The U.S. may promote its own Central Bank Digital Currency (CBDC) after the FTX collapse resulted in investors losing billions. With CBDC you would use your app instead of the physical currency we now use.
This is a new idea that is being considered globally. Singapore and India are looking into launching their own CBDC’s. Quicker transactions, lower cost, and helping to stop money laundering are some of the benefits of CBDC. Others are worried about the impacts of government intervention and loss of privacy.
“It’s inevitable,” says TheoTrade co-founder Don Kaufman says of CBDC in this NDTV Business TV interview. “It’s going to happen. On the institutional side it carries a lot of weight. It would be very effective to have an interbank system that’s not tying up capital for days at a time.”