That reality is exactly why central bank digital currencies are dead in the water already.
The Bank of Russia published a consultation paper outlining plans for a digital ruble.
That's right! The Bank of Russia is working on a digital ruble.
In other words, Russia wants a slice of the digital currency pie, but only if the government is controlling that digital currency.
The Digital Currency Electronic Payment program that China is rolling out includes two layers: one for central banks and another for commercial banks.
The rush by central banks around the world to create their own digital currencies is not a battle between East and West.
CBDCs are really just fiat currencies in a digital format.
Consider for a moment that the European Central Bank is seeking input from the public on what a digital euro might look like.
The ECB's website details many benefits related to developing a digital euro - particularly, that the usability of a digital euro would shine whenever an extreme event like a natural disaster or pandemic occurs.
Keeping value decentralized and keeping the power in the hands of the individual consumer is what gives cryptocurrency its power, not government-backed digital currencies that simply use blockchain technology.
Central bank digital currencies are dead in the water
Veröffentlicht auf Nov 15, 2020
by Cointele | Veröffentlicht auf Coinage
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