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Is Decentralized Control the Key for Digital Money?
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Author(s): Tanuj Surve (University of California, Berkeley, USA)and Tuan Nguyen (Vietnam Academy of Science and Technology, Vietnam)
Copyright: 2024
Pages: 17
Source title:
Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges
Source Author(s)/Editor(s): Guneet Kaur (University of Stirling, UK), Pooja Lekhi (University Canada West, Canada)and Simriti Popli (Kaplan International College, UK)
DOI: 10.4018/979-8-3693-1882-9.ch005
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Abstract
Traditional financial systems have limitations like centralized control, slow transactions, and lack of transparency. Emerging decentralized technologies offer an alternative model by giving users more direct control over their digital assets and identities. This chapter explores the potential of balancing centralized and decentralized elements in the evolution of digital currencies. It provides frameworks and real-world examples to examine how decentralized innovations can enhance speed, reduce costs, automate governance, and cut out intermediaries. The authors analyze the history of finance and argue that thoughtful integration of human oversight with decentralized automation can strengthen these systems. The goal is to inform policymakers, central bank experts, blockchain developers, and cryptography researchers on this key trend shaping the future of digital money.
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