Ethereum Founder: Central Banks far from Digital Currency

Vitalik Buterin, the 23-year-old creator of the world’s second biggest digital currency, Ethereum, isn’t worried about coming competition from the central banks of the world.

Speaking in Toronto on Tuesday, Buterin downplayed the possibility of countries creating digital versions of their currencies that could rival or displace bitcoin or Ethereum.

He said the advent of a national currency based on a blockchain, which is the distributed ledger technology that underpins bitcoin and Ethereum, will take years to launch.

“If there is [such a launch] it will be a server and a bunch of marketing buzzwords to make it look like a blockchain,” Buterin said, suggesting central banks lack the ability to create a proper blockchain.

His outspoken comments are in keeping with Buterin’s reputation as an iconoclast—a reputation he reinforced by turning up to speak at the suit-and-tie Toronto event in a unicorn sweatshirt.

Buterin’s remarks come at a time when the popular of digital currency has exploded as an asset class: the value of Bitcoin and Ethereum have respectively increased about five-fold and thirty-fold in 2017, while the overall market for such currencies is worth well over $100 billion.

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Source: Ethereum Founder: Central Banks Far From Digital Currency – Fortune