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Binance CEO Changpeng “CZ” Zhao believes there is potential for CBDC’s and cryptocurrency and does not see it as a threat to his firm or the sector. BINANCE CEO Changpeng “CZ” Zhao appears to have changed his stance on central bank digital currencies (CBDCs), saying at a conference that CBDC’s do not pose a danger to his firm or the cryptocurrency market. On November 2, CZ spoke about CBDCs and their importance in the crypto business at the Web Summit in Lisbon. The Binance CEO stated that CBDCs will confirm blockchain technology and establish confidence among people who are skeptical of the technology, adding, “I very much believe that the more we have, the better.”
According to Reuters, he also stated that governments embracing blockchain would be a positive thing. However, he stated that blockchain does not equate to crypto, which he described as “deflationary.” CZ’s attitude toward CBDC’s looks to have changed from his prior statements. He stated last year that they will never provide the same level of freedom as cryptocurrencies such as Bitcoin and Ethereum“The majority of central bank digital currencies will have a lot of control linked to them,” he said at the time.
Central banks around the world are rushing to develop, test, and implement CBDCs, with some pointing to China as the front runner. However, there are ongoing fears that a programmable digital currency provides central banks with unparalleled power over who may use it and what they can spend it on. CBDC’s may cause issues for individuals who desire less government participation in their financial lives, according to Cointelegraph. Last month, political pundit Peter Imanuelsen expressed alarm about the extent of control governments would have over people’s wealth, referring to it as “global communism.”
He theorized that a CBDC connected to a digital ID may be used to crack down on dissidents or manage carbon-friendly expenditures. According to rumors, Turkey is one of the countries intending to establish a digitally ID-linked CBDC in 2023. According to the Atlantic Council, 15 nations, including China, Kazakhstan, Thailand, Saudi Arabia, Sweden, South Africa, and Russia, are now testing CBDCs.
Nigeria, Jamaica, the Bahamas, and eight Caribbean island nations are among the other countries that have implemented a CBDC. The United States lags behind the rest of the world because it is still in the debating phase, and Americans’ reactions to a digital dollar have been generally mixed. The International Monetary Fund (IMF) promoted programmability as a quality that may contribute to “financial inclusion” in October, although some believe the reality may be quite the contrary.
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