{"id":241710,"date":"2021-05-04T14:28:50","date_gmt":"2021-05-04T11:28:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-warns-of-cbdc-drawbacks-as-digital-dollar-pilots-proceed-in-us\/"},"modified":"2021-05-04T14:28:50","modified_gmt":"2021-05-04T11:28:50","slug":"binance-ceo-warns-of-cbdc-drawbacks-as-digital-dollar-pilots-proceed-in-us","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-warns-of-cbdc-drawbacks-as-digital-dollar-pilots-proceed-in-us\/","title":{"rendered":"# Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US"},"content":{"rendered":"

“# Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US <\/strong>”
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Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist \u201cfor a while\u201d with more restrictive digital currencies like China\u2019s digital yuan, Binance CEO\u00a0Changpeng Zhao said<\/a> in a Bloomberg interview on Monday.<\/p>\n

According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) \u2014 freedom of use and limited supply \u2014 won\u2019t be offered by central bank digital currencies. \u201cAt the end of the day, those are core properties that users care about,\u201d he stated.<\/p>\n

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. \u201cMost central bank digital currencies are going to have a lot of control attached to them,\u201d he noted.<\/p>\n

Unlike a fiat currency like the United States dollar, the world\u2019s biggest cryptocurrency, Bitcoin, has a limited supply, meaning that there won\u2019t ever be more than 21 million Bitcoins in the world. Many crypto proponents have been pointing out money printing-fueled inflation, suggesting that Bitcoin could emerge as a potential hedge against fiat catastrophe.\u00a0<\/p>\n

Zhao\u2019s remarks on CBDCs come as the U.S. moves forward with its CBDC plans, with the nonprofit Digital Dollar Project announcing five pilot digital dollar programs on Monday. In order to proceed with the tests over the next 12 months, the organization teamed up with accounting giant Accenture, a company that has been involved with Sweden\u2019s central bank\u00a0in developing a CBDC since 2019.<\/p>\n

Despite new digital dollar efforts, Federal Reserve Chairman Jerome Powell last week reiterated that it is \u201cfar more important\u201d to get a digital dollar right than it is to be first. Powell previously outlined major CBDC-related concerns such as user privacy and security.\u00a0<\/p>\n