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Blockstream ceo Adam Back Said CBDCs Are Worse Than Bank Accounts

CBDCs have become a global fad with regulators. Many industry experts, though, believe these products will prove to be a recipe for the government’s control.

One such is the Bitcoin proponent and Blockstream CEO Adam Back, who said CBDCs are worse than bank accounts.  In the latest tweet, Back vouched for Bitcoin as an “apolitical, bearer, unseizable money” and argued that CBDCs, on the other hand, are “systems of control.”

Bitcoin as Money

Back went on to add that the digitized version of fiat will be “worse than paper cash, worse than stablecoins, and much worse than Bitcoin.”

The latest comment comes in the backdrop of former chief strategy officer Samson Mow’s discussion on CBDCs at the Asian Leadership Conference. Mow opined that the motivation around the CBDCs is not to facilitate transactions confidentially.

He also highlighted the need to go back to apolitical money and the “best way” the exec believes would be to move forward by adopting Bitcoin as money, similar to countries like El Salvador.

Central banks could do it correctly if they implemented a CBDC that was private and had a way to transact confidentially. But that’s not the motivation for a CBDC. Even in Canada, the bank that (released) a job posting looking for engineers to build a system, and the summary was – we want a central bank digital currency that is private, but not too private. So I just can’t see it happening in a correct way

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Innovation How work

CBDCs

China is the biggest competitor in the field of CBDCs, the number of digital yuan users is estimated at 250 million people. Other countries such as India, Japan, and South Korea are also leading the way in pilot testing efforts.

RELATED : South Korea Proposes To Delay Crypto Tax Until 2025

However, the US, the UK as well as Mexico are dragging their feet and are still stuck in the research stage.

Not everyone believes that CBD should come from central banks. Philip Lowe, head of the Australian reserve bank, said that digital tokens, which will be issued by private companies in the future, are better in innovation and usability and have more potential.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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