eToro CEO: Central Banks will Inevitably Establish Digital Currencies

eToro has proven to be a reckoning force in the multi-asset brokerage sector based on its popularity. It deals with crypto, free stock trading, and social trading. 

The establishment of Central Bank Digital Currencies (CBDC) has gained a lot of traction in 2019. Moreover, Facebook announced its Libra Project in June, but it has become very contentious.

Yoni Assia, eToro’s CEO, recently weighed in on the issue of Central Bank Digital Currencies in an exclusive interview conducted by LearnBonds. He noted that this matter was no longer an issue of “if,” but of “how and when” because the development of digital currencies by central banks was inevitable.  

He noted:

"For me, the question is when and how, not if central banks will launch digital currencies – it is inevitable. Whether they will call it crypto is the big question as it is likely to involve permission and government control, whereas crypto is permission-less and decentralized. However, the creation of digital currencies by central banks will help legitimize crypto as it will enable the conversion between them.”

Assia is of the idea that central banks will be instrumental in validating crypto usage, as well as propel mediation between virtual currencies and traditional institutions. He also highlighted that the impact of blockchain would be monumental on the worldwide financial spectrum. As a result, traditional institutions had to join blockchain’s bandwagon to be “future-proof.”

Assia stated:

“I believe that blockchain technology will facilitate the greatest transfer of wealth ever seen, not from one group of people to another, but from privately held databases to publicly available distributed ledgers.”

eToro’s CEO has shown optimistism about the future of blockchain and digital currencies. 

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