As Mark Zuckerberg’s Project Libra still keeps receiving resistance from Western Authorities, he was triggered with the declaration of the Chinese President Xi Jinping expressing the intent to invest public resources in blockchain as slated to be the core technology of the future. This presidential declaration seems to have set an alarm that the Chinese are well overtaking on the digital currency technology. Now, the race for the development of a central bank digital currency (CBDC) is increasing its pace.
CBDC is a new type of fiat money in digital form or digital money held legal by regulation or law. Over the years, banks and governments around the globe have been struggling to control the massive growth of cryptocurrencies, which are virtual currencies such as bitcoin and Ethereum, that run on a blockchain network. They have gained enormous popularity due to its decentralized structure and eventually were considered a threat in the banking system, which operates under the control of a country’s laws and regulations. Since these institutions are unable to control the growth and influence of cryptocurrencies, many central banks around the globe are now racing to launch their own versions of cryptocurrencies, now known as the CBDC.
This could foster certain risks in the financial system’s security in the future. Cash transactions always guarantee anonymous transactions, and with the introduction of CBDC, chances are, the majority of the transactions will be cashless. While a digital currency may satisfy anonymity and security towards other users, but not towards authorities. In essence, users are not completely protected from threats of fraud and scams. In this view, there is now a growing demand for non-traceable payment tools that will completely protect users from any unauthorized use of personal transaction data that can be used for fraudulent activities.
This is what Virie Marketis all about. Virie’s payment system uses modern cryptography to ensure that transactions are not only untraceable but also unlinkable. No one will ever know who sends the payment nor who receives it. As a blockchain product, it’s decentralized, which eliminates any threats on security because no personal data is required from any user. This means that hacking and fraud are completely impossible. There are no banks nor governments that control it, therefore all transactions are anonymous, and so are the users. Not even its developers can shut it down or block it. Anyone can move freely within this virtual marketplace and exchange anything for anything anywhere in the world.