NICK SZABO: INSTEAD OF GOLD RESERVES, IT IS BETTER FOR CENTRAL BANKS TO ACCUMULATE CRYPTOCURRENCIES

The famous crypto-enthusiast Nick Szabo believes that in 2019 Central banks can start using cryptocurrencies for reservations. And especially fast integration of digital money will take place in countries with weak national currencies or under sanctions. He said this at the Bitcoin Summit conference in Israel, Tel Aviv.

Szabo is a prominent figure in cryptography and the author of the idea about BitGold – a cryptocurrency that preceded Bitcoin, but never realized. This concept Szabo published in the late 1990s. He is also considered to be one of the inventors of smart contracts.

Szabo is sure that gold reserves are vulnerable — he recalled the historical precedent when the Nazis seized foreign gold reserves during the occupation of other countries.

In addition, the integration of bitcoin and other digital money will be deeper in countries with unstable

 

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