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Bitcoin CBDC: landscape changing for digital currency

As Central banks continue to ruminate and strategies towards launching their own Central Bank Digital Currency, (CBDC), Coinshares CSO Meltem Demirors and participant in the World Economic Forum Blockchain Council is of the opinion that the landscape for CBDC has changed over the last few months.

Demirors who host a weekly podcast that explores the intersection of finance, history, and technology, in her last release gave an account of the evolution of crypto from Bitcoin to Ethereum, and also talked about ICOs and stablecoins.

She believes that the government’s approach to CBDC is the same as how fiat currencies are administered. She said in her podcast that the government said currently, they would deploy all resources to make the innovation technology however, it is works how fiat currencies are managed.

As many countries are following the path of China to start processing their own CBDC and observe for now how it will fare, Coin Shares CSO mentioned that the platform through which payment are made alongside identity would enhance Central banks to enhance policies more effectively pertaining to monetary and fiscal issues.

Human Rights Foundation’s Alex Gladstein also shares the point with Demirors. Gladstein in a recent opinion article he authored mentioned that China’s blockchain will be highly centralized to ensure maximum control as they are to be used for improved surveillance and social engineering.

Demirors in her podcast said she thinks that central bank digital currencies are included in long narrative centered on crypto and digital assets which are on another side of the spectrum from Bitcoin as the two could be entirely opposite entities.

With China at the forefront of blockchain and CBDC, other countries are taking active measures to catch up with them. Bank of Japan, European Central Bank stakeholders have all scheduled to meet in April 2020 to see how they can launch their own CBDC.

In the same light, recently US federal reserve Label Brainard mentioned that the body is weighing the potentials of digital dollars and partnering with other central banks to get to know more about the CBDC.

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Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism

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