Central bank digital currencies burst into the limelight earlier this year when news started making the rounds that China was on the verge of launching its CBDC. With that already making the rounds, many nations began looking into the creation of their respective CBDCs.
While most people are moving around with the mindset that the CBDCs will rival Bitcoin and other digital assets, a Russian analyst has said that CBDCs, especially the digital rubble, would not possess all the qualities Bitcoin has. In the interview, the academician said that Bitcoin and other assets would continue to lead against all digital currencies.
In the interview, Vasily Solodkov said the Russian Central bank wants the digital rubble to act as a competitor to Bitcoin and all other assets, but the digital currencies will always lose. Furthermore, he pointed to reasons such as anonymity, cross-border properties, and a finite number of the coin that will be produced.
Also, he mentioned that several payment facilitators would be cut out of the equation. If the bank is issuing the digital currencies, the payment facilitators would not have any function. “Looking at Bitcoin, one can notice that it can be used to make payments even in a restricted area,” he said.
Also, he pointed out that you can get paid in Bitcoin, and you decided to sell it for cash and get your money, something that cannot be done with digital currencies. The points listed out by Solodkov does not apply to only Russia but to numerous countries that are working on building their several digital currencies.
Read more: https://tokenhell.com/russian-analyst-says-cbdcs-will-not-rival-bitcoin-and-other-assets/