Centralbankdigitalcurrency CBDC Circle USDC CBDCs have issues that must be resolved before public adoption: Blockdata study
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Blockchain insights firm Blockdata has released a new report titled “The State of CBDCs in 2022,” which looked at some of the major developments over the past year and discussed the reasons why some private companies stand opposed to the integration of CBDCs. The American Banking Association joined Circle in its opposition, saying that “a US Fed-issued CBDC lacks 'compelling use cases’ and would 'fundamentally rewire' the banking system.”
And judging by the level of uptake, it appears the public at large, and even some banking institutions, aren’t too keen on the idea of CBDCs. This has forced the Central Bank of Nigeria to take the drastic measure of reducing the amount of cash that citizens can withdraw from their bank accounts in an attempt to push its “cash-less Nigeria” policy and increase the use of the eNaira
The first is the need to address stakeholders’ concerns regarding anonymity and privacy without limiting the ability to monitor for illicit activities. Second, the issue of interoperability between payment systems needs to be addressed to help improve efficiency “via increased interconnectedness with both foreign and domestic payment systems.”
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