Analysis: Decentralized cryptocurrency cannot replace fiat money

Cointelegraph interviewed several experts on the reasons for the need for central bank digital currency (CBDC) in the presence of cryptocurrency. Alex Tapscott, co-founder of the Blockchain Institute, said that the question is not whether we need digital fiat money, but whether the government will take action to control its monetary sovereignty. In the next 10 years, all major statutory laws in the world are expected. Money will become the digital currency on the blockchain. Morten Bech, director of the Secretariat of the Bank for Payments and Market Infrastructure of the Bank for International Settlements, said that decentralized cryptocurrencies are not applicable in most cases. People need (digital) funds, and the technology has not yet been resolved. Neither Sweden nor Uruguay chose the blockchain as the basis for their digital currency pilot program. Larry D. Wall, executive director of the Golden Innovation and Stability Center, said that decentralized cryptocurrencies cannot replace fiat currencies and that obstacles need to be overcome before challenging government-issued currencies.