Renowned cryptocurrency expert and co-founder of crypto exchange Bitmex, Arthur Hayes, gave his opinion on what he thinks will happen to Bitcoin if CBDC is adopted.

According to a press release, Hayes described CBDC as pure evil.

Their view is based on the idea that a CBDC would give the entire government influence to amend legislation on many issues, such as the use of Bitcoin.

Central bank digital currencies directly infringe on the right of individuals to transact fairly with each other, he said.

He said the central bank influences banks by posing an existential threat to their ability to do business.

He believed that the government would be able to quickly replace fiat currency with CBDC due to user apathy, leading to a financial oversight nightmare.

He hinted that domestic and commercial banks may behave awkwardly as partners to prevent the government from putting in place the best CBDC structure to curb the population.

Hayes emphasized that the government is trying to use the central bank’s digital currency to combat inflation.

But as he explained, doing so could harm ordinary people by harming the blockchain industry.

According to him, the inflation that the world will soon experience will be significantly different from what the economy has experienced in the last 50 years, so he thinks that the use of digital central bank currencies will be successful.

Dominance of CBDC as a Trading Tool:

Central bank digital currency is a type of legally recognized digital currency, also known as “digital cash”.

It is digital money, just like real money, with a central bank behind it.

Several countries have begun testing the use of central bank digital currency to pay for goods and services.

For example, the Canadian government has started consultations on how to use CBDC.

In addition, the Central Bank of the UAE (CBUAE) digital currency bulk pilot program has reportedly been completed.

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