Central Bank-Backed Crypto Requires Regulatory Framework
By Ali Dhanani (June 24, 2021, 12:35 PM EDT) -- The Bahamas and Cambodia have rolled out their own central bank-backed digital currencies, or CBDCs. China is already testing its CBDC, the digital yuan, which it hopes to roll out nationally. Meanwhile, Sweden and Indonesia have announced plans to launch CBDCs.
Not to be left out, the U.S. is also studying the feasibility of launching its own digital currency. Recently, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the topic of CBDCs.
Such digital currencies are backed by a government and are not decentralized, which is essentially the opposite of the defining features of blockchain-based cryptocurrencies...
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