MIT research group calls cryptocurrency a laboratory for central bank digital currencies

A research group at the Massachusetts Institute of Technology (MIT) called cryptocurrencies the central bank's laboratory for digital assets.

According to Cointelegraph, the MIT Encryption and Distributed Ledger Technology Research Group stated in the "Digital Currency Initiative" that the central bank's digital currency will eventually use certain concepts and technologies currently being used in the experimental crypto space.

The group wrote, "Central bank digital currencies should not be copies of existing cryptocurrencies with exactly the same design and functionality, but we can learn a lot from their emergence, the utility of currency programmability, and protecting user privacy. Importance. "

Speaking of the intersection of technology and finance, the group said that digital value transfer innovation has lagged behind the world's rapidly growing demand for computerized payment solutions, which is partially visible in the field of e-commerce.

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The organization wrote that the cryptocurrency space emerged from this need. To date, cryptocurrencies have experienced significant attempts throughout their history, which has led government authorities to reassess the current state of the currency.

The group explained that in the field of cryptography, many ecosystems allow almost any contribution, which makes it to some extent an open development and balanced system, and also stimulates competition in the market.

The group believes that "the cryptocurrency ecosystem should be viewed as a laboratory where developers can invent a variety of competing technologies, monetary policies, governance strategies and reward systems. This field is still in its infancy and this field The successful idea in the end will eventually enter the world of more conservative fiat currency digital payments. "

Author Xiu MU

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