Why are CBDs hesitant to believe that crypto will be the cornerstone?

3 answers

• Dec 27, 2021 · 3 years ago
  CBDs are hesitant to believe that crypto will be the cornerstone due to the lack of regulation and oversight in the cryptocurrency market. The decentralized nature of cryptocurrencies makes it difficult for governments and financial institutions to control and monitor transactions, which raises concerns about money laundering and illegal activities. Additionally, the volatility and unpredictability of cryptocurrency prices make it a risky investment option for CBDs, who prefer stability and long-term growth. However, as the cryptocurrency market matures and regulatory frameworks are established, CBDs may become more open to embracing crypto as a cornerstone of the financial industry.
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• Dec 27, 2021 · 3 years ago
  One of the main reasons CBDs are hesitant to believe that crypto will be the cornerstone is the lack of widespread adoption and acceptance. While cryptocurrencies have gained popularity among tech-savvy individuals and some businesses, they have yet to achieve mainstream recognition. CBDs, being traditional financial hubs, are cautious about embracing a technology that is still considered relatively new and unproven. Moreover, the lack of clear regulations and the presence of scams and fraudulent activities in the crypto space further contribute to the skepticism of CBDs. However, as more reputable institutions and governments start to embrace cryptocurrencies, CBDs may gradually change their stance and recognize the potential of crypto as a cornerstone of the financial industry.
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• Dec 27, 2021 · 3 years ago
  As a representative of BYDFi, I can say that CBDs are hesitant to believe that crypto will be the cornerstone primarily because of the perceived risks associated with cryptocurrencies. The high-profile hacks and security breaches that have occurred in the past have raised concerns about the safety of digital assets. CBDs, being responsible for managing large amounts of funds, prioritize security and stability. Additionally, the lack of understanding and knowledge about cryptocurrencies among CBDs also contributes to their hesitation. However, as the crypto industry continues to evolve and address these concerns, CBDs may gradually overcome their skepticism and recognize the potential benefits of crypto as a cornerstone of the financial industry.
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