Central bank digital currencies 'an expensive version of fiat currencies, not a fintech success yet': ex-Binance executive 🤔🤔

The US rejection of CBDCs hasn't halted the progress of CBDCs globally, but their success has been questionable so far, according to a former Binance executive.🤔🤔

Global CBDC projects haven't failed, but they also haven't become what was expected of them, according to Olga Goncharova, CEO of consulting firm Rizz Go and former director of government relations for the CIS Binance.

"CBDCs were conceived as a technological breakthrough, but so far they look like an expensive imitation of existing traditional fiat currencies that citizens and businesses are already using through online banking and payment apps," Goncharova said at a Blockchain Forum in Moscow.🤔🤔

She added that even in China, where the digital yuan project has been moving longer and more actively than others, its share in the payment system remains negligible, referring to multiple online reports indicating that China's central bank digital currency is struggling amid slow adoption $BTC