CBDCs Won’t Replace Bitcoin—Bitwala CEO

Bitwala CEO

Chief executive and co-founder of Bitwala, Benjamin Jones, has informed LearnBonds.com in an interview that the Central Bank Digital Currencies (CBDCs) would not pose a threat to the cryptocurrency market.

Bitwala is a company that is offering users the possibility to use a bank account and trade Bitcoin directly out of their current account.

According to Jones, Bitwala is one of the easiest and safest ways to buy, sell and store Bitcoin considering they offer a cryptocurrency wallet integrated into an online bank account. At the moment, the company has customers in all of the 31 countries in the European Economic Area (EEA).

At the same time, he explained that they are closely following the developments that take place in the decentralized finance (DeFi) market. Although he didn’t clarify whether they are planning to offer crypto loans, he mentioned this is an important part of DeFi.

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Regarding future products and services, they are receiving many requests from users to expand their offering, including savings plans and custody wallet solutions.

Moreover, he talked about Central Bank Digital Currencies saying that they would not replace Bitcoin in the future.

On the matter, he said, “We welcome all progress on Central Bank Digital Currencies (CBDCs), but they won’t replace Bitcoin.”

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Finally, he said that the current services they are offering are not for conventional financial institutions but for Bitwala customers to have a better experience with their financial assets.

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