The economic turmoil that’s it’s felt globally at the moment, turns a better opportunity for cryptocurrency serving as an alternative for wealth preservation. Speaking as regards the federal reserve digital currency CBDC, Christopher J Waller, who is among the board of governors of the federal reserve in a speech spoke about he’s skepticism for the digital currency CBDC;
“Advocates for a CBDC tend to promote the potential for a CBDC to reduce payment frictions by lowering transaction costs, enabling faster settlement speeds, and providing a better user experience. I am highly skeptical that a CBDC on its own could sufficiently reduce the traditional payment frictions to prevent things like fraud, theft, money laundering, or the financing of terrorism.
Though CBDC systems may be able to automate a number of processes that, in part, address these challenges, they are not unique in doing so. Meaningful efforts are under way at the international level to improve cross-border payments in many ways, with the vast majority of these improvements coming not from CBDCs but improvements to existing payment systems.”
Speaking about the international role of the CBDC, and of it acting as a reserve currency He says that;
“Changing those factors would require large geopolitical shifts separate from CBDC issuance, including greater availability of attractive safe assets and liquid financial markets in other jurisdictions that are at least on par with, if not better than, those that exist in the United States.
The factors supporting the primacy of the dollar are not technological, but include the ample supply and liquid market for U.S. Treasury securities and other debt and the long-standing stability of the US economy and political system. No other country is fully comparable with the United States on those fronts, and a CBDC would not change that.”
You can a preview of he’s speech here;
If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform.
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