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Vitalik Buterin: Decentralized privacy currency would be more favorable to many than CBDC

With many governments looking to develop their cryptocurrencies, many are concerned that pure digital currencies will be challenging to compete with national financial platforms. Even so, Ethereum co-founder Vitalik Buterin, said on the podcast on March 4 that the future of money would undoubtedly lie in decentralization and not anything else.

vitalik-buterin-decentralized-privacy-currency-would-be-more-favorable-to-many-than-cbdc

Vitalik Buterin believes in a future of decentralized and secure currency

Buterin insists that digitalization will be inevitable and that private-currency units are the solution instead of central bank-issued units like CBDC.

Digitalization is inevitable, and security is above all

Vitalik insists:

“The biggest challenge for central banks, and even companies lies in the centralization of power, the centralization of data, which makes centralized institutions able to control the individuals involved.”

The Ethereum co-founder says centralized projects often have the purpose of taking or profiting something from users, so most people will still choose a fairer and more decentralized system.

As AZCoin News is continuously reported, cryptocurrency projects released by the Central Bank have been continuously published in recent years. The closest is the US Digital Dollar project. Besides, DCEP from China is also a hot topic that is continually being discussed. Facebook’s Libra is also a trigger that banks have to study cryptocurrencies seriously.

Vitalik Buterin is not worried, but what about the Ethereum network?

With the stability of the price of Ethereum (ETH) in the past few weeks, holders of many Ether are actively accumulating more ETH.

According to Santiment’s report, the top 100 coins with the most ETH have started accumulating more of the cryptocurrency, regardless of market conditions. This is a sign that this group of holders has a positive view of the future of Ethereum, and the coin is undervalued.

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Source: Santiment

Besides, TokenAnalyst data shows that the top 10 exchanges are holding 16.8% of the total ETH supply, about 18.5 million coins ($ 4.2 billion). Those exchanges are Huobi, Binance, Bitfinex, Poloniex, Okex, Gemini, Kucoin, Bitstamp, Kraken, and Bittrex. Huobi led the list with 4.75 million ETH in the balance. Followed by Binance, Bitfinex, and Kraken, with balances of 2.78 million ETH, 2.58 million ETH, and 2.5 million ETH, respectively.

vitalik-buterin-decentralized-privacy-currency-would-be-more-favorable-to-many-than-cbdc

Waiting for Ethereum 2.0

The Ethereum community is waiting for the arrival of Ethereum 2.0 to address essential issues such as transaction speed, scalability, and security on the network.

While it is uncertain whether the new updates will positively affect the price of Ethereum, the value of ETH has increased by nearly 50% after the testnet went into operation last year.

In terms of current prices, ETH has performed not poorly in the context that the entire cryptocurrency market tends to grow positively. At press time, ETH is being traded at $ 233, up nearly 3% in the last 24 hours.

 

Source: CoinMarketCap 

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