From Cointelegraph: 2024-05-02 17:55:21

Major industry leaders in the cryptocurrency space, such as Consensys, Ripple, and Stellar, are showing support for central bank digital currencies (CBDCs), despite opposition from many cryptocurrency enthusiasts.

Consensys, Ripple, and Stellar are among the companies advocating for CBDCs, which are digital versions of national currencies issued by central banks, aimed at improving financial inclusion and efficiency.

CBDCs are gaining traction globally, with central banks in countries like Sweden, China, and the Bahamas exploring the possibility of launching their own digital currencies.

Supporters believe that CBDCs have the potential to revolutionize the financial system by providing faster, cheaper, and more secure payment options for consumers and businesses.

Critics, however, argue that CBDCs could pose risks to financial stability and privacy, as they could enable central banks to track and control individuals’ financial transactions.

Read more at Cointelegraph: Crypto leaders should stop flirting with CBDCs