Director of Financial Market OKEX: Lennix Lai
In his talk, Lennix shared his point of view related with how the central bank operations will happen if a crypto based national currency would be well adopted in different industry sectors.
By definition, CBDC are running on the blockchain, with the consensus that the currency value is entirely backed by the government, or the central bank, this is prove the authority. It’s a gradual alternative of paper currency. Practically cost-less as a medium of exchange. Secure storage of value with interest-bearing nature. Maintaining the real value of CBDC aligned with board consumer. With CBDC, it will benefit the government, the bank, and payment gateway to drive the adoption of crypto based government currency. The world of settlement between different kinds of government backed crypto will be happening soon. It will benefit everyone, because the cost is cheaper, the settlement time is instant, and don’t need reserve capital in different e-bank. Everything related with the transaction cost will be reduced. In the same time the global monetary players will be increased. It will also benefit the government in terms of the AML perspective.