Bank of America says CBDC project is inevitable.

[Lens1000]

Despite the fact that the US government continues to toy with the notion of releasing its own central bank digital currency, the Bank of America feels it is "inevitable." Furthermore, analysts from a prominent banking organization believe that stablecoins will continue to thrive and play a significant part in the monetary system.

CBDCs are becoming more popular among central banks, with many announcing plans to launch them. Only a small percentage of countries have digital versions of their national currencies. The US, on the other hand, has always appeared to be behind the curve, with Fed Chair Jerome Powell arguing that the country must do things correctly rather than first.

Furthermore, the world's greatest economy believes that the Chinese approach will not work within its borders.

According to Bank of America, such a product will be available in the United States between 2025 and 2030. Bloomberg said that CBDCs "are an inevitable progression of today's electronic currencies," citing bank analysts Alkesh Shah and Andrew Moss.

Last week, the Federal Reserve released a paper that looked at the benefits and drawbacks of a central bank digital currency. According to the report, this might lead to faster settlements and lower transaction costs. CBDCs, on the other hand, may jeopardize people's privacy by allowing governments to monitor and control the issuance and transactions.

Stablecoins are an important aspect of the cryptocurrency business, as evidenced by their multibillion-dollar growth in recent years.

 

[sincerem]

Is their any much need for the US government to launch their own CBDC when they have lots of stable coins acting in same capacity? I don't see any reason for that. At least I've seen around 3-4 stable coins representing the USD fiat currency in the digital ecosystem serving as a crypto coin. They can simply be used as digital fiat currency, their is no need creating more of the digital stable coins, when their is numerous for the country. Others who never developed their own digital fiat currency can do so, either create a digital fiat currency or simply create a stable coin, they're all the same, no much difference.

 

[Lens1000]

Is their any much need for the US government to launch their own CBDC when they have lots of stable coins acting in same capacity? I don't see any reason for that. At least I've seen around 3-4 stable coins representing the USD fiat currency in the digital ecosystem serving as a crypto coin. They can simply be used as digital fiat currency, their is no need creating more of the digital stable coins, when their is numerous for the country. Others who never developed their own digital fiat currency can do so, either create a digital fiat currency or simply create a stable coin, they're all the same, no much difference.

I do not see the CBDC as a crypto related currency. It's entirely different and it is a regulated currency unlike cryptocurrency. It operates on a different platform unlike the cryptocurrency that operates on a blockchain. It's true that there are so many stable coins with values fluctuating around the USD, but the digital dollar is a different type if digital money.

 

[sincerem]

I do not see the CBDC as a crypto related currency. It's entirely different and it is a regulated currency unlike cryptocurrency. It operates on a different platform unlike the cryptocurrency that operates on a blockchain. It's true that there are so many stable coins with values fluctuating around the USD, but the digital dollar is a different type if digital money.

I got you right, I understand the difference but not much similarities. Of not for the centralization and decentralization in them, they aren't different bro. Crypto isn't regulated but CBDC is regulated by the central bank of a particular country that owns the digital fiat currency. To me, I don't see any value in them, government regulating it or not, it doesn't make sense provided the coins are fulfilling their purposes while they're created. Creating CBDC's aren't making sense, ever since Nigeria created their own CBDC, their is nothing moving the digital fiat currency to attract anyone's interest. I can't invest a dime to such kind of coin, because it wouldn't add or bring any value to me.