According to Vitalik Buterin, exchanging CBDC for cryptocurrency will be very easy in the future
„I predict that [in the coming decades] there will be many ways to trade fairly between different types of assets,“ said Buterin.
According to Vitalik Buterin, famous co-founder of Ethereum, in the future by Bitcoin Era software it will be very easy to convert Central Bank Digital Currency (CBDC) into cryptocurrency.
Speaking at the Singapore Fintech Festival 2020 on 9 December, Buterin predicted that there will be several ways to exchange his CBDCs for decentralised cryptocurrencies such as Bitcoin (BTC):
„One wonders how these Central Bank Digital Currency will interact with cryptocurrencies and more generally with digital currencies. In the coming decades, various types of digital assets will emerge. I predict that there will be many ways to trade fairly between different types of assets and to move their funds from one ecosystem to another.
Buterin also briefly discussed the tracking
Buterin also expressed optimism about the global development of CBDCs, noting that digital money from central banks offers a number of advantages: first and foremost, the considerable simplification of macroeconomics. However, he admitted that there are many concerns about some key issues, such as privacy.
At the event, Buterin also briefly discussed the tracking of vaccines for COVID-19 using the blockchain, arguing that it is an excellent use case for this technology.
The co-founder of Ethereum is confident that other use cases similar to this one will arise in the future, mainly due to improved scalability:
„In the specific case of vaccines for COVID-19, the main challenge is that it takes time to make these things happen and people want to get their hands on the vaccines quickly so that the world can return to normal.
For two years now, the CBDC concept has been much discussed by central banks around the world: countries like China and Sweden plan to introduce digital fiat currencies in the near future. In November, Deutsche Bank, the largest banking institution in Germany, predicted that CBDCs will one day replace cash altogether.