A key tenet of China’s CBDC is control of the yuan. WeChat Pay and Alibaba’s digitization of fiat for use on their payment rails annoys the Central Bank…LUNA and other altcoins rise, but BTC lands in the red. TheSamReynolds and JPRubin23 report
The eCNY and other CBDCs are digital versions of cash issued by a central bank, unlike bitcoin which has no single issuing authority; bitcoin surpassed $39,000 on Tuesday before dropping into the red.
that you can peruse to find Russian officials and oligarchs, Iranian hackers and Hong Kong’s leader Carrie Lam.Civil liberties groups are challenging the constitutionality of the court order over fears that it could happen again. For now, bitcoin fixes this. But CBDCs? They are problematic. Where the comparison between bitcoin and CBDCs like the eCNY falls short is that bitcoin is decentralized and with no central issuing authority. CBDCs are a digital version of cash issued by a central bank.
Bitcoin and other cryptocurrencies use a decentralized ledger but CBDCs are a digital version of cash issued on a digital ledger. CBDC’s digital ledger is similar to a permissioned blockchain, which is likely where the erroneous comparison originates.
One of the key tenets of China’s CBDC is control of the yuan. Control of the supply of the money – WeChat Pay and Alibaba’s digitization of fiat for use on their payment rails– ensures that money can be cancelled.Should you become too politically noisy, your wallet can be disabled.