The CEO of Binance gave an insight into the effect of the digital Yuan on Bitcoin in an interview. His response was apt and straightforward as he said that any CBDC that is well planned and launch or Yuan could pose a significant risk at Bitcoin's value.
The possibility of risk is that the Government will do everything to favor their digital currency more than Bitcoin. There would be lots of restrictions and regulations that might push Bitcoin. Changpeng Zhao added that it's for the betterment of the industry to replace Bitcoin surely. The United States might also be falling behind China if it doesn't launch a digital currency soon as the Yuan is gaining recognition as the day goes by.
Do you also think CBDCs will overtake bitcoin? Let's discuss in the comments.
Source: Cointelegraph.
