Russia and China May Digitize Their Currencies With Ethereum

[btc_manager]

An increasing number of central banks and governments are working on digitizing their national currencies. China and Russia are investigating the potential of Ethereum as the base protocol for a digital Yuan and Ruble respectively...

Read more Here:

https://btcmanager.com/russia-china-to- ... -ethereum/

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[startbitcoining]

Thats pretty awesome news. I would love to see more countries open up as well.

[Denishayes89]

I think it's wrong to compare Ethereum and Bitcoin on the same scale , as they are targeted at different applications. Bitcoin is “digital gold” and as such is extremely conservative when it comes to changes to the consensus layer. Given that a lot of people and entities are deeply invested in Bitcoin, being extremely cautious here makes sense.

[mjglqw]

Once again, looking good for ethereum. In their subreddit all I read are sort of celebrations. I just wonder how Ethereum will do when issues arise though.

[olivia.nelson]

The main goal of the project is to create the Distributed World Computer - a decentralized network of transactions managed by smart contracts.
This ambitious task requires a significant increase in network performance and transaction speed, which PoW can not provide.

[Denishayes89]

"Russian President Vladimir Putin and his economic team have long been under the impression that, to wean the country off its oil dependence, they needed a major leap in some specific area of technology that wasn't yet dominated by Western, Chinese or Japanese tech giants."

The problem is Putin and his kleptocracy. No one wants to start a business and then have it taken over by Putin's goons at best, or end up in jail or thrown off a balcony at worst. I don't see that changing as long as Putin remains in power.

[Possum577]

It's important to recognize that both of these currencies are already "digitized"...if they value and record of the Ruble and Yuan can be stored and transacted purely online, they are digitized. The same is true for every major fiat currency and most all currencies.

It's great that these two countries want to apply their currency to a blockchain platform. And as they create tokens to do so I wonder if their currency tokens and there actual currency will start to have different values or if they will be pegged together. Or will the existing version of Ruble and Yuan be discontinued in favor of the blockchain based version?

There's still a lot of interesting questions to answer from these two projects. Exciting times for sure!