CBDC: gateway to state control or monetary innovation?
While some champion CBDCs as a financial revolution, many view them as a threat to privacy and freedom. Crypto.news spoke with experts to shed light on this complex debate. Digital currencies backed by central banks, or CBDCs, could completely change how we use money. They could make payments quicker, less costly, and more effective both within countries and across borders. By cutting down on the expenses tied to making, sharing, and protecting physical cash, CBDCs could help economies work better and greatly improve how banking systems operate. However, many experts believe that the advantages of such a system are eclipsed by potential misuse and societal consequences. Read more: Exploring the early CBDC adoption results beyond the hype Are the benefits worth it? Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, questioned the need for CBDCs, failing to identify the unique problem this innovation claims to solve. “I keep asking anybody...