What You Need to Know About Central Bank Digital Currencies (Part 2)

And Why Virie is the Better Alternative

As the word keeps spreading around regarding the race that some central banks have for creating their Central Bank Digital Currencies CBDCs, everyone must understand what it’s all about. After all, currencies are a permanent part of our daily lives, and if something new is being introduced in the financial ecosystem, we all should know as much information about it as we can. Here’s the continuation of our series about the things you need to know about CBDCs and why I believe Virie is the better alternative. For part 1 of this article, please click on any of these links.

CBDCs are centralized. Virie is decentralized.

As many of us know, cryptocurrencies are decentralized by nature, which means that they are not controlled by any central banks nor governments. On the other hand, CBDCs are backed by central banks, which essentially makes them centralized. In a nutshell, it is not a cryptocurrency, but it's just a digital extension of cash wherein transactions may be untraceable, yet it will still be controlled by the central banks. Even the elements of untraceability and anonymity can still be argued, given the fact that these central banks will be the ones to maintain those CBDCs.

Virie is decentralized, which means that there are no central banks nor governments that control it. Transactions are completely untraceable and unlinkable. There is absolutely no way to know who sends it or who it’s sent to, which makes all transactions and payments completely anonymous. Virie is a true representation of a decentralized currency.

CBDCs require central banks to partner with private companies to distribute them. Virie has its own distributed exchange network.

Since central banks do not have the capabilities nor the technology to distribute CBDCs, they will have to partner with private financial companies to do the onboarding and distribution. This can be confirmed by looking at China’s CBDC model. They will use Alipay and WeChat Pay as distribution channels and conduct customer-facing procedures. Therefore, we can expect that the rest of the central banks that are working on creating their own CBDCs to follow the same model.

On the other hand, Virie has its own distributed exchange network, the Virie Market. It’s a decentralized virtual marketplace with the most user-friendly distribution platform. It doesn’t only distribute Virie coins (VRE), but it is also a distribution center for everything, including other currencies, goods, and services. VRE is the native coin in the Virie Market, which is exchangeable for anything and everything. Since it’s a centralized virtual platform, there is not a need for third-party distribution channels, neither a customer-facing center to use it. Simply download it here to start using it.

Food for thought

This two-part article about CBDCs and Virie aims in helping people truly understand both sides of the coins in the most factual way possible. This author performed thorough research to establish the point of comparisons on both currencies. While this is the case, the readers are also expected to do their own research regarding this matter. The more informed we are, the better we understand how these things work.


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