Vitalik Buterin: Central Banks Lack Ability to Create their Own Digital Currencies

Read more on this subject: Bitcoin
News Story Source: Cryptocoins News
Even though several central banks are working on creating their own digital currencies Buterin isn't concerned about the competition they may create. Furthermore, he believes that it will take years for banks to achieve their goal, reports Fortune.

He said:

If there is [such a launch] it will be a server and a bunch of marketing buzzwords to make it look like a blockchain.

His comments come at a time when the cryptocurrency market is experiencing a surge in price levels. At the time of publishing, bitcoin is trading over $5,600 and ethereum is valued at $309 while the combined market cap is worth $168.8 billion, according to CoinMarketCap.

With the continued rise in market prices interest is also being focused on the blockchain. Used primarily within the finance sector, the distributed ledger is seeing use cases within industries such as energy, humanitarian, supply chain, healthcare, and education.

Earlier this month it was reported that Japan's three '
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