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Cryptocurrency

Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US

May 4, 2021. Summarized by summa-bot.

Compression ratio: 41.8%. 1 min read.

Privacy is a top priority to the crypto community, according to Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange.

Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday.

According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by central bank digital currencies.

Zhao said that the differences between the two types of digital assets could make central bank-issued currencies unattractive to people in the crypto industry.

Unlike a fiat currency like the United States dollar, the world’s biggest cryptocurrency, Bitcoin, has a limited supply, meaning that there won’t ever be more than 21 million Bitcoins in the world.

by summa-bot

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