Use Case For A Cbdc In China Pretty Weak Says Professor Of Economics At Cornell University Finbold
Speaking to CNBC news, professor of international trade and economics Eswar Prasad of Cornell University revealed the People’s Bank of China (PBOC) wants a digital currency to ensure that the payments sector is not controlled by just two powerful firms. However, professor Prasad, feels that the use case for a CBDC in China is ‘pretty weak, on the matter he stated: CBDC necessary to level playing field When it comes to facilitating digital payments, there is some worry that these two big payment providers have gained a disproportionate amount of market share, even if there is no actual need for a central bank digital currency (CBDC) on a technical level....