Binance chief executive Changpeng Zhao has proven unconvinced that central bank digital currencies (CBDCs) can measure up to traditional cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).
In fact, the crypto exchange boss has argued any CBDC would lack the core qualities that make cryptocurrencies appealing to users, which are limited supply and freedom of use.
Zhao's remarks come as analytics and processing consultancy Accenture announced plans to run a pilot program collecting data for a potential digital US dollar over the next 12 months.
“Most central bank digital currencies are going to have a lot of control attached to them”, Zhao continued in a Bloomberg interview.
His argument makes sense as many crypto supporters point to the drawbacks of FIAT currencies, including the US dollar, which lead to inflation because of the way the economy operates.
Accenture and non-profit Digital Dollar Project are working to collect data for the digital dollar, which they will then share with policymakers looking to bring clarity on the subject.
In the meantime, China is pushing for the mass adoption of the digital yuan. Beijing hopes that the currency can set China further apart from the US dollar.
There have already been successful projects trying to emulate the qualities of the US dollar, such as the USD Tether, which is available at many crypto casinos as a viable payment method, including 1xBit, Bitcasino.io, and FortuneJack.