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.[1] 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.[2]

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.[3]

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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