Jan 17, 2023
Authored by Joseph Hall via CoinTelegraph.com, Tony Yates, the former senior adviser of the Bank of England, argues that CBDCs are not worth the headache... Central banks worldwide are pushing forward with digital asset projects despite the various crypto industry implosions of the past 12 months. China has rolled out its central bank digital currency (CBDC) to several cities and made it available for use at the Winter Olympics. Many other central banks, including the Bank of England, are considering how to roll out a CDBC, while Nigeria's CBDC has had poor uptake so far. India has already launched a pilot scheme, while Mexico has confirmed the launch of a digital peso. However, Tony Yates, former senior adviser to the Bank of England, advises against CBDCs in a recently published opinion piece for the Financial Times. According to Yates, "The huge undertaking of digital currencies is not worth the costs and risks." CBDCs are already in place in most countries as most cou