Ardoino has given his opinion on Twitter about the growing discussion around CBDCs. He says that the design of CBDC is not to digitize normal currency as it has already happened as most of the transactions are going digital. He claims that the role of the CBDC will be in using private blockchains as a low-cost technology infrastructure. Bank transfer and credit/debit card transactions will be done through this. He added that wire transfers from CBDCs will accelerate. Ardoino explained that private stablecoins such as USDT will continue to be used and will allow users to transfer between chains and choose the blockchain of their choice, which CBDCs will not.
Increasing use of CBDCs is expected to reduce the demand for private stablecoins. As reported by Cointelegraph, the Atlantic Council’s CBDC tracker shows that 86 countries, including India, are developing their own digital currencies. The number of these countries has almost doubled in the last two years. Nine of these countries have already launched their CBDC and 15 countries are testing it.
In an executive order on digital assets in the US, the Federal Reserve has been asked to consider whether it should issue its own digital currency. It also includes a study by the Treasury Department and other agencies on the impact of cryptocurrencies on the financial system and security. There is also a demand to make laws in many countries regarding the crypto segment. Cases of fraud in this segment have increased in recent months. Regulators say there is a need to increase screening for cryptocurrency transactions.
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