The thing is, a central bank digital currency isn't distributed finance, and doesn't even need to be "crypto" (the trust mechanism will be the central bank, and

The thing is, a central bank digital currency isn't distributed finance, and doesn't even need to be "crypto" (the trust mechanism will be the central bank, and the ledger will almost certainly not be distributed, nor fully public). And a central bank digital currency will inevitably be pegged to the bank's underlying fiat currency, or at very least, explicitly supported by the central bank using the fiat currency - no central bank in any functioning county is going to sponsor speculative arbitrage opportunities of the sort that litter the Defi world. So, overall, a central bank digital currency is just not crypto in the sense we have been using the word. Note that in some respects, the Federal Reserve already operates a digital currency pegged to the dollar, but it's accessible only to chartered banks. Every US bank (depository institution) has accounts with the FRB that constitute those banks' reserves, and through which interbank transfers of "hard" dollars (base money - that is, dollars issued by the FRB, as compared to those created by bank lending - is ultimately effected. Those accounts are functionally digital dollars.