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Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

Well for one, I see India blocking the growth of other cryptos because they want theirs to be used mainly by their citizens before allowing the growth of other cryptos. Knowing that India is a place wherein technology isn't really an unknown thing, citizens would have the means to acquire other crypto if they like, so in order to preven this and divert the focus towards their own crypto, they banned bitcoin alongside any other cryptocurrencies. In time, once the state-issued crypto are in circulation and is successful, India will surely lift the ban.

You can't purchase or buy bitcoin, but you can use bitcoin. Logic goals.

A central bank of crypto,its ridiculous. It has bank in its name, how can it be good? Oh god, we are seeing countries making absolutely worse decisions, and its hypocrisy that's evolving here.

Yes they just don't mix together. How is this even a thing.

To me there are positive news for the cryptocurrencies market and that is to say that government of India has seen positive things in cryptocurrencies and the only problem I have seeing there is if governments can tax cryptocurrencies earning they will definitely like to used it.

It is hard to decide which one is better, should be there a central Bank of crypto or not?
As we know that a Bank requires the customer or money owner to pay a tax to the Banks. And how does this policy of taxes if crypto has a central Bank? While we know that Crypto currency uses blockchain technology and it is free framework. It will be nice issue to discuss because there will be two points of views about. 

Perhaps this is not a central bank, but a central server, from which the currencies of crypto currencies will be managed.

Great observation. I think they better lift the ban as soon as possible if they don't wanna miss the opportunities in the crypto market. It doesn't seem a good strategy for them imho. ::)

I know that India does not completely prohibit Crypto, but their rules are limited (see report: https://coin.dance/poli/legality ). When India made the analyst team to research CBDC, I thought it was natural because many of its benefits to the state could control their financial flow and there were still many things that could be done. I think the whole country will also do the same thing, just how to apply so that people can easily access their crypto money.

This is ridiculous... The whole point of crypto currencies is to have everything decentralized.

Whoever came up with this bright idea has a lot to learn about crypto currency and why it was designed in the first place.

This cannot be good from one point. This will only meant that government and major bank will try to manipulate price for every single crypto on he market as they see fit. Maybe im mistaken but this is my point of view, maybe for countries that have legalized or in the process of it can this solution be good but this is something else.

I'm not so negative into this news. This can help a lot our cryptocurrency's world to become bigger and bigger.
We need to let people come into this world, so every news can be a good news.

It's a bit misleading though. Governments are in it to have fiat become a tokenized means of exchange, and not necessarily an actual crypto currency.

In the end I do believe that every government will eventually tokenize its financial structure to at least be able to compete with actual crypto currencies such as Bitcoin. Seriously, fiat currencies have never been in such a bad position with Bitcoin being around the corner to eat through their market share on a massive scale. Governments have no choice but to follow this path.

People however shouldn't be afraid that Bitcoin will lose to any of these government issued tokens. These tokens are maybe more convenient than legacy fiat, but they are still doomed to fail due to insane amounts of value creation and unstable governments. In other words, fiat is and will always remains a ticking time bomb.

Having a Central Bank of crypto only sound ridiculous when it comes to ones not backed by the states such as bitcoin, ethereum, monero and others. For state backed ones, it just sound real and reasonable which is what is happening here. Central banks are known to be the only one with legal backing to print the fiat that is spent in the country and its outrightly illegal for anyone to provide such services. Take that responsibility from them and they lose every other power they have as they can no longer say for certain the amount of money in circulation, ensure the availability of forex or being able to maintain the balance of demand and supply etc. I am sure the new crypto they are proposing won't be mined like we have it as that is giving everyone who has the capacity to literally print money.

Wishing them all the best but I hope they are going all out with massive publicity in other to get those that will adopt as I don't see anyone involved in this current ability dropping it for government backed crypto with all the restrictions that will come with it.

The Indian government insists that virtual currency is not a legitimate means of payment in India, the government will also reduce activities related to the use of virtual currencies, because they assume that virtual currencies that are not monitored by a government fear they will be used as criminal activities such as money laundering.

That doesn't make any sense.You have a strange sense of humor. ;D
I think that really working crypto central bank might look like a crypto reserve fund,where most of the crypto exchange platforms might hold a part of their crypto holdings.The crypto reserve fund will release cryptocurrencies to the crypto exchange platforms that face problems with their liquidity.It's just an idea. ;D

This division of their central bank won't be dealing with cryptocurrencies at all. They'll be in charge of digital fiat, basically:


If this really happens, we can only expect India to be even more hostile towards cryptocurrencies, as they're going to be competition. Heck, they're already being quite unfriendly now, saying that they'll be keeping an eye on peer-to-peer trades.

I don't think the article speaks about the crypto currency. ::)

Because they mentioned that the printing of the currency every year causes much so they want to have some bank called central bank of digital money where they don't use any paper currency just only the online transactions I think which is not the crypto which is the digital form of fiat money.

right, in my opinion it's also like that. so we don't need to worry about the policy. Digital currency has a broad view, because it is not just cryptocurrency. but we take only the positive aspects of that news

its an attempt to control the crypto, a desperate idea but i think they really needed that. the most pathetic way that they have to go this down just to regain their position in the future of money. it may not be as bad for those who are not really into crypto but are now wanting to go can benefit from this type of bank.

The idea with the central bank of crypto-currency is probably premature, but will soon become relevant.

The thing is that these central banks can only assert control over cryptocurrencies that they issue themselves, and they must be centralized. They can't just all of a sudden assert direct control over bitcoin, for example, which seems like what the article is making it sound like.

India creating a central bank for crypto simply would mean that they are looking into creating some centralized digital tokens on a blockchain, or perhaps a special branch of operations of the central bank to deal with crypto policies. There's nothing more to it than that.

It's no different to the Petro, or any other "state owned" cryptocurrency, which is not necessarily something that positive.

this is very funny, the Indian bank banned cryptocurrency but Indian banks made cryptocurrency and now my head is bothered to hear this news hehe lol ...
I just say good luck to Indian banks

It is indeed hypocrisy of the highest level. Rather than looking at things that are relevant and necessary, they are busy coming up with things that really does not even sound like those who have a clue of what they are doing. It is insane to be thinking of central bank of cryptocurrency when indeed everyone is their own bank and have full control of their money.

Of course, that shows how much they just want to keep being in control and in the center of everything, so I am not surprised at how ridiculous they are.

Oh! I would be nice if such a bank were founded but unfortunately I am sure that it will not happen in this year. I am wondering where such a bank will be situated? What a country will confirm to found the central crypto currency bank on its territory? What a currency will that bank be focused on? Anyway I consider that such initiatives are very useful for the entire crypto market although even bitcoin ETF was rejected not so logn ago but we are discussing the opening of the central crypto currency bank it seems tha it is too early to talk about it now.

I think this is a bit positive. But in my opinion, if crypto has central then the cryptocurrency will lose its identity a bit. because for me crypto must be decentralized

We no need any authority to control the crypto currencies because it will be same as the old centralized system if someone controls it and this is all about digital money not the crypto currency so completely misleading title here.

It sounds ridiculous! Cryptocurrency shouldn't be centralized. Cryptocurrency would have ZERO value over money or gold if any bank can govern it, so there will be nothing to do with blockchain technology. It will be a failed attempt to make the world better then. So, stop thinking nosense, let crypto be more strong without centralization. All hail to mr. Satoshi.

It still sounds ridiculous. Decentralization is what makes cryptos different from fiat, and if there are crypto banks just like the traditional banks then there is no meaning of using cryptos. Because, such a bank would obviously make it centralized and they will be in control of all the cryptos people deposit in there.
Countries adopting the technology does not change anything about the concept of the technology which is decentralization, and creating a bank would change that which is not good.

Creating a central bank of crypto in crypto sense sounds ridiculous because it goes against the decentralization feature of cryptocurrency. However, from a different perspective, I think the junction we are now the crypto community needs the government for quicker and massive adoption of cryptocurrencies, for more stability with fair regulation of the volatile market. Therefore I believe it will be a win-win for both the government and the crypto community. It's really not a bad news.

We have different ideas and understanding about the project it is up to us on how are we going to understand it wisely. The bank called central bank for cryptocurrencies is very helpful especially to us bitcoiner. It guarantee the securities of the digital money that we have.

I think that it's really positive news for mass inventing crypto as a depost currency which could be hold at banks. That would be greate if you could hold your money in some bank with legal guarantees or would be better if some currencies will have that option, because in totall crypto are decentralized so it will be cool to have currencies centralized which can be hold on banks like xrp or other

I do see the benefit of be centralized bank. Fast speed, revere transactions, and keep all the profits themself. But, there is no need for centralized cryto bank and it's against what crytos are for.

For me,i don't see any positive news about having a central bank because once there is a presence of a bank,the nature of crypto will be automatically centralized.And for that,banks will have the full control of our own accounts.

This is good news for the world of electronic money in general and for electronic money traders in particular. It is the stepping stone for creating Bitcoin perfectly and possibly through all government bans.

There may be manipulations to some extent so far as we are dealing with banks. There may be players and stake holders whose primary may be geared towards making profit. It's better to take control of your own bitcoin.

It's possible that what they are going to do is have a bank dedicated for Ruppies-backed, Central bank digital currencies (CDDC). So it only makes sense for them to build it just like a ordinary fiat Banks we found around. But if they are thinking of applying this to crypto sphere that we know of, it won't work and sounds ridiculous. What they need to do is regulations and not Central Banks to tackle the issue with crypto (scams, criminal use, etc..)

Hearing the word centralized just make me sick as this just spoil everything that we all hope for a long time. And now that banks are putting their feet here just means they want to be part of this while their agenda is beneath on their promises.

Seems middle east countries had lost on their thoughts and forget that they banned crypto currency but here they are proposing something in opposite on their regulations. Honestly, I don't know what will they do next.

Technically, such news should be irrelevant as this is not specific to cryptocurrencies as such. Apart from that, I don't believe in the governmentally-issued cryptocurrency because it simply doesn't make sense. Today, any digital fiat can be considered a cryptocurrency in its own right. The difference between real cryptocurrencies, as we understand the idea, and fiat consists only in the way new money tokens are issued - in a centralized, via a banking system with a central bank, or decentralized manner with the help of miners and using some algorithm.

However, if something like a governmentally-controlled crypto actually emerges, it could eventually contribute to more awareness about cryptocurrencies in general, so people, after trying out this defective and utterly flawed currency, which without doubt will be heavily abused, may switch to a real cryptocurrency at the end of the day. In this sense, if this effort comes to fruition (which I doubt), it could actually turn out beneficial for us all in the long run.

It is like a centralized way of keeping and saving your crypto. Even without these supposed central bank of cryptocurrency, we can still keep our holdings through our wallets be it online or a hardware wallet. So there is no need for a bank if we can have our wallets to keep it.

Technically speaking yes you are right, creating a Central Bank of Crypto-Currencies is sound like very ridiculous. We have our owned wallet that we stored Bitcoin and hold our Crypto-Currencies as an asset. So, why should they have implemented this Central Bank of Crypto-Currency?
Meanwhile, as what I have known Country of India has rejected Bitcoin but they are using Blockchain technology and if I was not mistaken only XRP is allowed to use in their country because it is now centralized and regulated to their government. So, if that happens that having Banking System in Crypto-Currency the word "decentralized" in Crypto will become a legend.

I really don't get what the need for banks are in cryptocurrency. If it is about keeping our coins safe, then we have cold storage wallets for that. Even hot wallets are relatively safe if you know how to protect it. I think there are better things to focus on than crypto banks as this can backfire on crypto if it fails.

I think whether having a crypto banks  purely speculative and is not important at all.
If banks everywhere wants a piece of the action and wants to be part of the crypto innovation, nothing is really stopping them from doing so.
For me mobile/online wallets and trade sites are quite the essentials anyone needs here.
Maybe at some point, there will be banks, till then I can't really see the big picture.
Good wallets however are crucially important and essential no doubt.

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.

Correct. This is why many will still come out of central banks for cryptos. Generally cryptos were create to be decentralized not to be controlled by some bank or something similar to this. This will only come to dividing community in general and maybe it will come to this in near future.

May be they can make such type of thing in the country to country but I don't think that they will get a better success to make such type of organisation like things for cryptocurrency because cryptocurrency is totally a independent and free from all type of laws and regulations of the normal rule of Fiat currency , so here I would like to say that Central Bank digital currency by the government of India will not believe a better option for the country .
better for the Indian government will be to make a better rules and regulations I mean to legalize the cryptocurrency with better rules so that everyone can use freely and also can pay tax for use the same .
here news may be different from what we are listening or reading at the news websites maybe the Government of India looking to make a organisation or team off few people who can manage and investigate the cryptocurrency use ( they are going with you better or not use all they are using for illegal activities ) .
hope it will be a better option and step that is taken by the government of India to make such type of team of digital currency to make cryptocurrency market perfectly to spread .

They are clearly trying there best to keep it under control but sad that all their investment is going to spoil. If they want to develop a central bank then they have to take over the mining power which is not possible to take over because of China. I do want to see them struggling and blaming cryptocurrency for each reason they found to be worthy.

I think there are rumors to be positive for a market of cryptocurrencies and that's what the government says India has discovered just about anything in a cryptocurrency and that the only problem I've found there is that governments can Taxes of cryptocurrencies to be earned really want them to use it.

Maybe in the near future,there will be banks already that will accept cryptocurrencies.But in my own opinion,as long as we have our own trusted and secured wallets,then having some banks would not be that useful for us.

If cryptocurrency created and controlled by central banks, there is no different between paper money. Cryptocurrency should be not controlled by any authorities and decentralized.

Exactly, and for sure different countries will not agree on this, if ever who will be the one to operate this thing while in the first place it cannot be control, especially with bitcoin. Central bank for cryptocurrency will not happen I think, mass adoption is really what we need so people can easily use cryptocurrency now without any hesitation and I hope government will finally support this kind of market.

It is ironic? We aim for decentralized monetary system but there will become a centralized crypto market. I believe that it will destroy the real purpose of bitcoin as well as blockchain technology wherein there is a decentralization and transparency to all people worldwide. But I think it will gonna happen specially if government will be the one who lead for centralized cryptocurrency bank.

Central banks are controlled by rothschild, astor,  rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country,  meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet. 

I think this is just a discourse, but if the discourse is carried out then other countries may also be interested in India's steps and begin to follow it.

We actually aim that but it's still depend on the team that creating their token. This centralized thing is just govern by those greedy people that wanted to manipulate everything as of course they see crypto currency as a quick investment, crypto currency is just so perfect. So what we need now is a strong regulation that will mandate everything, so in this way we can have crypto currency the way it should.

Interesting read. Technically, this would be a cryptocurrency, but it's important to note that it would still be controlled by the RBI, and will be backed by fiat currencies.

Essentially, their vision here isn't anything positive to do with bitcoin, or even bitcoin regulation for that matter. What they are looking into is a better way to print their fiat and manage the fiat economy, with an on-chain cryptocurrency that they still retain control to.

It would be no different to Venezuela's attempt at a national crypto, like the Petro, or even any fiat that is stored on debit cards - except it's on a blockchain. So I wouldn't really say that it's positive nor negative to bitcoin.

What is interesting to me is that they are still trying to enforce their sanctions on bitcoin, which is ridiculous while they try to develop their own crypto. They even seem to be trying to regulate P2P trades, which will prove to be much harder than they think:

For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralization will now be lost.

Its not just the hypocrisy here, a central Bank for crypto isn't necessary anywhere. Crypto isn't meant to be dealing with an whole economy to be honest, it hasn't reached that point of maturity where it can help control an economy. Crypto is still in its early years, and countries should rather focus on things like, I don't know, recession? Like, your country is fucking dying, but bitch I am going to open a central bank for crypto. I am not pointing this towards to India, but at Venezuela and Iran(?).

This world is dying. We have fucking jackasses like Logan Paul,John fucking McAfee,Alex Jones, Donald Trump etc getting richer and richer, whilst at least 50% of the world is in recession.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

You're getting the idea of this central bank wrong.

It's not going to be all of a sudden asserting control over bitcoin's network. It's not like that. The most that it is able to do is to regulate the services which deal with bitcoin.

But even that isn't the main aim of this central bank mentioned in this article. The main thing that the RBI and Indian government may trying to be accomplish or at least look into is the creation of their own cryptocurrency. Obviously that will be centralized, but it won't affect existing decentralized cryptos one bit.

But this is not the task for a central bank. Markets are regulated by specialized agencies and services like SEC, CFTC (in the United States), etc. A central bank regulates a government currency, which is fiat, so the task of regulating services which deal with or in bitcoin doesn't lie in its scope of operation.


That's another story. But we have been hearing about PBC (the central bank of China) going to issue their own cryptocurrency for at least five years already. There was a lot of buzz a couple years ago about this effort to create a national cryptocurrency but now these talks are no longer heard. So I suppose, these were just rumors.

As an aside, making a centralized government cryptocurrency doesn't make a lot of sense as this is what fiat already is.

This is definetly exactly what crypto doesn't need. Centralized coins are fine you can check ripple and if you want to invest thats fine however central "bank" is definetly exactly why bitcoin was invented and against those federal banks that rule the country and even global world. I think we should focus on making money more decentralized even the fiat should get more and more decentralized and not get it ruled by private banks.

Dollar, euro, all kinds of currencies definetly should try give it a go about giving people a voting rights on the market movements, I know it would make no sense since rich people will buy news media and people will vote for them anyway but at least it would require some more work for them.

Yeah, we can't stop governments from banning crypto but can they ban it and actually enforce this ban in practice? If they banned gravity today, would gravity cease to exist and tomorrow we would wake up weightless with zero gravity everywhere? Nothing of the kind. The cryptoban is like banning gravity. They can definitely pass a law, or even a dozen of laws (bo matter how many) but if they can't enforce that law, they will only make fools of themselves. That likely explains why most governments shy away from downright banning crypto as they can't stop people from using it despite their ban.

That's the thing with decentralized currencies as just announcing a ban won't suffice. Banning crypto requires real action, violence and bloodshed, not empty words by loud mouths.

That is very interesting news and I would love to see that RBI is making such great decisions. However, I do feel that RBI is being very confused about their decisions in the India because first they have banned the crypto currencies and literally took the matter into the court and thus left everyone wondered as to whats happening within India and with crypto relations of it. Now, here comes another news where they want to form their own CDDC which would be central currency of India itself. They should have been positive about it since the first day and must have thought about it positively that crypto currencies can help them regulate the digital money more efficiently than any other currency out there. It would be interesting to watch the next steps of RBI.

Exactly! Central banks have failed over time with fiat due to manipulations, monopoly, control and all their B.S shenanigans. Now, this is not something that I would expect to even be a form of debate, considering that as long as cryptocurrencies are not centralized, there would be nothing like a central banks of cryptocurrency and that is even ridiculous thinking about it in the first place.

For what it is, people would not even look towards such direction as the point of decentralization in the first place is what brings the main value to this space.

This supposedly makes the idea something that is quite insensible as far as I am concerned. You are right with such a situation panning out to be a centralized way of keeping cryptocurrencies, now for the fact that cryptocurrencies are decentralized, I see no way in which this can actually work.

Every investor is simply in control of their own assets without the need for a third party, so I do not see how this can play out effectively or in reality.

I think cryptocurrency is always decentralized currency and no authorities can control it. If there is central banks of crypto, i think thats can not call cryptocurrency because that crypto must be controlled by authorities

I think this is the most positive news, all countries for the first time hear it surely refuse. but they change after they understand what cryptocurrency is, I'm sure why they turned to allowing bitcoin. because bitcoin is very profitable and makes it easy so that country will be helped.

Jackasses indeed I must say. It is just appalling that the same set of people that are put there in the first place to make the world a better place are the same set of people trying to frustrate the efforts of making the world a better place for their own selfish reasons.

I do not expect anything backed by the government not to be controlled anyway and since according to the OP, what brought about this is the first place is India creating their own rupee backed cryptocurrency and having a central bank for digital currencies which the latter is the most absurd thing I have ever heard. This shows set of vision-less leaders with no iota of doing something tangible for the benefit of others than themselves.

It will actually be a very great thing if India can do this after the many fears that have been spread all over the country in recent past as a result of the government's hostile attitude towards cryptocurrency.

No one is saying cryptocurrency activities should not be regulated and we will be deceiving ourselves to think this would not eventually be the case in the long run since governments won't apparently relax while everyone is simply busy leaving fiat for a more preferable means of payment. However, there are some things that are absolutely not relevant and sure shows the level at which the government just wants to be in control which is this that the OP stated. It is obvious this is not meant for a good cause and shows how daft they are.

I also see this altitude in what China is done by banning bitcoin so that it can protect its own Yuan. I do not feel sad about India or China for taking this bad steps as their actions have not stopped the spread and adoption of cryptocurrency with other countries. As for a central bank for this, it is a big joke.

I think this is more targeted at a crypto currency which will be centralised and
controlled by the indian government which is fine with me. They are looking to
replace FIAT physical money with crypto.

“Globally the rising costs of managing fiat paper/metallic money, have led
central banks around the world to explore the option of introducing fiat digital currencies”.

I do not quite understand the meaning of the name "Decentralized Bank". Cryptocurrency in your pocket is a Bank

 As long as it is regulated by the government and taxed properly and creates a way into crypto for people to directly hold coins that is good however if it is like ETF the one everyone has been talking about than it is not good just because it has crypto in the name doesn't mean they really have crypto, they just bet on the price of it and not really actually have the coins in their possession which just puts the investors away from crypto and just puts them into a "gambling on price of crypto" instead.
I know decentralization is a big part of bitcoin but if people prefer centralized purchases than its their choice and they are free to select either of them and go with whichever they feel better about.


I really would not consider whatever is coming from the government to be categorized as cryptocurrency as it would be controlled anyway.
Hence, if in any case we get to see central banks for this space, it would be for digital currencies owned by the government and not cryptocurrency, since it would not be decentralized in anyway. Let's see how India really want to come out with this plan and we all will see what they are clamoring for is just for their own advantage and not for the general space.

Absolutely, all these things will not stop the space from evolving and developing the more and that even exposes them of their so many shenanigans over the years. Like you said; the whole central bank thing is a huge joke and that simply shows how limited their understanding of how the crypto space should be like is quite low. What they are simply just looking for is to accept the idea that blockchain technology is the future but sorry, we can only allow it to some extent and most of it will still be controlled.

How would it be very great? The signs are all written over the wall, they are not in support of anything decentralized and all they are after is pure level of centralization. It may be a good step forward, but it does not change the fact that it is still going to be the regular fiat all the same. Nevertheless, for the fact that most countries are now beginning to adopt the blockchain technology is a good thing, but I really do not see the importance of the bank of crypto as that sounds ludicrous to me.

crypto decentralized bank Binance is working towards it we can expect soon decentralized banking more superior and faster companies more than wallets

Crypto currency is decentralized so we will soon have a decentralized bank too.  But our wallet may be considered as our bank already. And I feel more secure in my wallet.

A big NO-NO! Crypto currencies were meant to be decentralized. What do you think is going to happen when there is a "central" bank. You think it will still remain decentralized? You think we will still retain our financial freedom? You really think the government won't be using it for their own advantage and to dominate its people? Tons of more questions to ask. Just try answering them and you will understand why it is the worst idea to introduce central banking system for crypto currencies.

Banks are alright and you can start one for crypto currency but it should infidelity not be central and definitely can't be central because people will not allow it. The central banks are the worst things that happened to regular fiat currency and we will not allow it to cripple bitcoin as well.

What are we going to do just what banks to and offer loans and offer people money for their companies shares and insure them and so forth ? No thanks mate, I would rather keep the crypto world bankless before I see that happen, there are many people that think like me too so you can be sure that even if it comes to that we will not allow it.

if there is an application of the crypto central bank I think this will eliminate the initial crypto creation option like bitcoin as a decentralized currency. so in my opinion the existence of a crypto central bank does not rule out the possibility of reducing the interest of crypto users because with several reasons that there is no more freedom in financial matters such as a decentralized system applied to bitcoin.

Looking at it, seems like something good will happen. I think it will not only happen in India, perhaps another country that banned crypto currency before will also rethink to do the same. But, I also have a hesitation about freedom on our crypto-system if the government participate.

I don't think it's a good idea. when a country who banned crypto currency at first, then rethink to use it shows that they are interest on the benefits for them. I don't think it will be good if government join us using the system.

the news sound cool and interesting, this is a big boost to the adoption of cryptocurrency globally. as indian is one of the most populated nation in the world, if the government can see crypto currency as something worth adopting then bitcoin will surely conquer the universe.

Indeed, if government creating central banks cryptocurrency, i think its can not call cryptocurrency anymore because cryptocurrency should be decentralized and not controlled by any authorities.

Binance is an exchange, not a bank. There is a big difference between the two. Exchanges or clearing houses are a platform for exchanging (buying / selling) assets. You have the option of moving assets/funds in, trading and then moving them out, limiting operational risks. Banks, by their very nature, take deposits and cannot be decentralized.

That really is the good news for cryptocurrency. This is a sign that crypto is useful for businesses around the world. In the near future, it will be widely used soon in the world and market capitalization will increase significantly.

Why this is a good news for cryptocurrencies? Central bank will make centralized coin, what is good about that? With so many decentralized coins why to choose centralized? In this world we need fair distribution of power, we need that cause cities are growing, centers of power make rich people richer, when will that end? Can we expect better future for all the people in the world, or we will continue to be slaves of system? People really needs to work on education, just educated people can make a difference between good and bad. When people learn to make that difference they will know who and what should be supported and what should be criticized.

it can be have positive and negative effects on the cryptocurrency users. First cryptocurrency is an exchange, which gives the users equal powers. Unlike with banks the rich become richer while the poor become poorer. On the other hand a standard regulation with cryptocurrency is good to avoid scams. It also can attract more business investor to invest with cryptocurrency.

A good nesd for the users around the globe. Since.many people.are using the bitcoin it is good to have banks that will make our transaction faster and convenient it must be build on many countries aince there are many users around world.

Of course it will be a positive news in favor of Crypto world in which the bank and the crypro are working together towards prosperity. The best news regarding banking system supporting crypto currency is JP Morgan in which they will fully adapt Bitcoin and the blockchain technology therefore with these development the future of Crypto currency is more secured.

that's the truth. We should know that blockchain technology is very useful and it is helping many businesses to do better. The bank is gradually trying to apply this technology to make every transaction faster and more convenient.

That's true, we don't need a central bank for cryptocurrency, this is not going to happen even government will take over in this market because for sure no one will invest. This market is created and meant to be decentralized, its ok to have some regulations but never to control by any government. Crypto central bank is just a dream for every government, we should not support it.

Honestly the establishment of Central bank of Cryptocurrency is going to hamper or mar the progress of the currency because there will be so much critical decisions that will taken on certain aspects that will be in form of regulations knowingly that Cryptos is decentralized is going to spell dooom for cryptos and could be the end of the digital currency.

I think this is a good news for crypto because the country will start to give permission to crypto, but if a crypto central bank is formed, the decentralized essence of crypto will be lost

there are two possibilities of the acceptance of crypto in a country, the first is that the government sees the potential for transaction efficiency through the features provided by the blockchain, while the second is that the government sees a large tax potential against crypto

Over time, it has always been believed that the banks will definitely find a way to adapt to the space and be able to find a way they can at least take advantage of the benefit that the technology brings not just for the banks, but at least, the whole country as a whole.

However, this does not change the fact that the banks will always want to be in control, and hence, the whole idea of trying to come up with some central bank for cryptocurrency is B.S., which can simply work with only whatever they create anyway.

This is not about the bank and crypto working together, this is about the government trying to see how they can gain control of the space as much as possible. However, this is a decentralized space and unless they want to start bringing up their own centralized currency, a decentralized space naturally removes a third party and that makes it easy for anyone to control the way they spend irrespective of the banks involved. Banks can decide to come in whichever way they like to be able to adapt to the space.

Asides from not needing it, it is not even necessary at all. We are talking about decentralization here, and there is no way having a central bank for the whole cryptocurrency can work unless they just are not getting the picture yet.

Yeah, banks will adopt the technology, they will create their own coin which will be centralized as there is no doubt or two ways about that, and for that reason, it will still not be different from the fiat we already have in play, except that there would be some level of transparency which is what the technology brings.

This will provide a big scale evaluation or evaluation of cryptocurrency on a macro or aggregate level and its effects on the international trade and the imports if the foreign receipts are paid in cryptocurrency. The world has not yet observed such a game of shift from the fiat to crypto system.

Venezuela is already passing through the financial crisis and this attempt to introduce a central bank of cryptocurrency to digitalis their entire economy might result in either a boom or a complete collapse of the country. The country is rich with oil resources and it could have managed its economy by developing this sector. Speculation about the output of this step might lead into an uncertain result.

Well yes and no. Good news because a country that placed themselves in the ban column of crypto currency would then open up again and make a crypto currency which is backed by a local Fiat currency. Bad news because they're now trying to control crypto currency with a Crypto currency of their own which they could control.

Here I see that there will be two effects of a crypto currency bank, first it will have a positive impact on crypto currencies, because with the existence of crypto currency banks the public trust in crypto currencies will increase and this will make the arrival of new investors of course will make supply and demand move and make prices tend to go up, secondly it will have a negative impact because there will be hoax news issued by certain people to get the benefits from it.

banks are essentially being a centralized institution that regulates investments, obviously the opposite of bitcoin as a decentralized platform, and honestly, this kind of news will not be beneficial to crypto or bitcoin for that matter, but adapting the technology and create their own coin is worst, imagine a whole country will not use bitcoin but use their own coin, which is happening nowadays, more countries are creating their own ICO, different coin but same platform and technology. this will surely hurt bitcoin as a whole.

I do not quite understand the meaning of the name "Decentralized Bank". Cryptocurrency in your pocket is a Bank

Maybe it's not ridiculous, and surely most people will not understand the problem, but when there is a central bank issuing a crypto, this is no longer a crypto but a normal electronic currency.
It would mean the death of the crypto.

Blockchain technology is used for crypto currency and there is no need to a central authority. Establishing a central bank is not reasonable. It means that governments will have control on crypto currency and they can manipulate prices for their own benefit. Also, they can easily implement some regulations like international taxing.

Is that really a positive news for the cryptocurrency markets? All I see is same old story of liking the blockchain technology, but hating Bitcoin and it looks like the Federal Reserve bank of India are about to add a more dangerous twist to the ugly situation by setting boundaries for their proposed coin.

Right.We all want a decentralized system so if a central bank for cryptos will be created,then the system will be centralized already.I think this is not good to the majority of crypto users since our transactions will be easily tracked already and our freedom will be minimized too.

I don't know about a crypto bank. I mean what will be its function? Will it streamline beeds like maybe insurance, lending and others in the form of blockhains? Will it have functions where you put your wallet in their hands so that if you lose your access they cannaccess it for you? I mean those the stuff i want to see if ever we have a crypto bank.

it is not a ridiculous thing to make a central bank crypto currency, this has happened a lot in countries like Africa and Germany and in some other countries, of course this is a good thing because it will attract investors to buy crypto currencies and of course it will make crypto currencies become more expensive and more potentially profitable if chosen as an investment commodity

This is good news. Such a stable currency will help to develop the growth of cryptocurrency. In fact, the government has begun to accept cryptocurrency. This is the trend.

What are you saying? Our transactions can be traced a long time now. Do you know the site Blockchain.info?

That site has all the transactions being made and you can just search your Bitcoin address there. It might not be perfectly traced or tracked but you know the idea, it is all listed there. But like you, I also disagree about central bank of cryptocurrencies since the reason why cryptos are made is for that, to not need a third person to take care of your cryptos, you yourself can manage your cryptos alone.

You know the main reason behind the creation of bitcoin and is included in satoshi's white paper? it should be decentralized meaning to say that no third parties should interfere with the transaction.

it is true what you say will certainly happen to the central bank for crypto currencies, but the legality of the government is needed and with certainty the rules that will be issued and if indeed for the future it is better it might be possible

We are getting much positive news occasionally on behalf of Bitcoin but the total market standing in the same position (we called stable), maybe for the correction. There could be one more reason SEC. Whatever we are waiting for the good movement and we hope it will soon.

Small news doesn't have impact in market now, what we really waiting is much bigger news. But having some regulations still worth having for avoid too much scam.

the central bank might issue their own crypto currency, using blockchain technology. However, the central bank's crypto currency will certainly be different from the crypto currency that currently exists. Because the crypto currency released by the central bank will still have assets that are the basis of the transaction. and the pattern of calculating the circulation of crypto currencies will be adjusted as well as circulation of state money. decentralized, anonymous, and some of the characters of bitcoin as cryptocurrencies may be lost with the central bank. because the state is always present to be able to control and they will not risk something they cannot control. it is inversely proportional to the creation of bitcoin

This can be very possible and I thing that they will try to make control with that currency and that they will artificially raise and drop price when they please.
Maybe not that good info but maybe they will learn no to mess with crypto community.

Is this similar to XRP? They are traitors of cryptocurrencies, and cryptocurrencies should not lose privacy, otherwise they are just a bubble that is being advocated. It cannot completely change human beings.

One of the attractive features of cryptocurrencies is its decentralization and not controlled by anybody. Having a Central Bank of Cryptocurrency means the cryptocurrency will be centralized and control by the government . The created crypto coin of Central Bank of Cryptocurrency will not be different from the fiat currency except that it is virtual. This is not the reason why crypto coin was created.

There is a possibility that this will happen. Once the government will utilize cryptocurrency, blockchain or any form of digital currency then they need to control it in a way and centralize the operation. It's like putting-up an equivalent of the current value of fiat money into the digital currency. A central bank for a digital currency will be the control mechanism of the government.

So basically what you're trying to say is that there will be both, centralised government coins and decentralised coins? But why would anyone use some shitty government coin that will inflate just like regular currencies? Just look at the Venezuelan petro, it's a joke that no one wants to use. The only people who might be fooled by it is elderly, but even they won't be using it as old people are usually not into technology.

Decentralization policy of crypto would be defeated if states starts having Central Bank of Cryptocurrency.

What about a central bank of bitcoin? A bank that can loan you bitcoin (with interest of course) but because it is bitcoin, they cannot print money from nothing. Frankly, I like not banks either, however what I have said is much different than current banks.

This is interesting that you mentioned how will they "print" bitcoin. In paper money case that is easy they print it and back up with gold like in most of developed countries in the world. But what could they do with the crypto or bitcoin as example.Will they be forced to create some coin that will have for example constant price and that it cannot go up and down, hardy. Why cuz banks want more money if this somehow comes to see light of the day this wont be good in any scenario. Personally like the system as it is.

It really is good news for Crypto but it is still a project. There is so much good news but it's just under construction. so to really good market return, it should take more than 2 years to recover.

It is better for us to wait for the next news. I am sure that there will be clarification from the banks itself. We can hope that there will be good news for us. And if this is happening, then I think there will be an increase of people that will come to the crypto, and they will see that the crypto can give them a new opportunity to have the new investment. Maybe the governments need to research more about crypto, so they don't have any problem in the future, and I think there will be many new banks like what we read on that news.

In order to control crypto market, goverments could take such a decision. Basically, it won't be different digital currecy at some respects. If this happens, reaction of crypto currency investors will be determinative where market goes. I think, most of the investors would prefer at decentralization side.

I do not think that the Central Bank of cryptocurrency will be created.What will it look like, why do we need it and who will use the services of this Bank?More questions than answers.As for India and all other countries in General, I think in the near future, each country will create its own national cryptocurrencies that will be tied to Fiat money.I do not doubt it and this question is a matter of time.

This is a positive news for the cryptocurrency community, with the creation of  Central Bank of crypto-currency there will be regulation in the space which will ultimately increase the numbers of investor base on trust they have , thou this might not happen soon as several countirs have policies against cryptocurrency, but in the near future this is a platform to be accepted by all.

When ready for central bank of crypto currency is the best way how bitcoin member could save and hold their money with bitcoin, its the best way for getting much profit not only as safe money only but we can take profit with bitcoin too.

Yes, it may attract more people to use cryptocurrency due to it being regulated but then it would be opposite then of what Satoshi envision before of having a cryptocurrency that has a trustless system and people wouldn't use a third party or even ask for permit in their transactions. It is a good thing that the government is recognizing cryptocurrency but then it is still under their control so it is still like making another money under their control so there's no difference to what we have now.

Lol, so how do you expect anyone to create a so called bank for cryptocurrency and starting giving loans on Bitcoin? It’s only fool that can do that. If you try it you’re never going to get back the money you loaned to people, cause scammers are going to use that opportunity to collect millions of dollars worth of Bitcoin as loans and escape with it. We don’t even need banks, wallets are enough and there even wallets that offer you the same services as you would get in banks.

There is nothing like having a central bank for cryptocurrency, that’s not going to happen. Blockchain is open software and there is no one in control, everyone is in control of their money. If you’ve read Satoshi’s definition of cryptocurrency, he said that he wanted to create something that can help people send and receive money without the middleman, so cryptocurrency is like giving you complete freedom over your money and the risk is also on you. So there is no need for any bank.

I agree to that because crypto known as a decentralized which means no one can control to it. Also if Cryptocurrency have central bank then it will change a lot, the essence of being send and receive with out the third party or no middleman, also once we put our crypto in bank it will never be the same especially in transaction. So I think cryptocurrency will never be have a central bank and its impossible to happen.

In the world of cryptocurrency, a bank is not needed because the creation of a special cryptocurrency bank will open opportunities for criminals who take advantage of the existence of the bank to make profits in an unauthorized manner such as fraud and others.

You have just  summed it all up. Besides, the interest of  the regular bank in cryptocurrency is  highly suspicious. It could be  a means of trapping funds as in the case of XRP.,..

I don't see this as a cause for jubilation either  ways

I think its too unnecessary to have a physical bank for cryptocurrencies. It is made to ba transparent hence an organization or a group of person must not only handle the central bank for cryptos because it is a risk to theft and scam. Although a government controling the cryptos in its country, we must still think that even huge part of our taxes goes to them in their "projects" that ends being a scam.

The central bank of cryptocurrency for countries is a welcome idea but it will take time really for the developing nations to have this setup in their country as other modalities have to be fully in place to sustain its operations. so, I don't see it happening any time soon in some African countries despite their high involvement in cryptocurrency.

Central bank does not equal decentralization. That's why I like ($XHV) Haven Protocol, you'll be your own bank. Wait till offshoring is implemented. It's a big game changer.

This goes against everything bitcoin stands for. We can't have a "central" anything in bitcoin, if you ask me even bitcoin foundation is not needed for us and should be disbanded. There is nothing that could make me think any centralized thing could help bitcoin in  any sort of way.

A bank is the reason why I am involved in bitcoin and crypto so if banks get too popular among bitcoin I will certainly move to another coin and never used bitcoin again.

I do not want banks to be part of my life and it doesn't matter how "different" crypto banks will be it will still be a bank and I do not want to be a part of that. Decentralized is the reason why I am using bitcoin and will continue to do so until it becomes some sort of Ripple like coin with centralized ownership.

Well banks are not against bitcoin. They only don’t let the policy of bitcoin to be implemented in their current system. It is like a contradiction between bitcoin nature and banks policies. So yes, when government will regularize bitcoin in a country and provide a central banking system for bitcoin so definitely they will adopt just right to nature of bitcoin.

You're totally wrong because the banking sector are against bitcoin and I want you to know that the banks are behind the reason bitcoin was ban in some country like India due to the statement made by their central bank. However, I dont see any reason why we need the creation of a special cryptocurrency bank or central bank of crypto.

It is good if a central bank has to established for crypto control and in this way we can say that bitcoin will be stabilize by them and crypto currencies are very good if it create a trust for the public and with this many projects and businesses can be operate through this way while it will make some policies and it will be a kind of guarantee for the crypto world.

I don't know if that is a good idea. I mean we are all against ilthe institutionalization of currencies that we are practically doing the same with the currency we are pushing to be decentralized and free from sny single control. A bank where we can store our accesses is good but to put my coins in it? I don't think so.

In my opinion it's good news, where a government makes bank central of crypto that's same to adopt blockchain. the one that is very worried is that country banning cryptocurrency so if in logic they only want to develop a bank from crypto but do not allow cryptocurrency like bitcoin and altcoins to enter the government. Some say that if their project is successful then the prohibitor on the cryptocurrency will be revoked but there is no confirmation.

it's indeed pretty good, but until now, it seems like there hasn't been a real development of this. well, most bank developments for cryptocurrency only occur on the internet. however, I just hope the development can be faster.

I see it as a international project. But first, blockchain projects and cryptocurrency has to go through a series of global regulations. Certain frameworks have to be implied for financial institutions working with crypto. Only then we can speak about world committee that will form global central bank of crypto.

What you just said is not an enough reason for anyone to be talking about central bank of cryptocurrency. And by the way, what the heck is central bank of cryptocurrency? Why do we even need bank for cryptocurrency, wallets can already do the jobs. Cryptocurrency wasn’t meant to be kept in the bank, its for you to keep it by yourself. Cryptocurrency puts people in charge of their money, you save it yourself and you use it anyway you like..

This is a revolutionary money that are made for people and not control by government. Central Authority or Central Banks controls the monetary supply of money, But in cryptocurrency they don't have power to control any transactions that has been created.

Correct. Same with China, India is blocking other crypto just to give way for the state owned cryptocurrency so that the investors, enthusiasts and the cryptocommunity has left no choice but to adopt the centralized asset which is controlled by the government. This move sucks and I am lucky enough as I am living in a cryptocurrency friendly country. I do hope that governments will be allowing other decentralized crypto just like Bitcoin to their country.

If there is central bank for digital currency or cryptocurrency, i think crypto will not different with fiat money. The different thing between crypto and fiat money is on who controlling the supply, crypto already known as limited in supply and if crypto central bank created, i think they will control the supply

Creating a central bank would defeat the purpose of cryptos. It's nonsensical to develop the world's most technologically advanced decentralized cash solution only to centralize it!

Why have miners and decentralization then if a central entity will manage things?

in my opinion this is just plain news, because this news has often emerged from several media not the first time there are countries that make crypto currency banks and the impact is not too significant on the price of crypto currencies, but that is a good thing slowly but surely many countries will legalize crypto currencies and create crypto banks respectively

Even though my article in this topic seems late but I should and must suggest my  view and express that bitcoin cryptocurrency have to open a bank of its own bank why to beg the support of every country and their banks, if this come will shine the cryptocurrency and bitcoin to lead worldwide like the other currencies do.

Being decentralized is the key success for Cryptocurrency. A central banking could help the widening of cryptocurrency community around the globe. Because, to use cryptocurrency knowledge is a must. With banks people can be taught about it and the same can serve as a service center rather than a banking space.

What I know about crypto is we do banking even without bank.
The currently existing exchanges are our banks, they facilitate the transactions to different banks and we do not need to have a bank connection throughout the process, our only connection is with exchanges and so far, it's been working effectively.

Bank only control us the moment we allow them, with their KYC and lots of additional requirements, it does not feel safe at all.

I do not see the need to create a central bank cryptocurrency. If this is a bank for cryptocurrency exchange, then we have for this purpose exchangers and exchanges. States can create and will create their own centralized cryptocurrencies. It will practically be the same national money, only in digital form. They can play a certain positive role for decentralized cryptocurrency, because they attract general attention to them.

No bank is needed for digital currency. Wallets like coinbase are already acting as a bank for the digital currency. Now they also have a vast range of altcoins listed at coinbase making people to store their coins at coinbase and not on exchanges. With all these developments there is no need for a tradional  bank for bitcoins.

How about Central Bank of DNA or Central Bank of Solar energy?  Doesn't make sense right?
DNA is as decentralized as cryptocurrrency...every cell in our body has its own copy. Centralizing it makes makes no sense.
Centralizing solar energy makes no sense either except they'd build some kind of Artificial Global clouds that they can turn opaque or transparent whenever they want.
Better they call it digital fiat currency instead of Central Bank cryptocurrrency  

Cryptocurrency nowadays are not only designed to be decentralised, as the central government mixed in the space slowly they will adopt the system to control its people. In coming years well be seeing a lot of public and private assets being tokenized from real estate, banks and oils will become common in our society.

You are probably right. If we look through history of money transaction and on this i mean everything from barter to buying. We started with cows and sheeps as payment, then we create cooper and silver coins, then we had paper money, plastic money (cards) and we have bitcoin now with variety of other cryptos. So if someday bitcoin becomes globally used currency on this I mean that you/me or she comes to regular store and buy something like candy for kids and pays with bitcoin then I can say that we can discuss about central bank for crypto asset.

To talk about the need for a central bank cryptocurrency, you need to understand why it is necessary? What is a bank? Why do they give up? A bank is a credit and financial organization that offers the safety of your funds, gives you loans, conducts financial transactions for you and much more. But now let us remember about the most important advantage of cryptocurrency - transparency, independence and decentralization. Why create a cryptocurrency bank and thereby create an intermediary who will have to pay commissions and interest ?!

There's a chance that it will happen but it will definitely take a lot of time.
I hope that time we are still alive so we will enjoy what will happen in the future, we will be very proud then that we are one of the early investors
who supported the technology that will be massively adopted in the future.

now we are fighters for the development of bitcoin in the future. as it develops, it is possible that this can happen. but time is the answer, because the process that must be passed is not as fast as lightning

I think banks and crypto are totally different and there is no way to merge them. One thing is for sure, if banks tries to merge crypto, eventually it will be the end of banks and fiat itself. So i don't see any such possibility in the near future.

many banks have adopted the blockchain because they know the advantages that the blockchain has for banks. they will then use crypto for their business hand in hand with fiat or replace it