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Although the growth of Central Bank Digital Currencies (CBDCs) is accelerating, Coinsillium CEO Eddy Travia is unconcerned about their effects because he believes they do not provide users with a competitive advantage over already available private crypto choices.
Available finance venture operator Coinsillium specializes in blockchain technology, particularly non-fungible tokens, which the company believes will soon have more commercial applications, such as data and tickets.
The Atlantic Council, an American think organization, reports that 11 nations have started CBDC projects, 14 are conducting pilots, 26 are actively developing, and 47 are exploring the idea.
Despite this, the topic is still very contentious. Arguments against them include the possibility that they would reduce personal privacy and the threat of nation-state-level cyberattacks.
Speaking about the push for CBDCs and the ensuing restrictions on cryptocurrencies, Travia told CryptoSlate that political motivations are frequently unjustly influenced by bad media coverage of digital assets, which seems to acquire more prominence.
This phenomenon may impact how policymakers think, especially given that some may see the business as a snake pit that has to be protected with legislation or dealt with through CBDCs.
According to Travia, the demand for CBDCs satisfies the desire for money to change and become more secure in the future while providing a high level of control, which is not the case with private cryptocurrencies.
They are considering CBDCs because, as I said, they are something they can manage and over which they believe they can impose restrictions.
However, the CEO of Coinsillium claimed that in response to China’s CBDC, the project “is not doing so well” because, from the user/front-end standpoint, well-known and established payment methods like Alipay or WeChat Pay are quite comparable to the digital yuan. It, therefore, makes little of a difference to consumers.
Travia concluded that private cryptocurrencies would only have a “limited niche” in the future of money since they have no “obvious advantage” over them.
“I believe CBDCs have a very modest place to play in that universe of thousands of crypto coins because, where is the clear advantage for consumers?”
The competition between retail and central banks, on the other hand, could be advantageous for customers, according to Travia.
On the most end of the spectrum, worries about CBDCs as a potential instrument for a dystopian society are emerging. For instance, Shapeshift CEO Erik Voorhees called them an Orwellian nightmare of espionage surveillance while appearing on the gm podcast in February.
Agustin Carsen, General Manager of the Bank of International Settlements (BIS), recently stated that trust is “the spirit of money” and that only central banks can be trusted, which did not improve the situation.
Voorhees noted that CBDCs are fiat currencies repackaged, much like Travia, with no obvious benefit for users. They also disagree philosophically with key principles of cryptocurrencies like decentralization, transparency, and trustlessness.
“Nobody in the crypto community likes CBDCs. CBDCs are not at all popular among people who understand the value of cryptocurrencies.