Will Fed Follow Hong Kong’s Central Bank in Issuing Digital Currency To Combat Crypto?

In Mainland of China, crypto is banned but the public is largely using the digital yuan. The same practice is coming to autonomous Hong Kong. E-HKD will be tested out by HK’s Central Bank to whether issue it to the public or not.

To further control the monetary supply fed has a choice to print digital US dollars by simplifying and making transactions easier but more traceable than ever. Decentralization of money is the main purpose of crypto which is believed to be belonging to the public.

However, pre-mined and monopolized coins have damaged the trust in crypto significantly. Terra Luna is one of the recent examples.

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