The ECB Considers Using CBDC To Prevent Market Dominance From BigTech
The European Central Bank (ECB) is considering using central bank digital currencies (CBDC) as means of curbing the market dominance of big tech firms. The body is unveiling a discussion paper that will guarantee a smooth continuation of the current monetary system. The “network externalities” surrounding the use of the fiat medium of exchange have kept the control of the payments markets in the hands of BitTech firms. But ECB is suggesting ways to use CBDC to breach the dominance and make it a level playing field for all players. The Paper Recognizes Te Increasing Interests In CBDC The discussion paper starts by recognizing the increasing interest in CBDCs, which have also received serious interest from central banks worldwide. So far, two countries, Nigeria (eNaira) and the Bahamas (Sand Dollar) have launched their CBDC. Buy Crypto Now Your capital is at risk. The report provides detailed information about their potential for adoption and level of growth It als...