Wang Yongli, the former Vice President of the bank of China has recently pushed for central bank digital currencies positioning it as an alternative for cash in circulation. Yongli said that these cryptocurrencies can be a great substitute for cash but that isn’t all that they are good for.
He added to this saying that digital currencies are able to reshape in monetary structures of the traditional financial world. This can include things like setting a basic account for social entities on a central bank's digital currency platform.
The former vice president further said that digital currencies can improve the monetary policy and its effectiveness. This is due to the excessive issuance of physical money which will be prevented.
As more and more banks all around the world start to look into central bank digital currencies, the bit of space is rife with excitement. Who knows what these CBDC will mean for the future of crypto as well as blockchain and the industry as a whole.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
