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The difference between CBDC and crypto
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[QUOTE="Holicent, post: 286325, member: 76163"] Cryptocurrencies are the digital assets that enable peer-to-peer transactions without the need for a central authority. Central bank digital currencies (CBDC) are defined as "central banks' digital currencies which can be used to pay for goods and services." There is no single definition of CBDC, but it generally refers to a digital currency issued by a central bank that is designed to be used in its domestic economy. While cryptocurrencies are decentralized, CBDCs are not decentralized. They are issued by central banks, which means they do not rely on blockchain technology or smart contracts. They also do not have the same credibility problems that cryptocurrencies have been facing lately — namely, how can they be trusted when they are issued by a centralized institution? Cryptocurrencies are peer-to-peer currencies like Bitcoin, Litecoin and Ethereum; they’re not backed by any government or central bank. The best way to think of cryptocurrencies is as an alternative to traditional fiat money like the dollar or Euro. [/QUOTE]
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