CBDCs can divide nations. Crypto can unite them

Here’s a news worth a dystopian novel: US Senators propose to ban US Olympic athletes from using the digital yuan, Chinese CBDC (Central Bank Digital Currency).

While many countries, including USA and the EU, debate on the possibility to “digitize” their currencies, China is by far the most advanced in this field: the digital yuan already circulates in many cities, and the Party intends to widespread its use by the Beijing Olympics in 2022.

CBDCs can be built on a blockchain or resembling technology, but they are still managed by the Central Bank. This means an increased transaction speed and efficiency, but 1) CB controls the emission and 2) CB has knowledge of every transaction, which is kind of scary.

So, while the US Senators are right to be wary of the digital yuan, restricting every nation to only use its currency by fear of international spying in an endless cold-war situation is not the way to live.

One of the wonderful qualities to Bitcoin is that it has no boundaries and every person on this planet can use it to exchange with others. Even if our politicians don’t want to acknowledge the fact that we are all one species living on one planet, maybe crypto will help to reduce the absurd nationalistic separation. Just like sport does.