Report outlines reasons why stakeholders are against CBDC
The American Banking Banking Association highlighted that a CBDC issued by the U.S. Federal Reserve lacks “compelling use cases.” While some countries like Nigeria are aggressively pushing the use of central bank digital currencies (CBDCs), a new report summarized why a number of private stakeholders are against the idea of a CBDC. The report dubbed “The State of CBDCs in 2022,” published by blockchain insights firm Blockdata, dove into the most significant CBDC developments within the past year. It also pinpointed some of the key reasons why some private companies are against CBDCs. Citing stablecoin issuer Circle’s stance on CBDCs, the Report highlighted that digital currency issuance may be better if left to the private sector and were left to innovate with regulatory approvals. Furthermore, the American Banking Association’s (ABA) stance on CBDCs was also cited in the report. According to the ABA, a CBDC issued by the United States Federal Reserve lacks “compelling use cases” an...