What You Need to Know About Central Bank Digital Currencies (Part 1)

And Why Virie is the Better Alternative

There’s a lot of buzz going around now regarding the creation of Central Bank Digital Currencies (CBDC). Facebook has Libra currency, China has been developing their CBDC since 2014, and six other Central Banks from around the world are exploring, studying, and experimenting with CBDCs. These are European Central bank, Bank of Canada, Bank of Japan, Bank of England, Swiss National Bank, and Sveriges Riksbank in Sweden. But does the world really need CBDCs? Will it be able to provide economic freedom? Will it be beneficial to every individual on the planet, or will it cater only to the upper-class population? What are the implications? I made a research and collated important information about CBDCs you need to know, compared it with Virie coins (VRE), and concluded that the latter is the better alternative.

CBDCs will be for domestic use only. Virie is global.

Central Banks interested in creating CBDCs have a lot to consider as far as if it's the best fit for their country is concerned. Their total population, the banked versus the unbanked population, their current payment structure, is it retail or wholesale, and many other factors. And since CBDCs are centralized, there are also policy-driven policies that they need to consider, especially the aspect of their monetary sovereignty or authority. Then there’s the issue of countering tax evasion and other criminal threats.

Virie (VRE) is the native coin universally used in Virie Market, a fully operational decentralized virtual marketplace. Unlike CBDC, which is country-specific, VRE can be used for any transaction around the world. It’s exchangeable for anything, and anything is exchangeable for it, including other currencies, goods, and even services. Both the banked and unbanked population can use it as it has been specifically designed for mass consumption regardless of a country’s payment structure. And since VRE is decentralized, there is no monetary sovereignty that will be compromised since there are equal rights within the Virie Market itself. There will never be an issue of tax evasion because, in the first place, its decentralized structure automatically eliminates taxes. Furthermore, there are multiple layers of security embedded in the platform itself, that any criminal attempt is impossible.

Cross-border payments with CBDC will be a challenge. Virie freely allows cross-border and even cross-country payments.

The Internationalization of CBDCs will be a challenge since the standards and economy of each country differ. Yes, it could probably happen eventually, but there will be a lot of challenges in the process, including differences in KYC/AML standards, managing cyber threats, cross-border use and limits, differences in technologies, and many more

These challenges are eliminated by Virie because it is not a payment system that uses the market. It is the market, which makes cross-border and even cross-country payments as easy as ABC, which is made even easier with its most user-friendly platform in the market today. There are no restrictions on KYC/AML procedures since no personal information is required to be able to use the platform. All you have to do is download it, and you can start using it already. Payments are processed in just a few clicks and a few minutes. Using blockchain technology and modern cryptography, cyber threats are automatically mitigated.

To be continued…


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