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Vitalik Buterin discusses CBDC projects believing that one day they could easily convert into cryptocurrencies

Vitalik Buterin discusses CBDC projects believing that one day they could easily convert into cryptocurrencies

Quick take

1 minute read

  • Central-bank digital currencies have been a big part of the industry now for over a year. 
  • Many governments all over the world are looking into the potential of developing their own CBDC project with China looking to be the 1st to launch its own digital yuan.

Central-bank digital currencies have been a big part of the industry now for over a year. Many governments all over the world are looking into the potential of developing their own CBDC projects with China looking to be the 1st to launch its own digital yuan.

Speaking on the topic of CBDCs, the co-founder of Ethereum, Vitalik Buterin believes that they will easily convert into cryptocurrencies sometime in the future.

Buterin took part in the Singapore fintech festival earlier this week on the 9th of December where he said that he expects a lot of ways to exchange CBDC projects into digital assets such as bitcoin.

He further said:

“There’s a question of how these central bank [digital] currencies are going to interact with both crypto and digital currencies more generally. There’s going to be more digital assets of many different kinds coming over the next few decades. I expect that there will be a lot of opportunities to fairly exchange between different kinds of assets and move from one ecosystem to another.”

The co-founder went onto express his excitement over how much development and thought is going into CBDC projects all over the world. These kinds of assets have a lot of potential and according to him, they can simplify macroeconomics.

The co-founder further went on to talk about blockchain-based tracking of the COVID-19 vaccine and said that it is a good use case for supply chains.

He said:

“In the case of vaccines for COVID-19 specifically, the main challenge is that it takes time to build these things, and people want to get these vaccines fairly quickly so the world can get back to normal.”

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