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Shifting from Central Planning to a Decentralised Economy: Do we Need Central Banks? (https://professorwerner.org/shifting-from-central-planning-to-a-decentralised-economy-do-we-need-central-banks/)
by Professor Richard A. Werner, D.Phil. (Oxon)

I. The Central Bank Narrative

For more than the past four decades, public policy discourse, especially when touching on macroeconomic and monetary policy, has been dominated by the views held and actively sponsored by the central banks, particularly in Europe and North-America, as well as Japan.

Their policy narrative has been consistent over time and virtually identical between central banks, which is why I shall refer to it collectively as the ‘central bank narrative’. It has been mirrored in the type of economics that central bankers have supported and that has indeed subsequently become dominant in academia and among the economists selected as the experts of choice in the major newspapers and television channels: the theoreticians advancing neo-classical economics.

This central bank narrative (and hence also the dominant neo-classical economics, also known as ‘mainstream economics’) has at least five major pillars, which I shall list briefly:

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The truth of the matter is: We don’t need central banks. Since 97% of the money supply is created by banks, the importance of central banks is far smaller than generally envisaged. Moreover, the kind of money that commercial banks create is not privileged at law. Legally, our money supply is simply private company credit, which can be created by any company, with or without banking license.

Eurozone countries, having given up the right to their own currencies, can still create money and reflate the economy: the government, for instance in Spain, simply needs to stop the issuance of government bonds, and fund the entire public sector borrowing requirement from the domestic banks that create it out of nothing – and can do so at more competitive rates as the bond markets: this policy of Enhanced Debt Management (Werner, 2014b) not only would make it obvious that Spain does not need the ECB, but it would also put the national debt profiteers – the bond underwriting firms such as Goldman Sachs and Morgan Stanley – out of business.

This reality of private money creation also means that we can, without legal obstacles, create a decentralized system of local currencies, without central bank involvement.

The key principle of such decentralization is local autonomy, self-determination, self-responsibility and self-administration. These are in fact the fundamental principles of the co-operative movement, as championed by Hermann Schultze-Delitzsch and Wilhelm Raiffeisen over 150 years ago. This co-operative movement early on realized that a crucial role for co-operatives is in the creation of co-operative banks controlled by the local communities. Sadly, in the UK credit unions are not banks, since they are not allowed to lend to firms in meaningful amounts, and don’t have a banking license. Thus we need to create true community banks.

Lord Action pointed out:

 

“It is easier to find people fit to govern themselves than people fit to govern others”.

 

“Towns were the nursery of freedom.”

 

The German banking system is dominated by 1,500 community banks, which are also the majority of banks in the entire EU. This means that 80% of German banks are not-for-profit, which has strengthened the German economy for the past 200 years. A banking system consisting of many small banks is also far less prone to boom-bust cycles and it creates more jobs per given amount of loan than large banks. Thus community banks also result in a more equal income and wealth distribution.

Local banking is highly popular in Germany, because SMEs get access to finance that would not be serviced by large banks. The community banks provide their services at competitive rates and support their customers also during recessions. With community banks, the wider community gets a bank whose goals are aligned with theirs, banks that pay taxes, banks that support local growth and jobs. At the same time community banks offer customers a place to put their money where it can benefit the local community, not far-flung projects or speculators.

Can we tackle this challenge?

Until the 1970s, there has been much optimism in economics and there have been high expectations that many of the problems of mankind would soon be solved.

Was this a reasonable expectation?

While it has not come true, it was a reasonable expectation. This is because

 

“Our problems are man-made, therefore they may be solved by man. And man can be as big as he wants. No problem of human destiny is beyond human beings”

John F. Kennedy

Well, central banks and fiat currencies are only a pretty new concept to humankind. The economy, as well as the currency, can definitely function without a central bank, as demonstrated by the days where paper currency did not exist and we used gold and silver as main forms of currency.

These are essentially the most basic forms of decentralized currencies, and they certainly worked well to serve their purpose - to store value, and to serve as a medium of exchange in transactions.

It's up to debate whether or not society would function better without a central bank, but all I know is that if I wanted to save my net worth in something, I would not put the majority of it in something which value is based on a central organization's trust, and they essentially can inflate the supply of as much as they want to.

Of course Yes. Almost all the countries do have central banks to perform these functions. Central banks are autonomous bodies that work independently keeping economic growth priorities in view.

Humanity go in the chaos if we dont have central control unit.
Dont believe to the freedom by some young crypto enthusiast

This post belongs to the Economy forum board,not the Bitcoin discussion board.
In the beginning of  modern capitalism,central banks were private companies,who have the government`s permission to create paper money.They are created by a bunch of bankers,who were giving loans to governments.
They were created as a some sort of financial monopoly.Later,the private central banks were taken under the government control and became public institutions.Now,we don`t need them,but we can`t destroy them.

Need not
Because Bitcoin was dug out by hard power, it could not be sent by a fixed organization.
Then the role of the bank for us is only storage or investment, but if it is stored, if Bitcoin cuts prices or raises prices, can we operate in time, and investment, he can guarantee how much our annual interest rate.

Maybe you personally do not need a central bank, but it is necessary for every state, at least to support the course of national money and develop a common policy of monetary relations in the country and develop a unified approach to banking. Therefore, I believe that central banks are needed and they will continue to exist.

That local banking is still a centralized one. Though what people want is true freedom, but take also in consideration things like inflation and balance. If there is no central bank there would be chaos in monetary system. Rich will get richer and poor gets poorer, because rich can hold as much money as they want while poor can't do it since they need it for daily expense. Also, no money would produce because how people can trust something that is man made with out convention.

If we approach this issue from a human point of view, I believe that central banks are a product of modern society, or rather a group of people who want to control the popular masses and are not needed for ordinary people. But the modern world is so arranged that without the presence of controlling bodies in the world there will be chaos, people do not know how to organize themselves. A decentralized financial system within the framework of existing states is not possible.

Thank you for the informative article. I think we need central bank. As all the countries of the world has a central bank and this central bank regulates some functions which is very important for a country.

If the central bank will work on artificial intelligence, then we need this bank Because now central banks enrich the people which lead it

The fact is that central banks are an integral part of the current state system. Each state is a complex system that can no longer do without central banks, which, first of all, form the monetary policy of the state and support the course of national money with monetary measures. Therefore, in fact, no one will ask us if we want to continue to exist central banks. They will continue to exist, regardless of whether we want it or not.

If there is no central bank it is obvious that problems will create in the monetary system. Things like inflation and balance is very much necessary. In that case, the rich will become richer & the poor will become poorer, because the rich can hold money as much as they want but the poor need daily expense so it becomes quite impossible for them.

The government of every country has some different rules. Yes according to those five pillers it shows that, there is no need of central banks. But it will be varies how the governments of each country will think.

I think cental banks are sores on our society's body. They are usually main causes of economic depressions and crises. Monopoly on money gives governments carte blanche over money supply, so they can fiddle with the economy in a way they wish. For instance, they can boost it for the election cycle knowing that negative consequences would follow only several years later.

of course , we need bank central for withdraw FIAT money from exchanger cryptocurrency.
we need bank central for Deposit FIAT money.

I agree with you, the central bank also functions as an atribute and guardian of value and existence of national currency. therefore I predict that in the future, the central bank and cryptocurrency will be part of a legal transaction tool.

but I'm not sure the central bank will survive if it does not innovate, the meaning is the central bank must include the blockchain system element as a transaction tool.

and ultimately the central bank will exist but the transaction will be dominated by bitcoin and gold.

From my perspective i think every country need central bank. Because central bank monitor all the financial market and they also issue note. They are the controller of all commercial banks also. Absence of central bank economy will collapse.

Yes you are right. What you mentioned is exactly what some people ignore that. They think making transactions is the only thing banks do. And a decentralized system like bitcoin can completely replace banks.

Why would the economy collapse in the absence of a central bank though? You provide no reason for it and I sincerely doubt that would be the case. We don't need a private organization to give us and create money, that is essentially futile. All they are doing is lining their own pockets with money by taxing us through inflation. If the monetary policy was reasonable I would welcome central banks, but they are far from it. Bitcoin's monetary policy however is reasonable and can't be created out of thin air. If people trust the Bitcoin system then that is all we will need worldwide, but it would have to be legal tender everywhere, which is something I don't think governments and nation states want to relinquish the power on just yet.

Central Banks are generally for fiat currency. There're people who condiser as technical handicap. They can hardly use the crypto currency. So, for them specially, central bank is very essential.

If we understand what banks are and why they are needed, we will come to the conclusion that banks control our money, and by and large we do not need them if everyone could be responsible for their money, we need to move away from this system and raise the financial literacy of the population.

Of course we need central banks based on central bank the economy are moving also they set many things based on this they also protect us from bank theft and many regulations so central bank is important if we think about coins the Norway central bank is also thinking about coins.

Of course! Central banks are a must in any country. Who would regulate banks, print paper money and other stuff essential to a functioning government. Central banks are not created to oppress citizens. Only people with criminal intents are afraid of regulations.

It would be a mistake to say that we all do not need the central bank. In fact, the central bank plays a vital role in our lives and in every country. Bitcoin or any other currency will not be valid unless there is a standard currency - USD. It is the only way to determine the value of digital currency.

In today's money systems, central banks are absolutely necessary. They are essential to every  country's banking operations. Regular banks wouldn't be able to  transact among themselves without problems, because without a regulator, (central authority), trust is needed between the different banks, and that can be abused easily.

It is very much importance that a country have a central bank because it helps to regulates banks, print fiat money and a country without rules, limits, regulations in terms of money will be a loosed country or state.

Of course we need central banks, you know the countries need that

In my view, we need that, the central bank monitors all financial markets and they also issue notes. They are also in control of all commercial banks.

Banks are over, the paradigm is moribund. In the coming years we'll see UBIs brought in. Energy & production will be free. Currency itself will be devalued.

Yes. Personally i agree with you as of the situation right now, but when we say crypto, as much as possible it doesn't really need banks, because of what we commonly have as decentralization, but still it doesn't mean we would surely eliminate each one or the other.

Irrespective of the argument against the continued existence of the Central Banks, I still feel strongly that there is need for the Central Bank to continue to exist or else the turmoil that will bring will be too much to bear and the importance in the economy cannot be understated to the common man when its comes to the price of goods and services. Sometimes ago, I read about a country that had some currency crisis for a country that is import dependent the country's currency was devalued and it was serious issue affecting the poor more than the rich because the rich could afford the landing price and the same time could afford the foreign currency which they had kept in their domiciliary bank accounts during the time of stability.

Then came the savior of the day in person of the central bank who came with policies and ensure that the devaluation was minimal and was kept at par for a long period of time. The Central Bank is there to ensure balance which would have been worse off if left in the hands of capitalists that would only look after their own interest.

we would need central banks in case we felt that we can't deal with our problems on our own. I believe that time has already passed long ago. We're ready for decentralization.

We do not need not only central banks. We do not need a banking system at all. We also do not need an army, do not need corrupt politicians, And businesses that kill nature are not needed.

If there is no central bank it is obvious that problems will create in the monetary system. Things like inflation and balance is very much necessary. In that case, the rich will become richer & the poor will become poorer, because the rich can hold money as much as they want but the poor need daily expense so it becomes quite impossible for them.

Most of the country have their own central bank based on this they impose rule to currency and they are the main policy maker of economy based on this in central bank is needed but in case on crypto its not because they cant control those coins in the market also this coin is doing business globally.         

central banks are necessary for each state. for economic growth and regulation of the national money.

Yes Central bank help the local exchanges to support them on the exchange of crypto to fiat and fiat to crypto. As we all know that it will invlove too many people around the world or in with that country so it will involve high money so in this problem central bank could lend and give license to those who passess the regulations on cryptocurrency.

mostly people need it if your a trader or you are using crypto currency im experiencing when im widraw a money in a bank it tooks 1hr before i widraw it in the bank the system of apps is too slow and we need to upgrade it our technology right now the price of bitcoin right now to small they need to deposit it in the bank and buy bitcoin a lot of people asking is the right time to buy bitcoin if i have a money i will buy bitcoin right now.

I have a question: why this post on the Bitcoin branch ? ???
The central bank does not need cryptocurrency, it is an extra detail in the mechanism, because it will not have any regulatory functions.

i believe that when central banks were created it was meant for the greater good of mankind.
but nowadays it just shows that this type of system are being used in order to promote the personal welfare of those who composes it.
yes it is indeed very helpful when it comes to regulation but nowadays it is becoming a venue to restrict people how they spend their assets.
rules and regulations are created not for the greater good anymore but for the benefit of some already.

we do need central banks for the regulation of the national currency. and if the day comes that bitcoin will replace the fiat money,  and everything is decentralized, these central banks will probably be obsolete.

I agree with you that the centralized system only makes them richer. can not give satisfaction to consumers, this system also is not safe, easy hacked, and they only have the legality only.

I am sure, this system will only make them bored, the world needs innovation, blockchain is the solution to create a system with a new model.

Be Your Own Bank !!! ;)

All countries need a central bank. I don’t see the point of some people wanting to get rid of governments and central banks. Makes me think these people are anarchists.  :-[

We definitely do not need one !
and let's fuck with them.

Banks ruined our economic world and you can never trust them anymore.
Dump FIAT and buy your crypto - as easy as that

I think if this problem is regarding to the financial condition of a country, of course we need a central banks, because we need at least one institutions that can rule and make the law regarding to the financial system in order to make it equal and fair. But, if this case is for bitcoin i think we don't need a central banks. Because the initial goal of bitcoin is to make a decentralized system that based on freedom.

The dude obviously doesn't understand how modern banking system works. Banks create money on behalf of the Central bank. To better understand that idea, just imagine that there are no commercial banks in the neighborhood but only branches of a Central bank everywhere. Banks create money because 1) Central bank allows them to, 2) they are allowed to create only the Central bank money (dollars, euro, etc), and 3) Central bank backs up these banks if something bad happens to them. There was a time when banks were truly independent with no Central bank as we understand it today, and this didn't end well.

The central bank will continue to exist, regardless of whether we want it or not.
The fact is that the central bank is an integral part of the current state system. Each country is a complex system that can no longer be done without a central bank, which, first of all, forms the country's monetary policy and supports the running of national money with monetary measures. Therefore, in fact, They will continue to exist.

We don't! I want world without centralized money printers!

we do need it now. it serve as a regulatory body for the national currency. without it there will be chaos in the financial system. but when cryptos be the world currency in the future, everything decentralized, no need for this central banks

Yes we need Central Bank for providing financial and banking services in the country's, government and commercial banking system also implementing the government monetary policy and issuing currency

We still need the central bank.Because the central bank is national, don't you trust your country.The technology of the chain is not mature enough to be fully trusted, and it is not too late to discuss it when it can be fully trusted.

The central bank can regulate the economy to some extent. If the market is perfect and does not require banks to regulate, it is a good thing, but in fact, it is still needed. ,

It might sound good on paper and in theory but while having a great convenience  and ease of access as well as benefits that would later on be unfolded, but we are putting all our investments and ourselves at risk, because when the central bank's database is hacked, all our investments would become vulnerable to thievery. As long as that issue is not resolved I would disagree with the idea of a central bank.

We still need the central bank where the money will be managed, which will also allow us to carry out our lending activities or send us money to the bank so that we can hand over more convenient transactions.

Central bank is the safest ways to be free from risks, despite of hacking issues. The bank is always liable of the funds that we have, because it is needed an insurance agreement that protects your digital asset to be more secured. If ever there might be cases that your holding or savings be stolen, then they're liable for the circumstances that had happened.

I think we must consider the point of literacy especially when it comes to the technology. Even in developed countries, there are many people who are not familiar with modern technology and hence they are not fit for using decentralized currency at this stage and if we are willing to spread the knowledge and understanding about cryptocurrencies then the transformation should be smooth and it will take comparatively higher time so at this stage we cannot eliminate the role of central banks.

As long as there are Fiat money banks will exist. Whether we want it or not. This need is primarily related to the development of the country's economy.If we assume that the whole world has moved to the crypto currency then in fact banks will lose their function as a financial institution.Every person will be a Bank to himself. But how it was said, banks also transfer funds Perform many other functions.

That's complete BS if you ask me. Have you ever tried to fill a real payment order in your bank? I strongly suspect that you didn't. So I advise you to go and fill the one to learn how it feels in real life. After that you will definitely reconsider your point of view that many people are not "fit" for using decentralized currency at "this stage". If anything, even more people are not fit to use a fiat currency when it comes to making online payments using, for example, a wire transfer for moving money from one bank to another (and will never be).

The first central banks were created in Amsterdam and Stockholm in the early 1600s. The early central banks were largely utilized to assist in financing government operations. The Bank of England was formed as a private company in the late 1700s to help the government raise funds for financing the wars that England was engaged in at the time. By the mid-19th century, the Bank of England (misnamed because it is the central bank of the U.K., not just England) became totally government owned and had the monopoly on the issue of bank notes (currency). The U.S. did not have a central bank until the Federal Reserve came into existence in 1913. As it's shown that central bank is practically needed in our society to meet up the needs of what the central bank stands for.

I really do not think we need them,although we have been made to believe the contrary. People used money effectively before the advent of central bank,

But talking about cryptocurrency, bitcoin specifically, central banks will not be needed.

If someone lives in a virtual world, then, probably, central banks are no longer needed. Since I still live in this rough physical world, where there still exist paper national money, the rate of which is supported by central banks and where central banks provide a unified monetary policy for the state, I still need central banks.
Some already write that we and the state do not need. Only how they are going to live in such an anarchic world where the right of the strong will reign, you can not hide from the armed gang in the virtual world.

Actually we do need central bank even if you had explained well on the use of it but still you do not consider the exchange from fiat to crypto. As we all know that some of these local exchange will not going to receive directly fiat money in order for them to let you exchange your fiat to crypto. So local exchanges in short may use the third party to enable sure transactions process especially if it involves huge amount of money.

Of course, we do need central banks. Stop this manifesto nonsense. And by the way, we also need governments.  ???

maybe my opinion is different,
for now the central bank should still exist to serve the people who have not known cryptocurrency, maybe everyone here already knows cryptocurrency, but actually in my area maybe only 4% know about cryptocurrency
therefore, the role of the central bank must still be improved to serve non crypto users

Yes I think that Almost all the countries do have central banks to perform these functions.some countries can't be get their crypto money to their bank account. that's major reason for crypto field.therefore we should try to get center bank approval in this field. this filed is never die or break as long as block chain technology. 

yes of course, we do need central banks because many people using btc and people have a withdrawal if need, at the same time suitable crypto or any newer need situation management.

the central bank has the power over all the economic policies of the country, it would be interesting if they finally consolidated with the government to accept crypto-especially bitcoin as a legitimate means of payment, so there are two alternative ways of payment and bitcoin can act as a common currency for the whole world, both can go hand in hand.

we still need the central bank because they think a lot of complicated things. If everything is charged to individuals, then the world will become chaotic about competition and greed.

Central bank is centralized, if cryptocurrency using that, hmm i think it won't be decentralized anymore.
Maybe there will be many cryptocurrency banks someday in the future, but it should not centralized.

We’re all able use bitcoin without any form of bank assistance, right? So that means we don’t really need banks anymore. Maybe in the future, banking will just be reduced as a commodity. Banking services will perhaps, be optional, like the internet or electricity. I think banks can still exist while we still hold the power over our money. Do you agree?

Central banks are engaged in the regulation of the financial system and are responsible for its stability. While they are needed.

All things considered, national banks and fiat monetary standards are just an entirely new idea to mankind. The economy, and in addition the money, can work without a national bank, as shown continuously where paper cash did not exist and we utilized gold and silver as principle types of cash.

These are basically the most fundamental types of decentralized monetary standards, and they unquestionably functioned admirably to fill their need - to store esteem, and to fill in as a medium of trade in exchanges.

It's up to discuss regardless of whether society would work better without a national bank, yet all I know is that in the event that I needed to spare my total assets in something, I would not put the greater part of it in something which esteem depends on a focal association's trust, and they basically can blow up the supply of as much as they need to.

In my simple opinions says they are existing they are needed, because if we would not need them most obviously they would not exist. Probably cryptocurrency will be a threat for the existence of Central Banks.

Yes, we need central banks. Banks can help us a lot to save money and to be safe and not only in our house that a theft can just get your hard earned money, or maybe some disaster happens, at least banks are safely stored our money or savings. If we are having a central bank for bitcoin, I think it is not good a good idea, we can already store our bitcoin through our bitcoin wallet and we can already save our income there. Why? It is also like you are already storing in the bank. I think central banks are just for fiat currencies not for bitcoins.

The central bank is the banking system needed for each country and for each person. Even though individuals are now managing their assets and performing their major trading activities without using cash. But the central bank ensures that the currency is stable and that circulation is purely legal. Central bank positioning is irreplaceable, and at present, Blockchain technology has been applied by some countries to the banking sector.

Indeed, the central bank is necessary but not necessarily "if not needed, the central bank will not exist." The use of currency trading, accumulation, borrowing, debt repayment ... through the central bank also has its own advantages and role in comparison to electronic money. Electronic money will grow but not necessarily threaten the survival of the central bank.

Every country has a cental bank, and all the Government knew very well how importance the cental bank. And in terms of the economics of cental bank can manage the stability of an economy by keeping the exchange rate of the fiat currency, and other economic activities.

I think it will need the central bank. I think the central bank has an important role to play in the economy. The central bank performs its functions to ensure the stability of monetary and interest rates in the economy, thereby realizing the macroeconomic objectives of the economy.

Yes we need central bank approval for continue this crypto filed as long as alive. when got central bank approval we can invest money in this filed without  afraid. I feel like some day or other day will be received central bank approve.
 

It depends on the trustworthiness of the government to manage the economy. Sometimes the central bank is basically controlled by those in power, while in others it is set by a committee within the central bank. The latter is better to ensure the economy is put first rather than politics. Bitcoin of course has the potential to turn it all upside down.

Thanks God for Crypto industrial, because it has been making life easier in times of any transaction, which is very fast and every Crypto holder are used the token at any time, with out any bank delay. Secondly Crypto has reduced bank stress, which we don't need.

The main tasks of central banks are the development and strengthening of the national banking system, ensuring the stability of the national currency, developing and ensuring the stability of the financial market. Also, central banks are banks of banks, they are the settlement center of the banking system, which provide loans. In the near future, the need for such organs will continue, so they are unlikely to disappear soon.

Why not, I think the central bank is very necessary for the economy. Its purpose is to stabilize the flow of money, interest rates, credit, banking activities from promoting economic development. It is essential for the economy of every nation

yes, do we need central banks because many country have a central banks for that many benefits do we have and we need to claim what our payments or approval, and to stabilize the flow of money to different places.

Of course we need it, because any economy across the globe has to maintain strong financial system for economic and social growth. Central banks make financial system which ensure and properly monitor inflation , price stability, social justice and economic growth.

Oh sure. All countries have central banks to carry out these tasks. Central banks are autonomous bodies, they work independently and retain the priorities of economic growth. However, I believe that our economic system is gradually coming to an end and it is not perfect. People need something new and kriptovalyuta, again, one of the fresh solutions.

Yes, this is true and the devil is obvious. Earlier, when people did not have where to keep money, banks were very necessary, but now when banks are ruined every day and establish their monopoly on the market, they need to be disposed of.

There is need for central banks in this system. Major function of central bank is to issue money, and to control volume of money in system. How could those smaller banks do that, without central bank ? Who would control them ? There would be inflation immediately, because this fiat is only paper..

When exchanges take place in the p2p mode, creating a central bank isn't necessary.

for me yes we need central banks to boost the legitimacy of that coin because central bank is well known all over the world. even small kid and elders knows this bank that why when this bank makes a big move about cryptocurrency i think it will boost the price of every coin because the demand will increase rapidly.

i think every country need central bank. :) :) :)

The traditional financial system is structured so that it is dependent on the banking system. For the proper operation of this system, a central bank is necessary which controls the entire system, thus preventing abuse.

I think that for fiat currencies you need a central bank. For cryptocurrencies the central bank is not needed. This will make the crypto-currencies less decentralized.

No, we do not need banks ... this is the embodiment of evil =)
If the crypto currencies become more popular and eventually pushed out modern paper money, the banks will disappear altogether ... and I see nothing bad, only pluses. Money will become decentralized ... I do not understand who can take it that it's bad. Is that the government and groats businessmen. However, for the common people this is a much more profitable alignment of events.

Do you mean cryptocurrencies by "electronic money"? Most of money nowadays exists in digital form, electronic or otherwise, and fiat, i.e. money issued by a central bank, is no exception to this rule. In fact, governments are trying everything to make people switch to cashless transactions as the latter are more traceable unlike paper money and coins. Basically, the major difference between cryptocurrencies and modern fiat lies only in the method of creating new money (technically, you could use the blockchain technology for fiat too), but both of these forms of money are digital money anyway.

we do require national banks for the control of the national money. furthermore, if the day comes that bitcoin will supplant the fiat cash, and everything is decentralized, these national banks will presumably be out of date.

We don't need for bitcoin . It will defeat its decentralized nature , central bank is centralized and have it's own inefficiencies , like lack of trust, hacking of central server among others

As of now, I say yes we need the central banks how could we run our economy or the financial standpoint of a country without the central banks.

Of course yes,  for easily to withdraw your money, but the question is if the banks are want's to accept your money through bitcoin because we all know that other countries are until now not agree and accept bitcoin. We agree to banks but banks are not agree to bitcoin especially the government.

I don't need central bank because I have bitcoin wallet and I used it  without high fee

We need Central Banks to a extent only if the banks do not play around with the people and cheat them.But once people chetaed it's better to shift to decentralized economy where manipulation is too tough.

The central bank I think it's needed for everyone. It is necessary to have policies and regulations to control the currency and economy of a country.Otherwise it will become chaotic things will lose control.

I think we can do away from Central Bank since fiat still exist and central bank is the major controller of the fiat and regulations of it, which involve government as the central controller but crypto is decentralized and have to work in hand with fiat no matter what.

This is evident to every country to dream of, as it speeds up economic development in a stable state and continues to grow and stabilize the finances of nations. Without it, I think there will be great fluctuations in the current market economy, as the market today has so much change as technology is developed.

Our modern monetary system is a system that creates money as debt.
If we had no debts in our global monetary system, no money could exist.
That’s a funny concept if you think about it.
The monetary system allows the banks to print money – and when I say “print money” I use this term very loosely, because the predominant amount of money today is created as digital debits and credits. So when we think of fiat money, most people think of paper money, but in reality most paper money doesn’t even exist. It’s just digital credits credited from central bank to regional banks to commercial banks and then to the various creditors and debtors in the system. So there’s virtually zero labour that’s being performed and banks charge consumers interest on this absence of labour.
Centuries ago, we used to call that usury and fraud. Today we just accept it as the way the system works.

all truly the author. we do not need banks then that this completely contradicts the original idea of the creator of the crypto currency which considered it absolutely decentralized

We need central banks at the moment. Cryptocurrencies should be exchanged into cash before using... only few online stores accept bitcoins.  :-\

I think yes. Some say that without a central bank, paper money does not exist, they use gold and silver to trade. This is the opposite of human development because it was used by people thousands of years ago. The central bank will keep its economic growth priorities in perspective. People will fall into chaos without a central bank.

The central bank is made up of a regular and strong exchange process. However, for the crypto market the bank stands out as intermediaries it seems difficult.

Why would we need central banks for cryptocurrencies? The fact that it's not regulated will defeat its purpose if they will be regulated by the banks. If banks will ever get involved, it is if they want to invest on it and not regulate it.

Every country has a central bank that regulates printing money. Cetral banks are still used to be able to provide direction about finance.
To maintain fiat money, the Centra bank was still used even though in this crypto bank to pass and exchange as fiat money.

we don't need any central banks with blockchain technology. and I fairy don't follow the logic of those coins who help the banks with transactions!

I think we need central bank in classical economy method. Someone has to arrange money supply and demand. So someone has to print it paper. I mean someone has to create a value and sell it. But if cryptocurrencies will be succeedd, then we can talk they are useless. Because cryptos (real ones) doesn't need supply thing.

we need a decentralized bank. fiats are scam!!!

Yes, im totally agree with these opinion. The initial goal of bitcoin is something that free and fair without the role of middleman or other parties rather than the buyer and seller only. so i think we don't need the role of central bank at all.

  Hello crypto-fans Bankers are shifting their views on blockchain integration and benefits by being open to implementing DLTs across platforms to ensure they remain competitive.
"Banks seem smitten by blockchain. Seems everyone is getting into the act. Traditional banks, especially, and central banks, too. But might the more enthusiastic adopters be getting a bit ahead of themselves?" Read more:  https://www.pymnts.com/news/b2b-payments/2018/blockchain-distributed-ledger-international-regulations
P.S. The owners of banks are attracted by the transparency of operations, which all participants can follow. Another possibility is the identification of clients (KYC) and protection from hacker attacks!

I do not see the essence of central banks in the bitcoin and blockchain technology. Bitcoin is decentralised and that is a good part of it. Getting a central bank for bitcoin means bitcoin owners will no longer remain anonymous.

That is right, maybe one of the purpose of having a bitcoin or crypto is to avoid third party for us to have a smooth and fast transactions with everything that we are doing so that we don't need bank to do it.

Yes , still we need the central bank. As we stepped forward to modernisation that every country produce their own local monetary identity which helps to organise  and monitor their national economy.

one time the central bank will also cooperate with the cryptocurrency working system, maybe the central bank can supervise and monitor its cooperation not to burden its investors

in no case can you cooperate with central banks. what is the meaning of all this? there will be exactly such hedgehogs the electronic money that we have now? It is necessary to do everything possible to prevent this from happening

      Join the Cryptocurrency world, there is no central banking, no middlemen. You are your own bank. Protest doesn't ever do anything, if you want a better system you have to get educated and help build it...

cooperating with the central bank about crypto is indeed difficult, because sometimes the banks are neutral assuming that crypto is a competitor for the progress of the central bank. even though that is not true, only the news is not true. so with the news circulating like that, until now the bank sentrai has not been willing to cooperate.

Unfortunately, the so called "experts" that cause majority of the financial dooms will never agree with this view because they are the profiteers of the current  debt-based econmony, powered by the fractional reserve banking system. Having a  central bank is something foreign to the evolution of money historically

At this time we still need central banks, we need banks to liquify and encash our cryptocurrencies. When time comes that we can almost used the cryptocurrencies for all types of transactions and trading, then we can day now that we don't need banks anymore.

The 2008 global financial crisis, the Greek debt crisis, and the growing financial needs of a growing number of national economies have raised questions about the central bank that monopolizes the issuance of currency. Perhaps considering these issues, the International Monetary Fund (IMF) recently published an article on cryptocurrency, which unexpectedly called cryptocurrency or would become a "future currency."
So, is it possible for cryptocurrencies to eventually replace fiat money and the central bank. But teare are also some questions about this issue, including:
1. Will this shift reduce the market demand for central bank currency?
2. Will this change affect the ability of the central bank to control monetary policy and interbank lending rates?
3. Will this change allow the central bank to start designing interest rates for encrypted assets as well?

I think the central bank will not be replaced in the early years before these issues are confirmed.

someday the bank will cooperate with cryptocurrencies because it requires supervision of the regulation of a system that will develop very rapidly, of course it will be good and more developed

Bitcoin and others cryptocurrency is decentralized system and i think it dont need central banks to control bitcoin or others cryptocurrency. Bitcoin created because the system on central banks is not right and always creating economic crisis, so i am believe crypto community should not need central banks

Bitcoin does not require a central bank, because this applies to the whole world, as well as peer to peer, where transactions are made online between one wallet owner and another wallet owner and all are anonymous, so that the role of the bank is eliminated. All transactions occur because of price agreements on the bitcoin market, which refers to supply and demand.

Community Banks flourish in Germany because of the positive cultural traits of the German people like honesty, fair mindedness, obedience of rules and regulations, and incorruptubility.

I know of several third world countries where such type of "community banks" exist under the moniker "co-operative banking institution" or "co-operative credit society" or simply "micro payments banking". While a tiny few of them might be doing some good work; for the most, they are overrun by corrupt cliques, comprising politicians who literally buy the votes to be elected on their board, (that's democracy for you, developing country styled), and the bank officials.

In a short while, these "banks" issue dicey loans to their favoured ones, and the bad debts, Non-Performing Assets (NPA) begin to pile up.  Only then do people realise the virtues of a Central Bank, which steps in, bails out the culprits thanks to an infusion of public capital, and all's well that ends well.

See the indispensibility of a Central Bank even when the banking system is decentralised; all because of lack of scruples and honesty in the general culture of that country! It's like an emergency backup and a safety valve combined. Many of these delinquent cultures have been crooked in this way since time immemorial, so even 're-education' and 'moral studies' won't improve the cultural deficit situation even an iota.

 

In my opinion, we still need the central bank because the banknotes will still exist, they can not be completely replaced by bitcoin for many reasons.

I don't think we need central banks, but banking institutions will always be needed to issue things like mortgages and loans. In an ideal world nobody would need a loan for anything and I hope I never have to take out one or a mortgage, but we don't live in an ideal world and I absolutely despise how much power the banks have and how much profit they make by over-charging for things. They also get away with things like money laundering and crashing the economy due to their fraudulent practices and the bankers somehow escape jail time, but if an ordinary citizen like you or I commits the same offense we can't buy our way out of jail.


Please don't provide any of these reasons for this will you. There's no reason at all why bitcoin -- or indeed something like it -- can't replace fiat currency issued by central banks and we certainly doesn't need paper money which is already outdated. I don't think bitcoin would be perfect as a currency right now but bitcoin allows and also shows you that banks aren't absolutely necessary to issue the currency. In fact, I think it's only a matter of time before one nation abandons it's government issued fiat for a crypto of some sort.

The application of bitcoin in a country must have rules from the central bank, because the central bank is a rule maker in each country. Even though eventually Bitcoin is no longer anonymous. But for the long term, of course there will be binding agreements in each country, about digital currencies. Without rules, bitcoin will not be accepted in all countries. Only in certain countries, bitcoin can be accepted.

I ma not any economist, but I think, we don't need any bank, nor central bank if we start using crypto at a massive scale.

Sometimes I think that it is good to have central banks involved because if there is anything crisis happened, we could check with them for assistance however if having decentralized system, if anything happened to us, we will lost a lot of money unless we really focus on it and check through.

I think that some kind of regulatory body is still needed. In addition, there are many unique banking transactions which bitcoin cannot change. Therefore, I see the ideal - the adoption of bitcoin by banks and their joint successful work.

I would rather say no because it is fiat money which is controlled by a Central Bank But cryptocurrency is decentralized.

Perhaps we will need banks even despite the full adoption of cryptocurrencies. This system is still quite convenient. Most likely, when bitcoin is accepted as a currency on a global scale, Central banks will simply change.

Great discussion on bitcoins value (by hedge fund managers) over central banks fiat in the coming years.

https://offthechain.libsyn.com/murad-mahmudov-the-ultimate-bitcoin-argument

It was trending high enough Apple removed them from iTunes.


https://twitter.com/APompliano/status/1059622643991826433

There will always be a need for central banks because of our current lending system.  Right now there are more debts than money to pay everything back.  Our economy can't function without debt as it stands today.  Central banks are creating money out of thin air with fraction reserve lending.  They lend out money that they don't even have, its one big scam.

Even when the world will fully accept cryptocurrency as a means of payment, banks will still be needed, as there will be many people who will not want to switch to the use of cryptocurrency. In addition, there will be mortgages, loans, debits and all other banking operations.

Well said. But this statement is valid for these years and many to come further. But believe me there would be a time coming when this statement would prove wrong. People will see the amazing response from the whole world and this bitcoin would be the only supreme currency. At that time, people would might live in a cashless society. It takes a long time though.

That's right, you're right, and there are a few more reasons why cryptocurrencies are so small compared to interconnected banks around the world. And your opinion helps me understand that we do not need the central bank. :P

Central banks coordinate the economy, and yes we need it. It doesn't have to be a "central bank" it can be another entity type or organization.
If a day we turn to a 100% crypto used we will still need something like this

if is their central bank , every one can use and save their coin easy .. but , that will be very dangerous and unsafe in the future ...

Central banks do need us, lol. It doesn't matter how to call the organization that grabs people's money. It can be called "an exchange," for example  :) :)

As global economic movements increase, central banks are beginning to be ineffective. Money mobility also increased. Even if central banks try to do the right things, sometimes bad results may arise. In the light of all these data, Bitcoin can be solution with global and a limited number.

In my personal opinion, the central bank is still needed to regulate the financial sector because if it is not regulated it will be a source of economic chaos, observers and cyptocurrency users different from each other which results in the economy not being conducive. Of course the role of the central bank in regulating cryptocurrency is different from the application of fiat money.

This is not in any way associated with bank or banking, this is purely cryptocurrency and should remain such. Rather do we need central bank for our dear crypto.

After blockchain technology has been introduced, people will prefer to not use central banks because who wouldn't want to own their own health with this advance technology.

What I knowis that all governments need a central bank because they are the main implementor of the country's monetary policies. It said to regulates the volume of credit and currency, pumping in more money when market is dry of cash, and pumping out money when there is excess of credit. Even the world is fully digital, central banks will still exist because they still have a functions that can not replace by the cryptocurrencies.

I agree central banks do more bad than good, the central banks are the new rulers, they are the new king and queens, they are designed to keep the poor poorer and  to make the rich richer

Asking for Central Bank would defeat in no small measures the very purpose for the creation of Cryptocurrency .
Having a central bank, would give the government the power to manipulate the prices of various Cryptocurrency.
Cryptocurrencies are better off without any form of organized control.

Estonia already has an Ethereum wallet built in to their new national ID cards. With that kind of solution, implementing a UBI is technically possible.

On the banking system, Nouriel Roubini recently said the following: "Central banks should issue their own digital currencies to replace a crisis-prone banking system and shut out cryptocurrencies". https://www.theguardian.com/business/2018/nov/19/why-central-bank-digital-currencies-will-destroy-bitcoin

I have founded OecoSystema (https://bitcointalk.org/index.php?topic=5079577.0). It is a combination of both worlds, centralized and decentralized, aimed at low-income people. Instead of waiting for a solution, I think we need to start creating solutions.

In my opinion, we need the central bank to withdraw fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.

if we all go p2p crypto, we don't need any bank, and no central bank.

I agree, but central banks do not have individuals as customers, only banks. It is the commercial banks that enable this function of bitcoin/fiat exchange. This works as long as the system is stable. In a country like Venezuela with hyperinflation, people do not want fiat. There it is better to hold on to bitcoin etc. and use them for daily expenses directly.

In Venezuela, operating a crypto mining rig is illegal and you can be imprisoned for it. Still, according to Bloomberg most households in the capital run a mining operation because there is no trust in government, banks or the central bank.

I doubt governments will ever legalize Bitcoin as legal tender.

Yes, but technically we can't. Cryptos don't scale yet. And the only way to get in to them is by exchanging fiat (mining is no longer realistic for individuals and both bitcoin and ethereum are highly centralized in mining as well as distribution).

This is why I am combining a centralized approach to the decentralized nature of cryptos. It can be distributed this way. Everyone gets 50 ECOS in oecosystema (initial supply is 0). OecoSystema: https://bitcointalk.org/index.php?topic=5079577.0

Yes, countries without this need will be difficult to support the economy. for all the time of their existence, they developed the tasks of which should adhere to: - the stability of the national monetary unit, which in this case is understood both as the stability of the currency inside the country (that is, suggests low inflation), and how its stability in external payments (that is, assumes a stable course);

- stability of the financial system, understood as the absence of large-scale banking crises and the ability of the financial system to ensure payments in the economy;

- Despite the fact that today, most of all, these goals are explicitly or implicitly set before monetary authorities, historically, their composition and priority have changed.

But it hasn't been that way for very long. The industrial revolution was financed with various tokens and note created by industrial companies (e.g. cotton mills etc.), local banks and entrepreneurs.

Legal tender came in to the picture as there was a need for order in the chaos. There were lots of scams at the time.

Today, we have a digital revolution going on and similarly cryptocurrencies are arriving on the scene.

If the financial stability aspect of fiat currency cannot be upheld (mathematical certainty), there is much more to come.

In as much as we use the fiat currencies yes, we need the central bank. The central bank has their uses. The cryptocurrency usage is decentralized so central banks are not needed in the crypto space. The two can coexist for us to choose which we want to use

Although cryptocurrency has a tendency to replace the central government, it still cannot replace the central bank!
Banks still play a very important role in our daily economic life, and the banking industry is self-renewing to meet the development of society and technology!

Definitely we have to need Central Banks immediately because of we can transfer cryptocurrency in banks and we will get Fiat money.
But if government will not makes regulation for legalizing Bitcoin we can't hope for central banks.

Until now it is difficult to know the consequences that the elimination of the central banks would have, because it is something that has not happened since its creation, neither in the most liberal or anarchist governments, but perhaps with the advance of the cryptos that is possible, but I see it as a distant future.

I very much doubt that we are moving from centralized planning to a decentralized economy. I think that the state and the decentralized economy are incompatible concepts. The economy in any state can only be centralized.
As for central banks, they are actually part of the state and will exist as long as the states themselves exist. No state will decide on the abolition of national central banks. We have no opportunity to influence this process.

We do not need the central bank because with Crypto the exchange is its bank just it is accepted. Why do we need to create central banks and a third party can control everything? Everyone uses it because of anonymity, so we do not need the central bank.

people know me in this forum of being against bitcoin, and the current state of the cryptoindustry, butregarding central banks i am same oppinion as most in this forum,

the problem with those central banks are that they are doing an absurd search, they are looking for the perfect americen/russian/chinese/chinese/german, etc.

thats absurd and causes a lot of problems, and economic issues, including poverty in a systematic way,

they are not looking for the most suitable person to constructively interact with his environment.

regards

Crypto currencies were made with a vision of decentralized access. Even exchanges like Binance are bringing decentralized platform for trading. So in such situation we do not support any thing which is centralized or controlled by specific people.

Yes we must need central bank in order to regulate fiat currency, inflammation control, liquidity and supply of fiat. Central bank has authority over all banks inside the country if there is no centralised bank than system will become decentralised and there will no one to control interest rates, repo rate and others aspect that could be taken by central bank.

Let's not get overhead of ourselves in the euphoria of digital currency, central banks serve their purposes which cannot be eliminated because of the introduction of digital currency.

Yes we need central banks to help control monetary and fiscal policies. Without central banks there will be chaos in the financial system and no one will oversea what happens to our finances.

Banks are playing a vital role in the whole market so we can not say that central banks are good and now a days the crypto is very irregular currency which has not central fixed price of it and not it has any other role but for the crypto market to recover to it's original position and banks are the part of now successful world and Central banks will check and balance over the crypto currencies.

Well, some of the "Founding Fathers" of the United States, and several prominent men since then were not big fans of Central Banks, and in fact warned against the dangers of them. Of course, some of them were for such an institution as well. Some of the quotes are quite shocking:

http://educatorssite.com/?p=904

https://www.ign.com/boards/threads/our-founding-fathers-were-against-the-federal-reserve-and-central-banking-system.200768703/

Also been watching a fascinating video series by Mike Maloney, comparing Rome to the US as far as monetary policy, quite interesting "Hidden Secrets Of Money Ep #" on youtube, I started on video 9.

Have a great day,
The Cyberius team.

Well I guess not, and I guess yes. Not because I think that you don't need a central bank by yourself. But it is good and necessary for a nation. Yes because it is an indication of the unity of the state or the nation and all individuals who banks on the central bank will follow the same policy of banking. There are advantages if we use a central bank, an advantage for all and not just for yourself.

Yes, sure. There are very few places in the world (and not so many sites) where you can use Bitcoin and tokens. If we need money, we exchange the crypto, get fiat and deal with banks.

I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us.

There are advantages and disadvantages if we have central banks in cryptocurrency world.
But i guess cryptocurrency main characteristic is decentralized, so central banks is not needed.
Maybe we can have decentralized banks of crypto in the future if cryptocurrency keep developing.

I agree with the comment from 135cc. In my opinion, the central bank has an important role in a country. Meanwhile in the other hand, bitcoin is not. Then in some countries, there are still many people unfamiliar to the cryptocurrency, especially bitcoin. To make people believe will take time too. Also most people don't even want to learn it. For now, fia (http://digitalasset.id)t still occupies a position for transaction needs.

Do we need central banks? It’s not up to us to decide, but the government of each state. We can not influence the solution of this issue. From the point of view of the state, central banks are very necessary, since they perform a lot of useful functions, including maintaining the national money rate, ensuring a uniform financial and credit policy of the banking system, ensuring the implementation of the country's budget and solving many other issues. Therefore, central banks will exist regardless of our desires.

There is the possibility that the economy collapses as we know it, they can not return the world debt.

Andreas Antonopoulos, Escaping the Global Banking Cartel

https://www.youtube.com/watch?v=LgI0liAee4s (https://www.youtube.com/watch?v=LgI0liAee4s)

We still need the Central bank or banks.
cryptocurrency still depending on the internet connection to be used.
We people in crypto, still have our token exchange to FIAT.
we still dont have the merchants all over the world and we still need them FOR NOW!

 Bitcoin is decentralised and that is a good part of it. Getting a central bank for bitcoin means bitcoin owners will no longer remain anonymous.

I think central banks needed in current economic system. Central banks needed to boost economic growth. Interest rate and moneter policy is central banks authorities and i am still believe central banks still needed in our economic system

Central Bank is only here because bitcoin is yet to reveal it real worth and other crypto currency suffers it too, once bitcoin recover it worth you will see the difference

Central bank is actually important because this is the agency who regulate and handled the legit type of fiat money and provide a good service to all people in returns with the good benefits in general. so while there is no clear about feature regarding the proper beneficiary to all people specially in the low class quality of living  we are still support of central bank.

The Central Bank must be needed in every country, to make financial regulations that will become the basis for banks and financial institutions to carry out their activities. For cryptocurrency, I think the central bank is quite limiting, so that its use does not violate the country's law and does not harm the cryptocurrency owner of his country.

if we see in our life activities, we are very rarely doing interactions and transactions with the central bank. in other words, actually we don't need a central bank, especially since the advent of bitcoin and blockchain.

I live in a developing country on the Asian continent which still prohibits crypto currency transactions. So I consider myself still in need of a central bank. My country that prohibits crypto currency makes my access to crypto currencies very limited so I must still need the central bank to support my transactions every day. As a business that uses central banks and crypto currencies, I am still very dependent on this central bank. My partners in foreign countries also still have some who don't believe in crypto currencies so they choose to make fiat currency transactions. Of course this makes me even more in need of a central bank because the central bank is in control of the circulation of fiat currencies throughout the world. Yeah, I can only hope that the crypto currency will get recognition internationally so that I can do all my business transactions with crypto currencies. I feel that crypto currency is easier because I am not hindered by the policy authority of a country.

If we are dealing with cryptocurrency which is decentralized, why we need the centralized bank ?
Centralized banks are used in fiat currency because fiat is not decentralized.
I believe cryptocurrency can running without central bank. Unless there are some advantages for crypto when using central bank, i guess it won't be necessary to using central bank.

When things come on central bank than there is whole financial system of the country comes and how it is to be managed.
Central Bank is must in the centralised system. As we know Central bank has to set some norms, rules for banking sector in the country.
In decentralised system we don't need central bank because everything goes P2P and no third party is actually interfere in between.

Exactly. Cryptocurrencies are all its needed to live a life free from central banks. After all, they were introduced to circumvent the middleman. The very reason we are still depending on central banks it's because they provide custody of our Fiat money which is backed by the government. Since crypto hasn't reached a point where it could replace fiat, central banks are still needed.

Even within a few years from now, central banks might continue to exist if they adopt the Blockchain for their own benefit. Of course, it has been known that centralized institutions are subject to corruption and fraud. But, if governments worldwide continue to give power to Banks, then they'll continue to exist no matter what.

Nonetheless, time will tell us what will happen with central banks as their existence become threatened by Blockchain technology. Just my opinion :)

We do not need a central bank, but we also cannot eliminate the existence of a central bank because the government is a state that needs a central bank whose function is to circulate money and regulate a country's economic policies.

I don't know if I agree or not. Central banks are the agencies assigned in manufacturing money. Of course it is based on existing monetary laws and other policies. As regards fiat system, it is necessary. Whether we need the fiat system or not is a different issue.

If we compare that to cryptocurrencies, the developers and the team are like the central banks insofar as the creation of coins, the economy behind it, the distribution, the products, the partnerships entered into, and so on are concerned. They are the ones who are assigned in designing the overall system and direction of the coin. 

I think central banks are still needed for the paper money that we usually use on a daily basis to be able to maintain their value and not become volatile as a Crypto Currency. Bitcoin and other Crypto Currencies also need this paper money because of their stable price and Bitcoin is paired with it and there is no way Bitcoin will be used by traders if there is no stable currency pairing with it.
Having both a centralized currency and a decentralized currency is great for this kind of industry it is because of both this type of natures are cooperating to each other in a way that most people don't see.

I think we do't need any central banks for the crypto currency and for the market regulations is 50 50 because if controlled then may be the price is stable and some people will prefer this and central banks are important because people trust it more.

crypto is independent, so I don't think there is a need for a central bank. crypto has many features that allow it to be independent. even if crypto works with the bank and becomes more stable I feel the crypto characteristic disappears. because what I know, crypto is an investment that can be very profitable because of its unstable value.

Central banks needed to control economical currency like usd,euro..crypto can watch their own.Because there are no politics on crypto

The biggest fraud we have in this life is government who control everything in their favour and I bet you they only does or take action when they are not OK in that role but if it favour them then they have nothing to worry about and you and I can't say no , why should we be following everything they want or say, having control over everything is just a biggest fraud and central bank are the chief thief printing money when needed and causing inflation but our own central banks are the miners who print for us as a result of hard work we sent them and with a certain reward not just anyhow which is govern by consensus and not a round table of some official.

Central banks are very necessary and influential on the financial sector. if without a central bank I think crypto would be difficult to disburse into a real currency that can be spent and the central bank also has many uses, so we really need a central bank.

I can only say that the Central Bank is needed for public financial management, Bitcoin does not need a Central Bank because it has the whole world in its hands. I mean that the Internet is a repository of cryptocurrency at the same time we can say that the Internet is a Bank for bitcoin.

If you ask if we need central banks to function the economy of a country my answer would be no but a government need more than functioning because unlike a small company it hold responsibility for many people which is why they need economical stability and that is why they need central banks to stable there national currency and manage other resources that are relevant which plays a major role in a country so I think for a country of course central bank is need 

Well, just as what I have concerned, I think the existence of central bank could provide some benefits to cryptocurrency. If launched cryptocurrency could share account with central bank, then the effort for building infrastructure of cryptocurrency propoganda will be saved, that cannot say is easy.

We are decentralized and that is the concept we must allow,and having a centralized banking is a shit thing to consider.i dont know where did you get this idea but i hate having this one

We must remain decentralized and this is why we will be growing in future,without third party and will have privacy

In current economic system that is more or less functioning on the same way in the whole world central banks are needed. They take care of monetar stability and legality of financial system. So in traditional economies, yes, they are needed.
When we talk about cryptocurrencies central banks don't have actually any influence. The only thing they could do are some recommendations and formal opinions regarding some cryptocurrency but as long as cryptocurrencies are not formal part of economic system, central banks don't have any power above them.

the central bank is the important thing of the country, every country need have the central bank, currency need to be managed by the central banks, so if the country have their own local currency I think cental banks is very important

If someone does not need central banks, he may not use their services. However, central banks will exist, as each state needs them. Central banks perform their specific functions. These are the development of a common monetary policy, an explanation to the country's banks of the procedure for regulating emerging issues of a general financial nature, maintaining the course of national money, financial support for the implementation of the country's budget, and many others. Therefore, whether we like it or not, central banks will exist as long as states exist.

In a country, fiat is still needed. The government needs regulations to manage the circulation of money. If we don't have a central bank, there may be riot. Also fiat is needed to stabilize the price in the ma (http://yubster.com)rket. Imagine if people use cryptocurrencies in their country then the prices go skyrocket, while at that time the central bank and the government could not manage the circulation of economy. As I said earlier, fiat is still needed.

We don't need because they are controlling all our money not the governments and all the central banks were controlled by group of people which literally means someone kept us as their slaves by giving some printed paper called as money.But we need to think about do we need it? ::)

It depends what role the central banks should play.

Actually from what I know the governments do control the central banks in many (most?) countries.

But is the same thing. Because governments are made of politicians, which in many cases don't decide based on what's best for their country, they decide based on their interests or the interest of the ones helping them get in the government. Imho we don't need politicians (we have to find a better way to chose the people govern the countries) and we don't need politically influenced inflationary money (in the way it's created today by the central banks). We have to find something better.

Exactly. With cryptocurrencies, we don't need to depend on central banks at all. The only reason we've been accustomed to central banks, is simply because they provide a gateway or bridge between crypto and Fiat. Other than that, crypto does well without a central authority, which makes many banks envious. If cryptocurrencies like Bitcoin and Ethereum continue to grow at an unprecedented rate, then they would threaten the mere existence of banks worldwide.

However, if banks start adopting Blockchain technology for their own benefit, then we would be depending on central banks for a long time. Despite this, I believe that both Fiat and crypto would co-exist for years to come because none can replace one another.

Therefore, we may still depend on central banks in the future just to get access to Fiat. Just my thoughts ;D

I believe that Central banks will continue to control the economy for decades to come, whether it would be cryptocurrency or the monetary equivalent.

This is a very delicate issue we must consider and have we also asked ourselves the question how the people of old exited and function in a conducive economy without any central banks. Any clue to this should reminds us of the fact that the issue of central banks in our generation could be as a result of our paper currencies of which per reason of that they have to make all decision about our economy. The presence of cryptocurrencies has been an eye opener for us to know that we can handle the issue of economy without central bank and to me that has been the burden of most government leading to the hatred to the cryptocurrency.

Because central banks can flaw the true nature of bitcoin, besides that also makes it easier for the government to carry out suppression/intimidation against the people involved, for example by making unilateral regulations, enforcing taxes and so on, which in essence might hurt especially for investors. IMO, bitcoin will be better if it runs without the Central Bank so bitcoin can move more freely. And what bitcoin needs is the presence of cold hands from the government to help and oversee its development, so that the positive benefits of bitcoin become more focused.

Bitcoin already runs without a central bank. There's no single entity in charge of the issuance of new coins or the total supply of the cryptocurrency. Anybody can contribute to its development, meaning that Bitcoin is a free (free as in freedom) cryptocurrency for anyone around the world. In the case of central banks, we still depend on them because they serve as gateways between Fiat and Crypto. Also, many merchants and businesses accept Fiat at a greater level than Bitcoin.

Because Fiat is still largely used in many regions of the world (whenever it's USD, RUB, EUR, etc), we need to interact with a bank one way or another. Credit/Debit cards are all dependent on banks, unfortunately. However, if cryptocurrencies were to become the only medium of exchange (which is highly unlikely), then there would be no need for central banks as we can be our own bank. After all, Bitcoin was designed from the ground up to eliminate the middleman. Therefore, this enables us to store and interact with our Bitcoin without the need to trust a third party (central bank or government) at all. Just my thoughts ;D

Many governments in theory control their central banks, but if you begin to research about them you will see that most of the time the central bank can take decisions without consulting the government, so the reality is that even those central banks can do whatever they want and they cannot be stopped and when you add that the most important central bank around the world cannot be controlled by their government then you have an economy that is completely controlled by the banks and in which they are only looking to benefit themselves.

If cryptocurrency already used for payment, i think we dont need central banks because bitcoin is peer to peer transaction and no need third party to process our transaction. Bitcoin is decentralized cryptocurrency and no one can control the supply or transaction data.

There are two way about it, it always necessary to have a go thought before conclusion. To you and I we meant think we don't need central bank because we are using bitcoin which is operating in a decentralized platform, what about the rest citizens that doesn't know how to use bitcoin or any crypto currency, what will happen to our fiat currencies as well.
To me I think there is for central bank if not for and you but for the common man who don't his to use bitcoin.

We are just familiar to the current banking system since we are using it for long timr and the paper money is the trust of every people and we are just working to get that so it is difficult to break that tust to make the people go for bitcoin but if this happens then the future will be more ease and no pain of making money.

Central banks have two tools for conrolling money circle in economy. Intervene is one of this tool in order to control but it has both advantage and disadvantage. Money flow to cryptocurrencies disturbs central banks and governments because they have not direct access for emergency cases.

As long as we are living in fiat system, where paper money is still here, we need central bank.
If we think of replacing the current system, it will not gonna happen easily because we are battling the government here and they
have big interest on the current system. Though we never know what would take place in the future, the chance is still very slim to eliminate central bank.

Indeed! Blockchain is still in its infancy, and it will take a bit of time before we get there. Cryptocurrency is a new form of innovation and people may find it complicated as it is not what they were used to. Central banking can hardly become obsolete because this has been in the industry in the making for hundred of years and a large percentage of region has been accustomed using fiat currency as a medium of exchange, store of value, and some of its other vital functionalities.

The banks are always profitable by the people because if we need money then we can definitely need banks CEO banks are important but not so important it is one of the way of economical development usage think otherwise it is also one of the corporate where making money and also they are making our money more profitable for them.

Just not to disrupt the intentions of Satoshi Nakamoto, I think we should continue with the use of crypto without any central banks. I don't think central banks just emerge that easily. In every business that involves people investing their assets, there may be this sort of issues of trust. We just have to proof to the whole world that we can be in the world of anonymity without any issues.

I think central banks are redundancy to the govt and its financial branch. They can welll manage the monetary sysyetm that sometimes they also control in many instances. Though it will corrupt the system, it still cant avoid corruption unless shift to crypto.

if we go deep into crypto, I mean as a currency, we don't need any system like central banking system.

Yes,  there is a big role that the bank plays in this world. They are also regulating the current value of money abd the supply of it. 
Therefore as long as there is a fiat money then there should be a bank also.

Exactly. That's the point. There's no need for central banks at all, after the introduction of Bitcoin back in 2009. Satoshi knew that trusting centralized institutions subject to corruption, fraud, and manipulation, was not ideal for the economy. Which is why, he created Bitcoin with the purpose to eliminate the middleman and bring back the power to the people themselves. This way, people can be their own bank without the need for a centralized third party or financial institution (central banks, governments, etc).

The only reason we're still using central banks nowadays, is because Fiat money is largely used as the main source of income/medium of exchange within all countries of the world. Bitcoin and other cryptocurrencies have been unable to replace Fiat in its entirety, because Fiat is backed and promoted by banks and governments as the primary form of payment. However, when people become aware that it's not safe to use Fiat anymore (due to inflation, etc) then they would use crypto at a large-scale rending central banks completely useless and obsolete.

Nonetheless, time will tell us whenever Bitcoin's revolutionary technology (Blockchain) could eliminate the need for central banks or co-exist with existing payment solutions. Just my thoughts ;D

I believe that everything related to centralization only hinders the development of truly decentralized technologies. People who previously ran centralized exchanges, companies, and businesses continue to stick to their line of trying to control.

everyone knows more about the central bank than cryptocurrency, so the best economic holder at the moment is the central bank, and the cryptocurrency is not so powerful with all its uses
when compared to a decentralized system, the role of the central bank is very complex for all people's needs, also the lack of high trust in a decentralized system, makes the central bank feel high on the cloud and feels free to get rid of all existing bad potential
so the answer is, we still really need a central bank to be able to be a comparison as well as a basic benchmark of services

Do we Need Central Banks?

Of course we do... a minimum of 7.4 billion of them worldwide.

8)

I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world

Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.

Central banks were created by States to draw money out of ordinary citizens, that's all. The interest that we receive from the contribution to the Bank is simply negligible, and the banks at this time invest the money in more profitable assets and multiply their profits.

It is believed that the Central Bank – the essence of the most important and integral part of a single state mechanism, representing the structural unit of the Executive branch of government. In fact, any Central Bank is a self-sufficient and Autonomous unit associated with the state only in the territorial and spatial aspect. Thus, despite the legally established principle that all the money that Central banks operate exclusively as state property, in fact, none of them can do without the participation of international capital. Capital of the same group of people operating in the market of national currencies since the middle of the century before last. The share of such participation in different time periods and under different political conditions may be different, but there was no case when it fell below fifty percent, otherwise it would mean the loss of control of the international syndicate of bankers over the world, or any part of it.

I don't really see a point why central bank would be needed if bitcoin becomes the main means of payment unless you are imagining the system similar to bretton woods where the fiat currency is pegged to bitcoin. Otherwise, we would be fine as in the period in history called free banking where banks were issuing their own currencies.

according to me there should be a central bank in every country bcoz to withdraw the  fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.

We have never needed central banks at all, banks were very smart because they were able to convince the public and the politicians that they were somehow needed when that was not the case, a country should be capable of issuing its own fiat currency if they wanted but in many cases those countries were convinced that it will be a better idea to let private bankers to own the central bank of a country and issuing the currency themselves.

This has caused a significant amount of problems because as we know those people do not have the best interests of their citizens in their minds when they do what they do, this is why cryptocurrencies are going to be successful because it is a currency created by people for the people.

I think as long money used for transction in wider area, central banks needed as third party. Central banks needed to control money supply and boosting economic growth. I think as long we using paper money, central banks still needed.

in the current financial system. of course the central bank will be very important for the economy and the course of financial transactions in a country. the central bank regulates the circulation of the amount of money that must be in order to avoid inflation and so forth

Central Banks are a byproduct of fractional reserve banking. You need to know about the history of banking to understand the reason for this.

Modern banks don't keep your money, they use it for lending among other things. But for this reason a bank can go bankrupt if a small percent of the clients decide to withdraw all their money. To mitigate this problem, there is a bank for banks, and that's the central bank. In many countries this central bank is also in charge of monetary policy, but are often subordinate to the government.

If we were to abandon fractional reserve banking, then central banks would also not be needed. For that banks, as you know them today, would need to change and they probably will but slowly, too slowly... They are happy where they are, leeching money providing a service that's not really needed anymore.

Bitcoin is a step in that direction, thankfully technology has shown it is possible to do away with banks. And how wonderful it is!

Well, in my opinion central banks and fiat currencies are needed. You know why ? Because one of the central bank function are tto achieve and maintain the stability of fiat currency values manifested in the stability of goods and services, as well as stability in the currencies of other countries, to regulate and maintain a smooth payment system, as a parameter to define interest rate and economy. The central bank also has the role of overseeing, evaluating and fostering banking activities as financial intermediary institutions.

We may not need central banks, but the government and the state as a whole need central banks. They perform certain specific functions in the state and as an organ of the state, it is an integral part of it. Therefore, I think that central banks will always exist as long as states exist.

If we need government, then we need it's parts also. ;D But it is not necessary for government to have a central bank, it needs it just in modern economy situation. If economy would change, if it would become more effective and decentralized, oneday it could be so that there would be no need in banks while the governments would still exist. What do central banks do nowadays? Regulating inflation, economy growth etc? But if the industrial produce would become automated and robotized, oneday, I hope, people would not need to go for work to get money for their base needs, and then there would be no need in inflation or regulation of economy growth. Maybe oneday there would be no banks at all. Maybe... :)

I do not prefer to comment on central banks but I want to draw attention that prior to central bank the money lending and borrowing was done by individuals they charge higher rate of interests for lending and less for borrowing they applied all the dirty tricks to trap the borrowers ,the property or valuables were confiscated for non payment resulting the need of the banks thereafter private banks started operations they also followed the similar lines and regulations started to protect the customer .So the focus should be on the customer that he should not be unduly harassed. System does not matter whether it is with regulations or without regulations.