Stablecoins must be programmable to counter CBDCs By Cointelegraph
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When it comes to providing stable value, stablecoins and central bank digital currencies (CBDCs) appear to serve two sides of the same proverbial coin. Crypto stable assets, however, can provide entirely different use cases — and CBDCs simply cannot compete.
The key is programmability — smart contracts that automate and add new features to money. Programmability allows for asset backing and decentralization that is not possible under current CBDC designs. Developers should be taking advantage of the programmable opportunities that stable assets offer rather than trying to compete with CBDCs.
Nikhil Raghuveera is head of strategy and innovation at the Celo Foundation, a nonprofit organization supporting the development of the Celo blockchain. He is also a senior fellow at the Atlantic Council’s GeoEconomics Center. Nikhil has previously worked in management consulting, nonprofit management and economic consulting. He graduated with an MBA from The Wharton School and an MPA from the Harvard Kennedy School.
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When it comes to providing stable value, stablecoins and central bank digital currencies (CBDCs) appear to serve two sides of the same proverbial coin. Crypto stable assets, however, can provide entirely different use cases — and CBDCs simply cannot compete.
The key is programmability — smart contracts that automate and add new features to money. Programmability allows for asset backing and decentralization that is not possible under current CBDC designs. Developers should be taking advantage of the programmable opportunities that stable assets offer rather than trying to compete with CBDCs.
Nikhil Raghuveera is head of strategy and innovation at the Celo Foundation, a nonprofit organization supporting the development of the Celo blockchain. He is also a senior fellow at the Atlantic Council’s GeoEconomics Center. Nikhil has previously worked in management consulting, nonprofit management and economic consulting. He graduated with an MBA from The Wharton School and an MPA from the Harvard Kennedy School.
Continue Reading on Coin Telegraph
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