MIT, the prestigious US university, has founded a research group that deals with blockchain technology called "Digital Currency Initiative"; of course, the studies conducted by this group also include research on CBDC, an acronym for Central Bank Digital Currency, i.e. cryptocurrencies guaranteed by the central bank.
In a long report published a couple of days ago, the MIT research team argued that the design of the CBDC, while inevitably destined to exploit some of the characteristics currently in use at what it defines as "experimental cryptographic space" (in practice the market of cryptocurrencies), however, will tend to be radically different from the latter.
More specifically, the MIT team, in its report, wrote that:
CBDCs should not be a direct copy of existing cryptocurrencies with exactly the same design and functionality, but there are things we can learn from their emergence: the usefulness of programmability of money and the importance of preserving user privacy.
MIT then observed how the world of finance has lagged behind the demand for digitization that characterizes many other sectors of our society, noting how cryptocurrencies were born precisely to respond to this growing demand.
In any case, the researchers believe that the cryptocurrency market, as we know it today, should be seen more as a sort of laboratory in which developers test different technologies, monetary policy and governance strategies than as a real market. and just as we understand it in the most classic way.
Clearly, says the research team, we are still at the dawn of this industry, however in the end the successes produced in the cryptocurrency ecosystem will prompt even the most fanatical supporters of FIAT money to change their minds.
Obviously, all supporters of cryptocurrencies are convinced of this, but there is an aspect that, in my opinion, escapes the researchers of MIT and which concerns the more purely political issue that accompanies the growth of this sector.
At this moment, in fact, we see an enormous global mistrust of institutions; since the world of crypto naturally stands in antithesis to the world of institutions, contending for nations the monopoly on the issue of money, I would not assume that cryptographic space can simply be swallowed up by states as has hitherto been the case with any other technology .
An interesting example of all this comes from Venezuela; here, despite the efforts of President Maduro to cope with the economic crisis that has gripped the country for years, we are witnessing the paradox that the demand for legal tender currencies plunges while the demand for decentralized cryptocurrencies continues to rise.
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