BiKi's Ethan Ng Addresses the Rise of Central Bank Digital Currencies
The crypto exchange has thus been able to gain unique insights into the market conditions of each region. According to Ethan Ng, BiKi.com Southeast Asia CEO who leads the globalization initiatives, the rise of central bank digital currencies (CBDCs) will have a significant impact on the future financial ecosystem.
Citing Christine Lagarde who spoke about ECBs (European Central Bank) stance on CBDC, Ng shares his insights on this growing trend in 2020.
CBDC Impact on BTC
"If Central Bank Digital Currencies (CBDCs) are rolled out by 2020 in countries such as China, the European Union, etc, we can expect that bitcoin prices will go beyond the $20,000 price range," declared Ng. "This is likely because the roll out of CBDCs will increase adoption from mainstream players such as institutions, MNCs and SMEs in the market. These changes will have tangible impact on the everyday lives of the masses."
Against such a landscape, there will be an increasing acceptance amongst non-crypto believers as they witness more and more familiar brand names adopting blockchain technology or developing their own stablecoins. Already, Walmart and IBM are examples of mainstream enterprises who have adopted blockchain technology while financial institutions like JP Morgan Chase and Signet are some of the big names in finance who have developed their own stablecoins.
As BTC is the leader in the tokens market, when its value increases, the altcoins will in general also follow suit. Ng predicted that with the upsurge of mainstream attention, more discussion amongst regulatory bodies worldwide, the increasing utility of tokens especially in nations where local currency is volatile, a rise in demand for digital currencies and cryptocurrencies alike will ensue, sparking off a new wave.
The Race is On
"In conclusion, it looks like there will be a race for countries to top one another in being the first to issue a fully functional CBDC, plugging in the gaps in their current national currencies,"
He observed that "ultimately, it will make the world much more connected financially, and more accountable to their assets."
Chang Jie Lin, BiKi.com
Cecilia Wong, yourPRstrategist.com
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