If there is anything to take away from the continuous lawsuit of the Security Exchange Commission (SEC) on Cryptocurrency projects and exchanges, it is the idea of a central bank digital currency ( CBDC ).
CBDC was introduced to be a competitor for cryptocurrency but failed to get the expected outcome. It was rejected by most citizens and this didn't play well with the government. They have since then looked for ways to force people into accepting CBDC.
Getting Regulators to attack cryptocurrency projects and exchanges could send panic and thus open the door for CBDC, but the question is, are investors willing to accept CBDC? I doubt that.
First, CBDC is not decentralized. It is not open source like the Blockchain nor has it any form of financial inclusion that people can use to maximize their income.
Secondly, the recent lawsuit will unite the crypto world and make them stand firm in their support of cryptocurrency.
CBDC is not different from the existing financial system outside its digital nature. This is the point the government is yet to understand. People are not looking for a digital financial system, they are looking for a DECENTRALIZED system.
I look forward to victory for Binance and Coinbase in the lawsuit. A victory here will define Crypto World and strengthen the investor's faith in the decentralized financial system offered by Cryptocurrency.
