CBDC: Boon Or Bane?
Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.
Welcome to The Daily Forkast – March 2, 2023 – presented by Joel Flynn.
Nations around the world are scrambling to develop their own CBDCs. China has the e-CNY, the UK with its Digital Pound, and Nigeria with the eNaira just to name a few. According to Reuters, more than 100 countries representing over 95% of the global GDP have or are exploring plans for their own CBDC.
As CBDCs continue to grow in popularity, some oppose such developments, owing to increasing distrust of central banks amidst global inflation. Critics also fear that CBDCs could kill cryptocurrencies as they undermine existing blockchain monetary systems.
We’ll have more on that story in this episode of The Daily Forkast.