CBDCs ‘costly fiat copy’, not fintech success so far: Ex-Binance exec

After the US rejected the idea of a CBDC following Trump’s election, it’s yet to be seen whether other countries have any success with their national digital currency projects.

The United States’ rejection of a central bank digital currency has not halted the progress of CBDCs globally, but their success has been questionable so far, according to a former Binance executive.

Global CBDC projects have not failed, but they have also not become what they were anticipated to be, according to Olga Goncharova, CEO at the consulting firm Rizz Go and former director of government relations in the Commonwealth of Independent States at Binance.

“CBDCs were conceived as a technological breakthrough, but so far they look like expensive imitations of existing traditional fiat currencies that citizens and businesses already use through online banking and payment apps,” Goncharova told Cointelegraph at the Blockchain Forum in Moscow.

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