Ethereum Founder Says Central Banks are Incapable of Creating Own Cryptocurrency

[roliboros]

Central banks have expressed keen interest in creating their own cryptocurrencies, probably in realization that blockchain-powered assets are more than just a fad. It’s too bad they lack the paradigm to do so, says Ethereum founder Vitalik Buterin.

A central bank-backed cryptocurrency would simply amount to “a server and a bunch of marketing buzzwords to make it look like a blockchain,” says Buterin, according to Jeff John Roberts’ latest Fortune report.

The 23-year-old Buterin said it would take years for central banks to mint their own coins, suggesting that existing blockchains needn’t be worried about competition from the government.

Indeed, central bankers have spent the past few years mulling over the impact of cryptocurrencies on traditional payment methods. It’ll be another few years before they develop a system comparable to bitcoin or Ethereum, if at all.

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Comments

[samxansen]

If they do it will no longer be a decentralized currency, which to me seems like the biggest selling point for current users. It will be interesting to watch governments try but I think it will be too little too late.

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[rainbowme]

Stating the banks are "incapable" and yet:

It’ll be another few years before they develop a system comparable to bitcoin or Ethereum

So are they capable or truly incapable? He should make up his mind.

[cmaccu]

Doesn't seem to be stopping Japan, Dubai, and now Russia https://news.bitcoin.com/putin-issue-russias-national-cryptocurrency-cryptoruble/

[cmaccu]

Thanks. Can you provide a source?