It is Inevitable Central Banks will Launch Digital Currencies, Says CEO Of eToro

It is Inevitable Central Banks will Launch Digital Currencies, Says CEO Of eToro
It is Inevitable Central Banks will Launch Digital Currencies, Says CEO Of eToro

In an interview with LearnBonds, the CEO of eToro Yoni Assia talked about the future of cryptocurrencies, and how it was inevitable that central banks would launch their own Central Bank Digital Currencies (CBDCs).

eToro is one of the largest and most popular multi-asset brokerage companies in the world. The firm focuses on copy trading, CFD, stocks and crypto trading.

CBDCs Are Inevitable

Yoni Assia, the CEO of eToro considers that it is a matter of time for central banks to launch Central Bank Digital Currencies. About it, Mr. Assia commented:

“For me, the question is when and how, not if central banks will launch digital currencies – it is inevitable.”

He went on saying that whether they will call them ‘cryptocurrencies’ is another question considering that these digital assets will require permission from governments.

Yoni Assia is also bullish about the effect Central Bank Digital Currencies could have in the cryptocurrency market. He added that the creation of these digital currencies by central banks will help legitimize the whole industry.

In addition, he believes that “traditional banks will also begin to offer crypto-related services.”

Regarding Facebook’s Libra project, he said that it is a revolutionary project, and that has already had a positive impact on the space. In the future, Libra could help support mainstream adoption and increase global awareness of cryptocurrencies. He says

“Libra is a revolutionary project with a groundbreaking mission. In my view, Libra has already had a positive impact. It has brought to the fore some big issues and accelerated conversations with regulators, governments and the world of traditional finance. We believe that in the long term Libra will help support mainstream adoption and increase global awareness of the potential (and challenges) presented by crypto assets.”

Libra offers the potential for Facebook to create one of the largest financial platforms in the world. It could mean greater financial inclusion and access to the digital economy.”

LearnBonds editor Justinas Baltrusaitis added: “We agree that the launch of digital currencies by Central Banks would bring much needed legitimacy, adoption and benefits that cryptocurrencies and blockchain can offer. It will be interesting to see, however, how Central Bank digital currencies compete with the likes of Facebook Libra and decentralized cryptocurrencies like Bitcoin”.

In the interview, Yoni Assia describes how he founded eToro, and what is the purpose of the platform.

“I founded eToro in 2007 with my brother Ronen. We wanted to disrupt the world of trading. We wanted to change the way people think about trading and investing, ultimately reducing dependency on traditional financial institutions and make trading and investing more transparent and fun.

We wanted eToro to become a community where people could share ideas. We built the platform as a social network for traders and investors, where they can execute trades, but also see what others are doing and talk to each other. We brought copy trading to the masses, and ‘copy’ remains a key feature of our multi-asset platform today. It allows you to copy trades of traders you pick in proportion to the amount you choose to invest and you can stop at any time. Around half of our clients use it, both in terms of following others or investing in our growing range of CopyPortfolios.”

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