Central bank digital currencies are dead in the water

Published on by Cointele | Published on

That reality is exactly why central bank digital currencies are dead in the water already.

The Bank of Russia published a consultation paper outlining plans for a digital ruble.

That's right! The Bank of Russia is working on a digital ruble.

In other words, Russia wants a slice of the digital currency pie, but only if the government is controlling that digital currency.

The Digital Currency Electronic Payment program that China is rolling out includes two layers: one for central banks and another for commercial banks.

The rush by central banks around the world to create their own digital currencies is not a battle between East and West.

CBDCs are really just fiat currencies in a digital format.

Consider for a moment that the European Central Bank is seeking input from the public on what a digital euro might look like.

The ECB's website details many benefits related to developing a digital euro - particularly, that the usability of a digital euro would shine whenever an extreme event like a natural disaster or pandemic occurs.

Keeping value decentralized and keeping the power in the hands of the individual consumer is what gives cryptocurrency its power, not government-backed digital currencies that simply use blockchain technology.