Current CBDC models are 'not a viable cash equivalent that people could use in daily transactions,' according to Fadi Aboualfa, head of research at Copper.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Current CBDC models are"not a viable cash equivalent that people could use in daily transactions," according to Fadi Aboualfa, head of research at crypto brokerage Copper.Bank of International Settlements However, Aboualfa questioned the feasibility of current models.
In the case of CBDCs issued by intermediary banks, Aboualfa said consumer confidence issues could arise if tokens have specific commercial bank branding."Commercial bank-issued CBDCs could lead to chaos in decentralized open markets if scandalous news hits one of the banks," he added. He outlined the complexity of establishing trading pairs and difficulty in maintaining a peg between CBDC brands issued by commercial banks. Aboualfa usedsaying that if it had issued a CBDC, consumers would have lost confidence as soon as it fell into distress, causing its token to lose parity with other dollar-pegged CBDCs.
He added that the crucial factor of CBDC interoperability has not been adequately considered. Arguing current designs point to multiple blockchains with intermediaries controlling the flow.
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