The growth of Central Bank Digital Currencies (CBDCs) is accelerating, but Eddy Travia, CEO of Coinsilium, is unconcerned about their influence because he believes they do not provide users with a competitive advantage over current private crypto choices, as reported by Cryptoslate.
As per Cryptoslate, open finance venture operator Coinsilium specialises in blockchain technology, particularly non-fungible coins, which the company believes will soon have more commercial applications, such as for data and ticketing.
According to the American think tank The Atlantic Council, 11 countries have launched CBDC programmes, 14 are running pilots, 26 are actively developing, and 47 are looking into the idea. The subject is nonetheless quite divisive in spite of this. The prospect that they might compromise individual privacy and the danger of cyberattacks on the scale of entire nations are some of the arguments against them. Speaking about the push for CBDCs and the ensuing restrictions on cryptocurrencies, Travia told CryptoSlate that political motivations are frequently unjustly influenced by bad media coverage of digital assets, which seems to acquire more prominence, Cryptoslate noted.
This phenomenon may have an impact on how policymakers think, especially given that some may see the business as a snake pit that has to be protected with legislation or dealt with through CBDCs.
According to Travia, the demand for CBDCs satisfies the desire for money to change and become more secure in the future while providing a high level of control, which is not the case with private cryptocurrencies. “They are looking at CBDCs because, again, CBDCs are something they can control, and they feel they can impose certain rules.”
According to Travia, the demand for CBDCs satisfies the desire for money to change and become more secure in the future while providing a high level of control, which is not the case with private cryptocurrencies.
(With insights from Cryptoslate)
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