Bitcoin, the king of cryptocurrencies, is the reason behind the rise of central bank digital currencies. Yes, the pioneer of decentralized finance is prompting many central banks to start researching on cryptocurrencies and bring an element of centralization to the digital currencies.
Many banks across the world, both private and government, have either launched or are in the process of launching their very own digital currencies. From Chinese digital Yuan to Facebook’s Libra, the rise of centralized digital currencies is threatening the very ethos of decentralized finance. As per a new report, Bitcoin is the foremost reason why many banks are taking the cryptocurrency route.