almost 50 monetary authorities and central banks are researching and developing wholesale or retail CBDCs. What does 2021 hold in store?
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Tether chief technology officer Paolo Ardoino claimed CBDCs would primarily replace the age-old payment systems and utilize private blockchain as a modern and cost-controlled tech infrastructure. Paolo Ardoino, the chief technology officer at Tether, believes that the growing developments around central bank digital currencies (CBDCs) globally wouldn’t really impact the role of private stablecoins.Ardoino shared his two cents in a Twitter thread on the growing discussion around CBDCs and what their role could be in the current payment system. He said CBDCs would only replace the age-old....
Any nation implementing a CBDC in the near future must make sure it’s ready to defend its digital assets and, most importantly, its private keys. Today’s financial world is becoming increasingly digitized, and naturally, central banks want to adapt to the changing environment. The use of cash is rapidly declining. Globally, the rise of digital payment apps and COVID-19 have only accelerated the decline in cash usage, fueling interest in digital currencies and demand for easier payment solutions.As crypto adoption continues to expand, the idea of central bank digital currencies (CBDCs) has....
The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument […]
A reading of two recent op-eds on central bank digital currencies (CBDCs).
On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.” Snowden Stresses CBDCs ‘Are Expressly Designed to Deny Its Users the Basic Ownership of Their Money’ While politicians and the modern banking cartel have been all about....