Governments are exploring CBDCs to help overcome many disadvantages of the existing monetary system.
Others believe the biggest advantage of CBDCs is it can help foster interoperability across payment systems.
CBDCs, experts believe, could help remove the inefficiencies with SWIFT.
Ralf Hiemisch / Getty Images
“Yes, I think CBDCs will absolutely be the currency of the future.”
Vey explained that CBDC takes the principles of blockchain and applies them with a slightly new approach.
Money Hacking
Blockchain was once thought of as unhackable, but thatisn’t true anymore.
dem10 / Getty Images
“CBDCs are likely to be designed so as to successfully avoid such attacks.
One easy way to do so is to limit who is allowed to mine on the data pipe.
Vey thinks the positives of the technology outweigh the risks.
It’s just a matter of time before the technology reaches a point where it’s ready.”
Vey, however, thinks it’s just a matter of time.
It’s more a question of when, not if."
