Cryptocurrency will be of interest to Central banks, but with what? The answer is Bitcoin innovator nick Szabo

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2019-01-10 20:30:07

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Cryptocurrency will be of interest to Central banks, but with what? The answer is Bitcoin innovator nick Szabo

Pioneer Cryptoprotected Nick Szabo does not exclude that Central banks will begin to seek support for the cryptocurrency reserves in. Clogs – a seasoned cryptographer, in 1998 developed focused on the privacy of digital currencies the concept of BitGold, which was never implemented. It is also the first ever introduced the concept of the smart contract in 1996.

Clogs made on the Israeli -summit in tel Aviv University, according to the Finance Magnates. After the presentation, he suggested that in 2019 cryptocurrencies are increasingly seen as reasonable alternatives to the existing values of reserves of the Central Bank.

The time will Come when Central banks will not be able to trust their bonds to foreign Central banks or governments. Once developed the solution in which all the reserves holds the government of Switzerland, now does not fit all. The government of Switzerland is subjected to political pressure, so cryptocurrency may be one of the solutions which will allow to eliminate the element of trust.

As noted by Cointelegraph, the reserves of Central banks can provide a supply of national or foreign Fiat currency or other international reserve assets, including government bonds or corporate shares. They are one of the pillars of the existing financial system and are used to cover obligations, protection from economic risks, as well as to influence monetary policy. Sabo also drew particular attention to the vulnerable nature of physical gold, Recalling how the Nazis plundered the gold reserves of Europe, beginning with Austria in 1938.

According to Szabo, the adoption of the cryptocurrency will increase in countries with a devastating currency devaluation and/or inflation as well as the outlaw States, were under the pressure of international sanctions. In addition, he is confident that in 2019 cryptocore will significantly increase the adoption of solutions like Lightning Network. More data to search for .

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