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China’s CBDC isn’t working as it intends to be. China has launched its CBDC in early 2021 and its pilot program draws much intentional attention to the future of digital currency. However, CBDC does not perform as many people expected and the cryptocurrency has outperformed since.
Here is 1 min summary of the article if you want to skip the reading.
Illusion of CBDC
Central Bank Digital Currency or CBDC is a solution for the central bank to increase money speed indirectly impact the domestic currency valuation and helps users to receive their money faster and more efficiently. However, it acts as a minoring device for the government to spy on individual citizens and the central bank has more control over the financial transactions within the nation.
However, CBDC’s control is only limited within itself. If CBDC has converted into cryptocurrency or NFTs, it lost the tracking ability and citizens are freely using cryptocurrency without potential control by the government. CBDC is just another form of traditional fiat currency after all.
Lost the Game
While many governments cheer the invention and believe that is the solution to counter cryptocurrency. It is not the case. CBDC is just as limited as fiat currency. Its valuation has been constraint by its issuers and its quantity can continue increasing faster to devaluate its own valuation.
CBDC Cannot Go Over the Border
Similarly, each nation’s CBDC cannot convert to one another or it lost the track of its ability. Unless there is a global oversight bank to track all financial transactions, CBDC can only restrict itself within its own region.
Cryptocurrency Can Travel Internationally
Compared to CBDC, cryptocurrency can trade internationally freely without any issue because the blockchain is alive on the internet on a global scale. CBDC has to convert itself into cryptocurrency in order to travel over the border.
CBDC Will Be Obsolete
There is no practical use that the government forces citizens to adopt. CBDC is not a solution of the future but a failure of present hype that central bank’s outdated technology solution.
CBDC is useless and cryptocurrency is a solution to block its tracking ability. Even the government tries to control as much as they want to, cryptocurrency can prevent the government from overreaching its ability to spy on their own citizens.