CBDC leaders like China struggle with adoption“Today it is clear that the expectations around CBDCs were overestimated,” Goncharova claimed, adding that none of the jurisdictions worldwide have succeeded in the mass adoption of retail CBDCs.“Even in China, where the digital yuan project has been moving longer and more actively than others, its share in the payment system remains minimal,” she added, referring to multiple online reports suggesting that China’s CBDC has been struggling amid slow adoption.
EU pushes a digital euro for autonomyEvery country has its reasons to pursue a CBDC, Goncharova continued, noting that the European Union has been pushing its digital euro project to protect its financial autonomy.“In the EU, the digital euro is perceived more as an instrument of strategic autonomy than as a response to market demand,” she stated, adding that its goal is to reduce reliance on payment giants like Visa and Mastercard.
Global CBDC projects have not failed, but they have also not become what they were anticipated to be, according to Olga Goncharova, CEO at the consulting firm Rizz Go and former director of government relations in the Commonwealth of Independent States at Binance.“CBDCs were conceived as a technological breakthrough, but so far they look like expensive imitations of existing traditional fiat currencies that citizens and businesses already use through online banking and payment apps,” Goncharova told Cointelegraph at the Blockchain Forum in Moscow.
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