Some Politicians Think CBDCs Will Make Bitcoin Obsolete – They Won’t, Bitcoin Is Unique.
More and more people will opt for the Bitcoin system in the future.
In October 2019, Xi Jinping made a historic speech in which he made Blockchain a top technological priority for China's future. At the heart of his speech, Xi Jinping also announced that the country should redouble its efforts to develop its own digital currency: the digital yuan.
A little more than two years later, it is an understatement to say that China has made phenomenal progress with its e-CNY, which is currently being used in tests by more than 140 million Chinese if we are to believe the figures disclosed by the Chinese authorities. One must always take the figures communicated by China with a pinch of salt.
However, China is ahead of the rest of the world in its road to no cash with its e-CNY. Xi Jinping wants to have the first-mover advantage in the field of Central Bank Digital Currencies (CBDCs). This is for two reasons:
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