BitMEX Co-Founder: CBDC Launch Could Destroy Bitcoin
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Answer BitMEX Co-Founder: CBDC Launch Could Destroy Bitcoin
Arthur Hayes, a well-known cryptocurrency expert and co-founder of crypto exchange BitMEX, gave his view on what he thinks would happen to Bitcoin if the CBDC was adopted.
According to a press release, Hayes described the CBDC as pure evil.
His view is based on the idea that the CBDC would give full government influence to amend legislation on many topics, such as the use of bitcoin.
He claimed that central bank digital currencies directly violate the right of individuals to conduct fair transactions with one another.
He went on to say that the central bank would influence the banks by posing an existential threat to their ability to do business.
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He also stated that he believed that the government would be able to quickly replace fiat currency with CBDC due to the indifference of users, leading to a nightmare of financial oversight.
He also hinted that domestic and commercial banks could act oddly as a partner to prevent the government from putting in place the best CBDC structure to stifle the population.
Hayes also emphasized that the government is trying to use the central bank’s digital currency to combat inflation.
But as he explained, doing so could harm the general public by harming the blockchain industry.
According to him, the inflation that the world will soon feel will be significantly different from what the economy has experienced over the past 50 years, so he only hopes that the use of digital central bank currencies will succeed.
The dominance of CBDC as a tool of trade:
Central bank digital currency is a type of legally recognized digital currency, also known as “digital cash”.
It is digital money, just like real money, behind which stands the central bank.
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Several countries have begun to test the use of central bank digital currency by using it to make payments for goods and services.
For example, the Government of Canada has started consultations on how to use CBDC.
In addition, the Central Bank of the UAE (CBUAE) Digital Currency Bulk Pilot Program has been reported to be completed.
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