Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Crypto News
  • According to a Swiss National Bank Economist, the Idea of Blockchain doesn’t Sit well with that of CBDC
  • Crypto News

According to a Swiss National Bank Economist, the Idea of Blockchain doesn’t Sit well with that of CBDC

Giovanni Hernandez June 26, 2021 2 min read

For short, central bank digital currency or CBDC is a project that depicts the working of various states and governments towards developing the digital versions of their already in circulation fiat money. To do so, the project is considering the use of blockchain technology, something the likes of Bitcoin and many other cryptocurrencies are doing at the moment. 

But according to the Swiss national bank economist, it would be unwise to use blockchain systems for centrally controlled digital finance. According to the economist Carlos Lenz, the blockchain systems that support a decentralized network would not be able to fulfill the desires or expectations of state-controlled central finance.

Blockchain as technology wouldn’t do to Become the Base of Centralized Digital Finance

Economists argue that there are other ways to achieve this. If a bank or state wishes to release the digital form of their fiat currency, all they would have to do is open a digital account for the client with their fiat account. This, according to Carlos, would be the simplest way to do so. Another option involves using blockchain technology supporting the central digital currencies’ infrastructure and reach, but according to the economist, the blockchain system is inefficient, and he himself doesn’t favor it as an ideal financial solution. 

Talking about the Swiss bank, the economist pointed out that Switzerland doesn’t currently seek any motive to release a digital currency of its own as the current financial systems and currencies are doing just fine. On a lighter note, there are no indications of a CBDC project becoming active in Switzerland just yet. This presents the roadblock that is being faced in events of a massive crypto adoption; the roadblocks are the thoughts that deem the use of cryptocurrencies and the blockchain systems unnecessary. 

Everything regarding the financial matters and the monetary systems seem to work just fine for the moment, but what of the imminent future that we would have to deal with? Would it be sufficient to go around without a digital payment system at hand? That is why blockchain technology should be mass adopted, but it is the decentralized aspect of the station that compels the governments and states into shivering fear; thus, they are staying far away from the whole thing.

Post Views: 726

Continue Reading

Previous: XRP Claims another Legal Victory as the Courts Approve the Motion to Disclose Internal Communication of the SEC
Next: China vs. Crypto – Are There Any Benefits?

Related Stories

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)
  • Solana (SOL)

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

August 6, 2022
Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC
2 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto News

Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

August 4, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,529.00
0.14%
ethereum
Ethereum (ETH)
$1,986.53
0.01%
tether
Tether (USDT)
$1.00
-0.09%
usd-coin
USD Coin (USDC)
$1.00
-0.13%
binancecoin
BNB (BNB)
$324.89
-1.73%
cardano
Cardano (ADA)
$0.58
4.05%
ripple
XRP (XRP)
$0.384963
1.08%
polkadot
Polkadot (DOT)
$9.29
-2.12%
dogecoin
Dogecoin (DOGE)
$0.078248
6.42%
Uniswap
Uniswap (UNI)
$9.14
1.04%

Recent Posts

  • JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review Suppose you are interested in trading cryptocurrencies but are hesitant to do so due to
  • Alfabtc Review – A Recommended Cryptocurrency Broker

    Alfabtc Review – A Recommended Cryptocurrency Broker

     Alfabtc Review Alfabtc is a competent brokerage firm known for its fast and efficient execution of trade. The
  • Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

    Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

    Cosmos (ATOM) A look at the data for Cosmos (ATOM) shows that on Thursday, it was trading at
  • Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    On Thursday, Hotbit made a concerning announcement for the entire customer base. The cryptocurrency exchange notified the users
  • Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain has been selling Bitcoin (BTC) that belongs to the blockchain’s holdings. The reason behind selling Bitcoin

Start Trading

Categories

Top Posts

  • Coinrise – Cryptocurrency Trading Benefits Review

    Coinrise – Cryptocurrency Trading Benefits Review

    Coinrise Review The recent rebound in Bitcoin and altcoins acts as an incentive for retail traders. The volatility
  • Bitcoin Evangelion Strikes Continues to Convert Non-believers into Bitcoiners

    Bitcoin Evangelion Strikes Continues to Convert Non-believers into Bitcoiners

    Peter Schiff has been known to issue anti-crypto comments in the past. Recently the Morning Coffee News outlet
  • Biden Administration To Publish a Report On Bitcoin Mining Impact

    Biden Administration To Publish a Report On Bitcoin Mining Impact

    A new report indicates that proof-of-work (PoW) mining has become the focus of US President Joe Biden and
  • MarketSpots Review – What Sets This Broker Apart

    MarketSpots Review – What Sets This Broker Apart

    MarketSpots Review If my guess is right then you have recently become interested in the online trading business
  • US Economic Unrest Could Spur a Bull Run in the Crypto Market

    US Economic Unrest Could Spur a Bull Run in the Crypto Market

    The coronavirus situation has brought the whole world to a stop. The economic situation of every country, including

Archives

You may have missed

JP Crypto Review – a Recommended Crypto Broker
3 min read
  • Brokers
  • Reviews

JP Crypto Review – a Recommended Crypto Broker

August 12, 2022
Alfabtc Review – A Recommended Cryptocurrency Broker
3 min read
  • Brokers
  • Reviews

Alfabtc Review – A Recommended Cryptocurrency Broker

August 10, 2022
Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)
  • Solana (SOL)

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

August 6, 2022
Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
  • Alfabtc
  • JP Crypto
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$24,529.000.14%
  • ethereumEthereum(ETH)$1,986.530.01%
  • tetherTether(USDT)$1.00-0.09%
  • usd-coinUSD Coin(USDC)$1.00-0.13%
  • binancecoinBNB(BNB)$324.89-1.73%
  • cardanoCardano(ADA)$0.584.05%
  • rippleXRP(XRP)$0.3849631.08%
  • SolanaSolana(SOL)$46.42-0.97%
  • polkadotPolkadot(DOT)$9.29-2.12%
  • dogecoinDogecoin(DOGE)$0.0782486.42%
  • UniswapUniswap(UNI)$9.141.04%
  • bitcoin-cashBitcoin Cash(BCH)$144.340.06%