By Solomon Odunayo
The head of crypto at Visa, Cuy Sheffield, has described what Bitcoin (BTC) and other cryptocurrencies would benefit from the emerging central bank digital currencies (CBDCs).
He divulged this in a series of tweets some hours ago. Sheffield mentioned in his statement that CBDC will become a dominant trend in the future, adding that interest in CBDC keeps increasing by the day.
Sheffield also stated that CBDC will possibly give rise to regulations that are related to cryptocurrency, which would positively impact the largest cryptocurrency by market capitalization, Bitcoin (BTC), as well as other digital currencies in the market.
Cuy Sheffield wrote:
“I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away.”
1/ I'd argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade.
Regardless of anyone's personal views of whether it's good or bad, the reality is that global interest in it is not going away
— Cuy Sheffield (@cuysheffield) July 3, 2020
Read other parts of his statement below:
“As governments evaluate CBDC, the path that they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as global adoption of crypto dollars and Bitcoin.
“Therefore, if you are interested in any of the above, it’s worth closely following the active debate around if CBDCs should be created and how specifically they should be designed and implemented.
“What used to be an occasional paper from an analyst at a central bank every few months has evolved into a steady stream of content from many different experts, academics, and organizations making it harder to keep up with the latest considerations.”
What Is Central Bank Digital Currency (CBDC)
Central Bank Digital Currency (CBDC) can be described as the digital form of the fiat currency of a particular nation or region, issued and regulated by the competent monetary authority of the country.