“CBDCs aren't for crypto people,” Linch said. “When I speak to my clients about this, they're just not interested in something that has ripped the core out of what crypto is about.”
“I think before you can say if it's going to crowd out altcoins, is it going to crowd out Bitcoin, is it going to crowd out stablecoins, you just have to ask yourself well, what is it? What is this product, what is it for?” he said. “At the moment, there's just this sense that governments are jumping on a bandwagon. It's a bit like the Batmobile, you put the word ‘bat’ in front of anything, it sounds a bit cooler, and it's not true. Just putting the word digital isn't enough.
On the flip side, Linch said that concerns about the potential for CBDCs to destabilize the banking sector in countries where most money is created by private banks are valid. “One of the major problems that traditional finance has, is that it's excluded from the benefits of cryptocurrencies,” he said. “Many people that are underserviced by traditional finance, where governments and regulators say ‘sorry, you're not welcome in these products, because you're too stupid, or too poor, or both. Because you're not a high-net-worth individual, you're not a sophisticated investor, so you can't have access to this product.
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