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- Vitalik Buterin has shared his views that Fiat digital currencies or CBDCs (Central bank Digital Currency) should get along and work in a unified community.
- The Ethereum co-founder also believes the exchange between CBDCs and Cryptocurrencies will be a new dimension of trading.
- If CBDC’s and crypto get together, then it will be easier for the traders to trade between Crypto and Fiat as digitalized assets.
Vitalik Buterin, in a recent press release, has shared his views that Fiat digital currencies or CBDCs (Central bank Digital Currency) should get along and work in a unified community and paves a way that it might work. The Ethereum co-founder also believes the exchange between CBDCs and Cryptocurrencies will be a new dimension of trading.
This shared on the twitter handle of Vitalik Buterin, who also asked whether cryptographic algorithms back the Digital currencies, that is, if it works similar to that of Cryptocurrency, then it is open to many opportunistic possibilities. If the transaction data stored in the blocks of the Ethereum chain, then this can be easily implemented to build an automated smart contract Dex.
Smart contracts based on the Ethereum Blockchain, which works on the automated variance of codes, while DEX is short for Decentralised Exchange, where cryptocurrencies traded without the control of third bodies or central bank.
If CBDC’s and crypto get together, then it will be easier for the traders to trade between Crypto and Fiat as digitalized assets. The working process is quite simple, as said by Buterin, and One can easily pay through one form of currency using smart contract options when the receiver wants it in other forms and will get payed in the same way.
In the use of a smart contract, the transactions executed automatically. If the CBDC’s work on an entirely different platform, then it would be difficult to maintain the track on the Ethereum Blockchain.
But if it works on any cryptographic environment, then CBDCs can be easily implemented and tracked on Ethereum’s Blockchain and can be further designed in creating a smart contract DEX to carry out the transactions seamlessly. It is still the growing stage, and Buterin hopes that things will go positively as expected.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
