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Nigel Green, CEO of financial advisory firm deVere Group, says central bank digital currencies (CBDCs) will increase the popularity of cryptocurrencies.
green To tell The adoption of CBDC by governments around the world highlights the privacy benefits of Bitcoin (BTC) and other crypto assets.
We are confident that as more and more countries introduce their own CBDCs, the claim of cryptocurrencies such as Bitcoin will grow. CBDCs have many advantages such as convenience, efficiency and transparency. What is not provided to users is privacy.”
He predicts the government will defend the CBDC against criticism by dismissing privacy concerns as exaggerated. CBDC is a real privacy threat, it said.
However, it is important to point out that these country-backed programmable digital currencies will allow governments to more closely monitor their citizens’ transactions in real time.
They will be a game changer in the financial system as they can track and trace every purchase and monitor every penny of money spent. ”
Green’s comments come after recent press release The UK Treasury and the Bank of England are investigating whether to issue a CBDC and say a decision could be made within 10 years.
UK Chancellor Jeremy Hunt said:
While cash is taking hold, the digital pound issued and backed by the Bank of England has the potential to become a new payment method that is reliable, accessible and easy to use. We want to first explore what is possible while ensuring that.
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