Canada’s CBDC Departure Risks Web3’s Interoperable Future

As
such,
central
banks
face
enormous
constraints
when
designing
CBDCs.
The
pressure
is
on
to
be
interoperable
with
legacy,
contemporary,
and,
ideally,
future
financial
systems.
Beyond
the
obvious
technical
challenges,
CBDCs
must
also
comply
with
multiple
legal
and
regulatory
frameworks.
Sound
familiar?

These
kinds
of
interoperability
challenges
have
existed
since
Web3’s
inception.
Look
no
further
than
the
two
most
prominent
public
blockchains:
Bitcoin
and
Ethereum.
On
the
surface,
connecting
these
two
networks
seems
obvious.
Yet,
the
result
of
the
industry’s
best
efforts
is
a
collection
of
distinct
stop-gap
solutions,
each
requiring
concessions
in
security,
scalability,
decentralization,
or
scope.
As
the
CEO
of
the
industry’s
longest-running
interoperability
solution,
Wanchain,
I’ve
witnessed
all
the
progress
we’ve
made
as
an
industry.
Yet,
I
also
recognize
just
how
far
we
still
are
from
true
interoperability.