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RE: Vitalik Buterin Shares Why CBDC Will Not Prevail

in LeoFinance6 months ago

Rather than increase the centralization of central banks, we should strive for their elimination. Current cryptocurrency projects can do that. Once the benefits of private money become evident, and they're beginning to, we should see more governments either adopt a cryptocurrency that already exists for their legal tender, such as what El Salvador did with Bitcoin, or encourage the use of any cryptocurrency for commercial activities (these can range from Dash and Monero to HBD, USDC, and USDT). On that note, I would say the existence of stablecoins makes CBDCs unnecessary.

Bottom line: Central banks should be decentralized. The best way to do that is for the citizens to use private money. States and regions can even get into the mining game and build crypto reserves (which some are already doing). That will strengthen those networks and encourage more private digital asset activity.