CBDC
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So, what is #CBDC and what kind of #crypto are different countries introducing at the government level?
First of all, CBDC stands for Central Bank Digital Currency, and it's basically digital currency issued by a central bank ??
You might already be skeptical of the word "central". And you're right. It already contradicts the three main parameters of cryptocurrency: anonymity, #decentralization, and transparency.
So CBDC isn't really a #cryptocurrency.
Digital currencies are simply being launched mainly using the same #blockchain technology as crypto, and they're backed by... ashamed to tell... the authority of the issuing government...
In other words, it's fiat. But digital.
For governments, this is a great way to:
? Simplify their functions as a Big Brother who's watching ??
? Make international transactions cheaper ??
? Reduce the amount of paper in circulation (kinda eco-friendly) ??
Overall, the idea is appealing to most countries, and more than 100 countries are already involved in developing their own CBDC. There's even a map where you can see which country is at what stage.
Anyway, blockchain technology is becoming ubiquitous and irreplaceable, but whether to prefer freedom or paternalistic patterns is always a personal choice ??
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