Ethereum Co-Founder Vitalik Buterin Loses Hope in CBDCs
Vitalik Buterin, the co-founder of Ethereum, expressed his disappointment with central bank digital currencies (CBDCs), stating that they are essentially becoming extensions of traditional banking systems. In an interview with CNBC, Buterin explained that as CBDC projects progress, they fail to offer significant improvements over existing payment systems. He also noted that the initial promise of transparency and privacy has been replaced by the ability to monitor financial transactions and user behavior.
Concerns About Traveling to Certain Countries
Buterin also shared his growing concerns about traveling to certain countries, specifically mentioning Russia due to its conflict with Ukraine. He expressed apprehension about visiting countries that were once considered normal but now worry him.
WARNING: @VitalikButerin reportedly said that CBDCs are not developing in the way he had once hoped for.
Honest question, are you IN FAVOR OF #CBDCs or not? #Ethereum #XRP pic.twitter.com/tM1YtjmGqg
— CryptoBusy (@CryptoBusy) September 25, 2023
Crypto-Accepting Businesses Should Embrace Decentralization
Buterin also discussed the adoption of cryptocurrencies in various countries. He highlighted the availability of crypto-accepting services in Argentina without actively searching for them. However, he expressed concern about the centralization of transaction processing on platforms like Binance. While he acknowledged the convenience provided by these platforms, he emphasized the importance of decentralized services for businesses that accept crypto payments.
Buterin suggested that instead of relying on a central intermediary, businesses should focus on writing better code to enable direct on-chain transactions. He believes this approach aligns with the Ethereum ecosystem’s goal of building user-friendly solutions in the coming decade.
Hot Take: Vitalik Buterin Expresses Disillusionment with CBDCs and Advocates for Decentralized Services
Vitalik Buterin, co-founder of Ethereum, has voiced his disappointment with the direction of central bank digital currencies (CBDCs). He believes that CBDCs are merely becoming extensions of existing banking systems, offering little improvement over traditional payment methods. Furthermore, Buterin expressed concerns about the loss of privacy and increased monitoring associated with CBDCs.
Buterin also discussed his apprehension about traveling to certain countries, citing Russia as an example due to its conflict with Ukraine. He emphasized the need for businesses accepting cryptocurrencies to embrace decentralization rather than relying on centralized platforms like Binance.
Overall, Buterin’s comments reflect a growing disillusionment with CBDCs and a call for greater emphasis on privacy and decentralization within the crypto industry.
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