- Eddy Travia said CBDCs cannot bring down private cryptocurrencies.
- As the CBDCs failed to give consumers any profits.
The Central Bank Digital Currencies (CBDCs) are speeding in their development. While the CEO of Coinsilium, Eddy Travia, made his concern about its impact. According to him, the CBDCs failed to provide users an edge over the existing private crypto options.
Coinsilium’s Head Concern
Coinsilium is a blockchain-based open finance venture based in the U.K. It predicts that it will enclose considerable commercial use like ticketing and data purposes.
According to Eddy Travia, digital assets often got an inappropriate response through negative media coverage, that covers more visibility. This fact affects the thought process of many policymakers as a snake bit to be legislated against or as compared to CBDCs.
Travia said on CBDCs that, “They are looking at CBDCs because, again, CBDCs are something they can control, and they feel they can impose certain rules. In that world of thousands of crypto coins, I think that CBDCs have a very small niche to play because, where is the clear advantage for consumers?”
The data sourced by Atlantic Council, which is an American Think Tank, showed that 11 countries have launched CBDCs, 14 are running pilots, 26 are actively developing and 47 are researching its concept. A total of 112 countries are involved in the list.
Even the issue stays quite distributive because the arguments include how it would decrease personal privacy and the risks of cyber attacks on a nation-state level.
On a gm podcast in February 2022, the CEO of Shapeshift Erik Voorhees is denoted as an Orwellian spy surveillance nightmare. He added in his statement, “No one who’s in crypto likes CBDCs. No one who understands the value of cryptocurrency likes CBDCs at all.”
Source: https://www.thecoinrepublic.com/2022/08/27/coinsilium-ceo-perceives-cbdcs-a-small-niche-versus-other-crypto/