Euro’s Dominance at Risk of Replacement by Digital Yuan in the Next Five Years: dGen Report

The Euro might be overtaken by China’s digital Yuan as soon as 2025 if the European Union will not have launched a CBDC by then, highlights the latest research report by German-domiciled think tank, dGen. This release which was published on September 9 focuses on the ramifications a major CBDC on the Eurozone as well as the potential of a digital Euro to be ahead of the pack.

As the crypto industry comes of age, regulators have found themselves at a cross-road in the creation of oversight mechanisms. Well, China which began research in this space as early as 2014 recently launched its digital yuan ‘DC/EP’, sparking a hype towards the global adoption of CBCD’s. Since then, a number of central banks including the European Union have floated the idea of piloting their own digital currencies.

The EU progress on CBDC’s has, however, been criticized by prominent contributors in Europe’s blockchain ecosystem including the Head of Frankfurt’s School Blockchain Center, Philipp Sandner,

‘[The] ECB’s reaction has been too slow. Especially, the benefits from a CBDC for the industry, e.g., based on programmable money, are currently neglected. Given Libra and the DC/EP, the ECB has to react quickly to keep its geopolitical position’.

According to the report, the launch of a digital Euro would be strategic for the region to continue its global dominance as the second most held fiat reserve; only this time a digital Euro will be used instead. Consequently, the research notes that a digital Euro has the potential to transform the global economy while acting as the fundamental pillar of a virtual monetary ecosystem in the Eurozone.

U.S Dollar Still Safe!

Unlike the Euro whose odds against the DC/EP are less favorable, dGen predicts that the digital yuan will not unseat the world’s reserve currency, at least not yet. The research highlights China’s political unrest as one of the factors that could hinder its CBDC’s global adoption at level to compete with the U.S dollar. In addition, smaller nations are more likely to adopt a digital dollar as opposed to the yuan given its already established dominance and ease of access globally. The research reads,

“In the coming decade, with the launch of a digital Dollar, digital Yuan, and digital Euro, we predict that smaller nations will take the path of least resistance, and opt for using and storing the digital Dollar.”

Global CBDC Integration Could Hit 60% in the next Decade

Other predictions made by the German think tank include the possibility of a 60% global CBDC integration by 2030. As per the dGen insights, three out of five nations will have completely replaced their fiat currencies with a central bank backed digital asset by then. On this front, China and Bahamas in the West Indies Caribbean have already set a pace based on the CBDC progress within the two jurisdictions.

Last but not least, the report predicted that CBDC’s will have to co-exist with private stablecoins which have now been in the crypto space for quite a while. This is because of their value proposition in the volatile cryptocurrency market as well as the ability to circumvent authorities through blockchain tech, regardless of their position when it comes to digital assets.

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Author: Edwin Munyui

The Infamous Bitcoin Time Traveler is Back, This Time He Wants You to “Sell your Bitcoins”

You remember that time-traveler guy from 2014 who brought the good news from 2025? He who said Bitcoin would be worth $10,000 in 2017, $100,000 in 2019 and a million in 2021?

Well, turns out he was a Bitcoin bear all along.

That’s right.

All those, “dollar is no longer used” or any central bank-issued currency for that matter, and ASICminer, IMF, Government of Saudi Arabia, and the North Korean government will be the largest Bitcoin HODLers, the wet dreams of a CT-based Bitcoin proponent are no longer his views.

He has come to realize that Bitcoin just “wastes electricity” and doing “ecological damage in an era when we should be focusing as a society on reducing our carbon emissions.”

The time traveler did all his research this time, read all those papers, and found that annual carbon dioxide emissions from the Bitcoin network are as much as the country of Jordan and accounts for 0.2% of global electricity use.

Well, there was another study that found that the majority of electricity (74.1%) used by Bitcoin actually comes from clean sources like solar, wind, and hydropower and is “more renewables-driven than almost every other large-scale industry in the world.”

But let’s not talk about that.

We have to talk about reducing the ecological damage that Bitcoin mining is causing. What do you have to do to prevent that, you ask?

Time Traveller has the answer. Unlike “you must find a way to destroy this godforsaken project in its infancy,” like last time as that ship sailed a long time back, you just have to

“sell your Bitcoins,” now.

Because let’s face it, you are gonna lose all your coins anyway as “history has shown.” This also illustrates “why Bitcoin is not a good investment option.”

And don’t even look at Shitcoins.

Time Traveler says other cryptos share Bitcoin’s flaw, most of them and let’s not forget that “these coins don’t produce anything.” Well as Mark Cuban said Bananas are better options at least you can eat them.

You may say what about fiat money, it doesn’t have any intrinsic value as well. But you see, they might be based on thin air but they have people believing in it.

I know what you are thinking, Bitcoin holders and investors believe in it the world’s leading cryptocurrency too, a bit too religiously some may say, but you just can’t just print it endlessly. So, No. Bananas for life.

And also, don’t forget that “history has shown that people who invest money in the stock market will generally end up witnessing much higher returns than people who buy gold.”

I thought one BTC was going to be worth a million in the next six years? Well, I think that theory invalidates once you realize the renewable energy Bitcoin is wasting.

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Author: AnTy