CBDCs ‘costly fiat copy’, not fintech success so far: Ex-Binance exec
The United States has rejected a central bank digital currency (CBDC), but global CBDC projects continue to progress, albeit with questionable success. Olga Goncharova, a former Binance executive, states that while CBDCs have not failed, they have not met expectations and resemble costly versions of existing fiat currencies. Adoption challenges persist, particularly in China, where the digital yuan has seen minimal integration despite government promotion. The European Union is pursuing a digital euro for financial autonomy, facing hurdles related to market share and technological risks. Russia is actively testing a digital ruble but has delayed its rollout, with plans for commercial banks in 2025. The digital ruble aims to enhance internal settlements rather than reduce reliance on foreign systems. Some Russian officials advocate for ruble-pegged stablecoins, competing with established players like Tether.
