At the recent Future Innovation Summit event in Dubai, a panel discussion titled “Stablecoins, Central Bank Digital Currencies and Cross-Border Payments” explored the possibility of coexistence between CBDCs and stablecoins. The panel consisted of industry experts including Jorge Carrasco, Nikita Sachdev, Jagadeshwaran Kothandapani, and Eetu Kuneinen.Kuneinen argued that CBDCs, although built on a blockchain, would still be centralized as they would be issued by the government. He expressed concerns about the potential dangers of government control, such as freezing assets of political rivals or succumbing to pressure from larger countries. In contrast, Kuneinen suggested a framework where multiple banks could issue the same stablecoin, providing a more decentralized approach.Sachdev offered a different perspective, stating that if the government intends to freeze digital assets, they already have means to do so. She believed that the government’s exploration of blockchain for CBDCs could be a step towards progress, potentially leading to full decentralization and Web3.Carrasco acknowledged that the technology is still in its early stages, and failures and learnings are expected along the way. He predicted that CBDCs and stablecoins could become interoperable in the future, with a transnational body ensuring the interests of the people are protected.Kothandapani agreed with the other panelists, emphasizing that companies and users should determine which solution addresses their specific pain points. He believed that CBDCs and stablecoins can coexist as long as stablecoins remain stable and decentralized.Overall, the panel discussed the potential coexistence of CBDCs and stablecoins, highlighting the advantages and concerns associated with each. The future may see interoperability between these digital currencies, with the ultimate decision lying with companies and users based on their specific needs.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Jagadeshwaran Kothandapani, Eetu Kuneinen, Nikita Sachdev, Jorge Carrasco |
| Companies | FTI Consulting, Terra USD (UST), Citibank, DGC, Luna Media Corp |
| Currencies | None |
| Securities | None |
