About cryptocurrencies and central bank digital currency, there are serious differences between Eastern and Western civilization. Why are there serious differences between the approaches of Eastern and Western civilizations to central bank digital currencies?
There is a serious difference between the East and the West when it comes to cryptocurrencies! Why?
Cryptocurrencies such as Bitcoin, Ethereum and Tether are digital currencies that are traded on the blockchain within the framework of a certain algorithm.. Cryptocurrencies; It can be transferred faster, safer and cheaper than traditional fiat currencies such as the dollar, euro, yen and yuan.. Billions of dollars worth of Bitcoins are transferred with just one click and very cheaply.. This blockchain-powered technology of cryptocurrencies attracted central banks over time, and central banks decided to produce their own cryptocurrencies.
China, South Korea and Japan central bank digital currency (CBDC)he made a very ambitious introduction to his work. They issued their own CBDCs and began testing. Central Bank Digital Currencies (CBDC) can be explained in different terms. Some analysts prefer to call CBDCs “national cryptocurrency.”
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Countries that digitized their local currencies with CBDC, in a way turned their own cryptocurrencies into cryptocurrencies like Bitcoin. Citizens of this country will be able to spend their local currency on blockchain networks. In this way, money will be able to transfer funds faster and cheaper.
However, we see that Eastern countries are quite willing to the CBDC trend and Western countries are quite reluctant.. Although the FED, Bank of England, the European Central Bank and the Central Bank of Canada made positive statements about CBDC from time to time, it is a fact that they insist on CBDC.. Central banks of Western civilization are slower to work on CBDC compared to central banks of Eastern civilization.
Lastly, the Bank of Canada stated that we are in no hurry about CBDC.
This foundation between East and West the difference may be “fear of the status quo”. As it is known, the most frequently used currencies in foreign trade and financial transactions are; dollar, euro and sterling. Could it be that Western countries have been slow on CBDC because of the fear of losing their “global liquidity” power?
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