The big news in recent months, apart from the rise in Bitcoin (BTC), obviously remains the race for CBDC. The digital currencies wanted by central banks in the meantime opposed to cryptocurrencies are expected. For many, this is a government-led policy to counter the cryptocurrency revolution. If the coming conflict between these currencies guarantees sparks, Mark Binns believes it will not. A staunch cryptocurrency advocate and CEO of BIGG Digital Assets Inc, the latter believes the CBDCs have already lost the battle before it even begins.
Simple use of blockchain to maintain control of the financial system
In an article published on Cointelegraph, the CEO of BIGG Digital Assets allowed himself to send a tackle to central banks as well as government authorities. For him, these are only looking maintain their control over the global financial system with their CBDC projects. A purely self-interested blockchain use which would therefore not have the objective of putting decentralization in the foreground. ” They want to join the party of cryptocurrency without giving their citizens the privacy and democratic freedom that a truly decentralized digital currency provides. “, He thus affirmed.
The cryptocurrency advocate believes the advent of CBDCs will only serve to modernize an outdated financial system to better control wealth. ” CBDCs are not going to decentralize wealth, power, ownership or control of funds. They will not give individuals control or sovereignty over the value of their portfolio. The institutions that create these CBDCs will openly and externally promote the virtues of their innovation and their ability to use the best of cutting-edge technology to make the transfer of value between one another more efficient. They will raise awareness of the need to make an archaic financial system more efficient and more in tune with the times He warns.
Cryptocurrencies don’t have to worry about central government maneuvering
Faced with this observation, Mr. Binns believes that cryptocurrencies can stand still and trust their community. This would also have sufficient reasons to support it and ultimately defeat the plan drawn up by central banks and governments. These include decentralization of the value and maintenance of power that cryptocurrencies offer to each of its users.
” As citizens of the world and believers in cryptocurrency, we won’t let them, and we shouldn’t.. Cryptocurrencies have come a long way since Bitcoin’s launch in 2009. At first people ignored them, most didn’t care. Today, central banks are trying to fight this revolution. Ultimately, the individual will win, and your value will be in your wallet, where it should be »He concludes.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
There is no doubt that Mr. Binns’s call for resistance will resonate with cryptocurrency enthusiasts around the world. However, this outing is made much more of criticism than of the impending failure that would await the CBDCs.