After cryptocurrencies have become an integral part of financial assets, many countries, through their central banks, are seeking to develop their digital currency to face what is coming from a major digital transformation in which digital currencies are strongly present.
Recently, a Russian economic expert and named “Vasily Solodkov”, head of the Banking Institute at the Higher School of Economics, stated that CBDC digital currencies such as the so-called “digital ruble” will not provide many advantages of cryptocurrencies such as Bitcoin “BTC”.
The statement was made by "Vasily" in an interview with "Finveria". His statements include the following:
" The Central Bank of Russia wants to digitally convert its official currency to become a competitor to cryptocurrencies.
But it is clear that the digital ruble will lose to them and will be weaker.
The digital ruble will not have the benefits that cryptocurrencies have such as anonymity, cross-border functionality, and limited supply and supply."
He added:
" Payment companies are likely to suffer as a result of the central bank project, which would effectively eliminate the need for third-party financial service providers.
The main advantage of Bitcoin is its ability to bypass various restrictions.
You buy bitcoin, and pay it to anyone, anywhere, or vice versa.
You get paid in bitcoin, you sell it and get your money.
Can this be done with a digital currency provided by the Central Bank? Probably not."
The points described by "Vasily" in his statements will be relevant not only to Russia and its digital ruble project, but also to many other countries that are now working on issuing their "CBDC" digital currencies and hopes to obtain all the advantages that the bitcoin has.
Unfortunately, it cannot match Bitcoin due to its centralization in addition to many other points of difference.
