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The challenge between national digital currencies and crypto will do both of them good

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Central banks have long started accelerating programs on the front of national digital currencies, to stem the success of cryptocurrencies such as bitcoin and occupy the space that decentralized currency is now taking. The contrast between centralization and decentralization is especially heated in countries such as China that are very advanced in the realization of their CBDC: the People’s Bank of China has repeatedly intervened aggressively on the activities of virtual currencies and the Government has also heavily opposed mining. of the cryptocurrencies that previously thrived in the country. The life span also caused bitcoin’s value to collapse by nearly $ 300 billion, before the current and vigorous rise. But the PBoC is not the only institution opposing crypto. Most other central banks are following the same path: from the Bank of England to the Bank of Russia, the US Federal Reserve and the Bank of Japan on the one hand are active in limiting their spread, on the other they remain vigilant by aiming for introduction of its own Central Bank Digital Currencies. British Chancellor Rishi Sunak, for example, recently launched the idea of ​​a Britcoin, a digital currency similar to Bitcoin, controlled and made stable by the Bank of England. Sunak called it the greatest upheaval in the history of money: the britcoin would have the purpose of bringing a series of benefits to citizens and small and medium-sized businesses. In fact, it would eliminate the costs of banking operations and cut the time for the transfer of money in the banking system. However, critics warn that a digital version of the pound could lead to greater financial instability, making it more difficult for the Bank to regulate the economy with monetary policies such as setting interest rates. it has so far been perceived as an out-out mechanism: the more space national digital currencies take, the more they will take away from bitcoin and brothers. But, now, experts believe that more competition between the two sides can actually provide an overall boost to the whole system. On Forbes, Sean Stein Smith, a professor of economics at Lehman College in New York, explained that there is no reason to believe that CBDCs will make bitcoin obsolete. The nationalistic drive, in fact, could prove to be an asset for traditional cryptocurrencies: bitcoin, in the end, “will become stronger than before”.

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