One digital asset class will make Bitcoin and cryptos “increasingly attractive”, says CEO of deVere Group
Financial advisory firm deVere Group CEO Nigel Green says central bank digital currencies (CBDCs) will increase the popularity of cryptocurrencies.
Green says CBDC adoption by governments around the world will highlight the privacy benefits of Bitcoin (BTC) and other crypto assets.
“As more and more countries introduce their own CBDCs, I’m sure the argument for cryptocurrencies, like Bitcoin, will grow stronger. CBDCs may have many advantages, including convenience, efficiency and transparency, but what they do not offer the user is privacy.”
He predicts that governments will defend the CBDC against the criticism by dismissing privacy concerns as excessive. But he calls CBDCs a real privacy threat since they would give the government an unprecedented ability to track spending.
“However, it is important to point out that these state-backed, programmable digital currencies will give governments greater oversight of citizens’ transactions in real time.
They are going to be a game-changer in the financial system as they will be able to track and trace every purchase and monitor every penny of the money being spent.”
Green’s comments follow a recent press release from the UK’s HM Treasury and the Bank of England saying they are investigating whether to issue a CBDC and a decision could come within the decade.
Says UK Chancellor of the Exchequer Jeremy Hunt,
“While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way of paying that is reliable, accessible and easy to use. That is why we want to investigate what is possible first, while always ensuring that we protect financial stability.”
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