Cuy Sheffield, Visa’s head of crypto, says the emergence of central bank digital currencies (CBDCs) will become a dominant trend in the future.
In a series of tweets posted on Saturday, the Visa executive emphasizes that interest in CBDCs is just getting started.
“I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away.”
Sheffield says CBDCs will likely trigger new crypto-related regulations that could have a major impact on Bitcoin (BTC) and the crypto markets as a whole.
“As governments evaluate CBDC, the path that they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as global adoption of crypto dollars and Bitcoin.
Therefore, if you are interested in any of the above, it’s worth closely following the active debate around if CBDCs should be created and how specifically they should be designed and implemented.”
Given the potential impacts of state-backed digital currencies, Sheffield urges the public to stay up-to-date on the subject. But he says a crush of interest in the industry is making it tough to keep up with new developments in the CBDC space.
4/ What used to be an occasional paper from an analyst at a central bank every few months has evolved into a steady stream of content from many different experts, academics, and organizations making it harder to keep up with the latest considerations
— Cuy Sheffield (@cuysheffield) July 3, 2020