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Other => Archival => Topic started by: Symmetrick on November 12, 2020, 11:36:33 AM



Title:
Post by: Symmetrick on November 12, 2020, 11:36:33 AM


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: jademaxsuy on November 12, 2020, 03:09:29 PM
Digital currency but not the type like cryptocurrency right? Sorry I was not reading because the post was too long and I was only scanning. Well, when it comes to money from central bank their task is only to keep records from the asset that a certain country has that will going to disclose its value and also the one task to determine the growth of the economy of he certain country. The value of fiat currency they issue will be basing on the value of the economy of the certain country so mixing up or emerging the fiat to digital currency would be possible but in my own opinion it would be still good to have fiat as back up as reserve to digital currency.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Xal0lex on November 12, 2020, 05:41:29 PM
An example of how the current situation in the world is pushing many national banks to accelerate the implementation of CBDC.

Deutsche Bank: CBDCs Will Replace Cash (https://www.btctimes.com/news/deutsche-bank-cbdcs-will-replace-cash)

In a report titled "Konzept #19 - What We Must Do to Rebuild (https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000513730/Konzept_%23_19%3A_What_we_must_do_to_rebuild.PDF?&&undefined&realload=ix8Jx~PFb4dvXckb1Sn98jHPt1gBR~3u3A87VZMmCfnAxQk/fq3X9TnWVVLhhprmQOYRFyzKVFkJq0It4wOgZQ==)" that was published this week, Deutsche Bank listed economic evaluations and proposals to aid global economies hit by the COVID-19 pandemic. Containing sections related to environmentalism, small business protection, and the radical "work from home tax" proposal which got under fire globally, the report further discusses a shift to digital currencies and, more specifically, central bank digital currencies (CBDCs).

Citing that "cash has come under much scrutiny during the pandemic" due to concerns about virus transmission, Deutsche Bank Macro Strategist Marion Laboure writes of a need to "promote" digital currencies so as to not fall behind the countries that already do.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 13, 2020, 05:15:03 AM
~
The difference between CBDC and cryptocurrency is that the national bank is responsible for it and it has a stable value, which is not the case for conventional cryptocurrency. CBDC is as much part of the money supply as paper money.
If what you say is true and governments and bankers are going to inject all CBDC into the total supply of money, then we should be expecting an unprecedented rise in the inflation rate because of uncontrolled issuance. For me, the main difference between cryptocurrencies and central bank digital currencies is that the former aims to reform the current financial order and tries to deprive governments of the right to issue money. The latter is a conservative approach and is aimed to preserve the established order and empower central banks.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Smartprofit on November 13, 2020, 06:18:02 AM
In 2017, I read a futurist prediction in whice author predicted the emergence of CBDC.  He wrote that all people will use CBDC. It will be convenient to use such a currency.

At the same time, CBDC is the main threat to Bitcoin.  Bitcoin will not be able to become a means of settlement (as conceived by Satoshi Nakamoto).  

CBDC is the currency of central banks.  Consequently, based on this, in the future there will be no credit institutions (only Central Banks will remain).

Control over all income and expenses will become total.

Cash is freedom.  What will the world be like without cash?


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 13, 2020, 10:31:39 AM
At the same time, CBDC is the main threat to Bitcoin.  Bitcoin will not be able to become a means of settlement (as conceived by Satoshi Nakamoto).
~

To my way of thinking, it's quite the opposite. The emergence of central banks digital currencies, as well as the elimination of physical cash is going to be beneficial for bitcoin as a whole, its adoption, and its development. Both these processes are going to make it evident that bitcoin has the advantages of "former" cash, and, at the same time, it doesn't have the disadvantages of government-issued digital currency. If most people today were to be suddenly deprived of the ability to transact by physical means, they would suddenly realize that they now couldn't buy anything without the permission of the bank and started searching for alternatives. They would discover bitcoin: the best digital alternative to cash.

Cash is freedom.  What will the world be like without cash?

It would look like an Orwellian world if we didn't have bitcoin to replace cash.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Ridcan on November 14, 2020, 05:57:19 AM
hello my dear friend @Ratimov.  Like every subject you have opened, this topic has attracted my attention.  we even found something of ourselves.  Only, my country, in Turkey, I want to say that there are no studies known as the CBDC.  or I have no information on this subject.  The central bank is currently studying blockchain technology.  If they does a study on such a situation soon, I would love to write on this thread.

Best Regards !


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Lorence.xD on November 14, 2020, 06:48:27 AM
Nice post as always. I am not meaning to be demanding but man you should create your own website with this quality writing. In my opinion, CBDC is a big help for an economy of a country, contrary to the belief that it will cause inflation, it will not. CBDC helps in injecting money in the economy without the cost of printing money thus reducing the paper in circulation which prevents hyper inflation in these trying times.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Smartprofit on November 14, 2020, 09:47:07 AM
At the same time, CBDC is the main threat to Bitcoin.  Bitcoin will not be able to become a means of settlement (as conceived by Satoshi Nakamoto).
~

To my way of thinking, it's quite the opposite. The emergence of central banks digital currencies, as well as the elimination of physical cash is going to be beneficial for bitcoin as a whole, its adoption, and its development. Both these processes are going to make it evident that bitcoin has the advantages of "former" cash, and, at the same time, it doesn't have the disadvantages of government-issued digital currency. If most people today were to be suddenly deprived of the ability to transact by physical means, they would suddenly realize that they now couldn't buy anything without the permission of the bank and started searching for alternatives. They would discover bitcoin: the best digital alternative to cash.

Cash is freedom.  What will the world be like without cash?

It would look like an Orwellian world if we didn't have bitcoin to replace cash.

In my opinion, bitcoin is not suitable for the role of cash. 

The transparency of the Bitcoin blockchain allows tools like the Bitfury Crystal to track and analyze Bitcoin transactions.  Hence, Bitcoin is not an anonymous and confidential cryptocurrency. 

Also, bitcoin coins are not fungible.  There are white (miner) bitcoins.  There are black bitcoins obtained by criminal means.  There are gray bitcoins obtained from cryptocurrency exchanges (which do not use KYC and AML procedures). 

A full replacement for Cash is not Bitcoin, but Monero (XMR). 

Monero is 21st century digital cash (antagonist and alternative to CBDC).


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: bearexin on November 14, 2020, 07:06:42 PM
This is one of the best educational topics I have ever seen in my bitcointalk life. It has depth, it is simple to understand, it has images that explains and compliments the topic, this is by far the best class I have taken in any topic let alone something as specific as CBDC topic.

I already knew what it was in theory but I have learned so so much more while reading in details as well, I feel like I could take this, print it out, and go to any finance class in any college and could give a class about CBDC only using this as my source material and I wouldn't have any problems, even if kids ask questions about it, I am sure this has an answer to it in it somewhere.

Kudos and I think CBDC will definitely be a standard in the future, banknotes are too old fashioned to exist forever.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 16, 2020, 10:05:23 AM
In my opinion, bitcoin is not suitable for the role of cash. 

The transparency of the Bitcoin blockchain allows tools like the Bitfury Crystal to track and analyze Bitcoin transactions.  Hence, Bitcoin is not an anonymous and confidential cryptocurrency. 

Also, bitcoin coins are not fungible.  There are white (miner) bitcoins.  There are black bitcoins obtained by criminal means.  There are gray bitcoins obtained from cryptocurrency exchanges (which do not use KYC and AML procedures). 

A full replacement for Cash is not Bitcoin, but Monero (XMR). 

Monero is 21st century digital cash (antagonist and alternative to CBDC).
Strictly speaking, it is a layer one (bitcoin blockchain) that is transparent, traceable, analyzable, and therefore doesn't fit in the role of cash. Higher levels of bitcoin, however, could potentially serve as a basis for the realization of characteristics of physical money. On a base layer, it must be transparent, so that we can always perform an audit of its total supply, check if consensus rules are followed, etc. We can't perform such audits when it comes to cash, central bank digital currencies and also Monero.

Ironically, according to your "definition" of fungibility, Monero could never be considered "white" currency due to its anonymity and non-traceability. Every surveillance company would assume that if you make transactions in Monero, you are a criminal until proven otherwise.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Karartma1 on November 16, 2020, 10:26:29 AM
What I find truly astonishing is that we already have digital currencies: credit cards, bank wires, SWIFT payments they are all in digital form. We have 0s and 1s on a database somewhere that implies how much do we have. If they don't implement a blockchain-based CBDC nothing much will change really. They had to find some way to tackle bitcoin's humongous superiority and they came up with CBDC.
On the topic of anonymity, I would never trust an anonymity voucher issued by a central bank.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 19, 2020, 06:10:00 AM
Yesterday, Andy Haldane, who is a Chief Economist at Bank of England and Member of the Monetary Policy Committee, gave a speech to TheCityUK. The pdf version of the speech is available here Seizing the Opportunities from Digital Finance (https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/seizing-the-opportunities-from-digital-finance-speech-by-andy-haldane.pdf)

In this speech, he envisions a future, in which physical cash is completely replaced by central bank-issued cryptocurrencies. He argues that CBDC will eliminate "technological constraint on the ability to pay or receive interest in physical cash, whether positive or negative."

In other words, CBDCs are meant to help bankers to seize our money via negative interest rates. Savers will be incentivized to spend their money, and such a state of affairs will allegedly provide economic growth and overall prosperity.

But we all know what is really able to save us, bitcoin fixes (https://thecryptofeed.net/articles/bofe-chief-economist-describes-dystopian-financial-system-of-the-future/) this.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: stompix on November 19, 2020, 06:44:12 AM
If anyone finds this tl;dr, here is the shorter version: "We're fu*" !

When I saw that radar graph from the IMF when the CBDC were doing everything better than the rest and had just anonymity at medium, yeah right, I was thinking why do they ut so much effort right now to push with this thing? There is a huge difference between the current state in Sweden where the e-krona project appeared and how it was supposed to work compared to the marketing they are trying to push down our throats with this.

Quote
Real-time monitoring and tracking options, as well as control over the money supply, will help banks and regulators in the fight against money laundering and in supervision.
<>
Account-based CBDCs are tied to identity information. Combining the qualities of cash as an inclusive and crisis-resistant means of payment with the characteristics of anonymity can be challenging. This is the most popular concept - five central banks are considering it.

One push of a key button and you're no more, your money is gone, your assets are gone, your identity is gone...welcome to the matrix.

In my opinion, CBDC is a big help for an economy of a country, contrary to the belief that it will cause inflation, it will not. CBDC helps in injecting money in the economy without the cost of printing money thus reducing the paper in circulation which prevents hyper inflation in these trying times.

Please do elaborate on this...
I'm quite interested in how increasing everyone's personal account let's say ten times this will trigger no inflation.



Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Smartprofit on November 25, 2020, 07:51:37 AM
What I find truly astonishing is that we already have digital currencies: credit cards, bank wires, SWIFT payments they are all in digital form. We have 0s and 1s on a database somewhere that implies how much do we have. If they don't implement a blockchain-based CBDC nothing much will change really. They had to find some way to tackle bitcoin's humongous superiority and they came up with CBDC.
On the topic of anonymity, I would never trust an anonymity voucher issued by a central bank.

CBDCs are not anonymous, they are confidential. 

The central bank and regulators will know everything about the users of the system.  At the same time, users of the system will not have information about other users of the system.  This will ensure the privacy of the CBDC. 

However, in this case, information leaks are possible.  Specialists in the field of Big Data will be involved in working with CBDC.  They will sign non-disclosure documents of confidential information. 

Nevertheless, there will still be information leaks.  In the system, the weakest link is always the person.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Harlot on November 25, 2020, 09:27:02 AM
We all know that the EU is in talks regarding having a digital version of the Euro I don't see the article I have read a few months ago but here is one of their explanations why they are creating or seeing as a benefit with regards to creating a digital version for it.

A pandemic may also be considered to fall under this scenario, for example because
social distancing might modify consumers’ payment habits. Consumers may even perceive cash to be a vector of infection, in spite of the lack of evidence of any specific risks of infection associated with the use of banknotes.23 They might therefore become less willing to use cash and more inclined to use contactless and online payments.

The pandemic is one of the main catalyst why they are trying to create a digital version of the Euro, contactless payments is what they are trying to do for the fiat currency since the physical currency alone cannot do that. I guess this helps for one of the reasons why central banks are trying to create a digital currency.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Ozero on November 25, 2020, 03:50:31 PM
Nice post as always. I am not meaning to be demanding but man you should create your own website with this quality writing. In my opinion, CBDC is a big help for an economy of a country, contrary to the belief that it will cause inflation, it will not. CBDC helps in injecting money in the economy without the cost of printing money thus reducing the paper in circulation which prevents hyper inflation in these trying times.
Of course, the stablecoins of the central banks of states are a step forward compared to their cash and non-cash money.  However, this is the same currency of states, only in digital form and using blockchain technology.  States' stablecoins will not cause additional inflation, since the methods of their control and management will practically remain the same.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Smartprofit on November 26, 2020, 05:17:43 PM
Yesterday, Andy Haldane, who is a Chief Economist at Bank of England and Member of the Monetary Policy Committee, gave a speech to TheCityUK. The pdf version of the speech is available here Seizing the Opportunities from Digital Finance (https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/seizing-the-opportunities-from-digital-finance-speech-by-andy-haldane.pdf)

In this speech, he envisions a future, in which physical cash is completely replaced by central bank-issued cryptocurrencies. He argues that CBDC will eliminate "technological constraint on the ability to pay or receive interest in physical cash, whether positive or negative."

In other words, CBDCs are meant to help bankers to seize our money via negative interest rates. Savers will be incentivized to spend their money, and such a state of affairs will allegedly provide economic growth and overall prosperity.

But we all know what is really able to save us, bitcoin fixes (https://thecryptofeed.net/articles/bofe-chief-economist-describes-dystopian-financial-system-of-the-future/) this.

Very interesting post.

Several months ago, I read about the digital money of the Central Bank of China on Forklog.  I also noticed that CBDC does not offer deposits for system users. 

The time value of money is one of the basic principles of finance.  Money is more valuable today than money tomorrow.  One of the functions of money is the function of savings. 

As a result of the reform, CBDC users will be robbed.  They will not be able to receive interest on deposits.  Why does the state need it?  To stimulate consumption?  But this means that people in the future will be slaves without their own savings.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 27, 2020, 05:56:55 AM
~
As a result of the reform, CBDC users will be robbed.  They will not be able to receive interest on deposits.  Why does the state need it?  To stimulate consumption?  But this means that people in the future will be slaves without their own savings.

Exactly. The primary goal of CBDC is to entirely eliminate the ability of people to postpone consumption. When all the money in the economy is digitalized and cash is eliminated, it will not be possible to make savings; you will be forced to spend your money as quickly as possible to avoid losses. You will be forced to increase your consumption of things you don't like and spending on things you don't need, and consequently will find yourself having a very high time preference. You will spend everything you earn, which means your kids will not receive an inheritance and will have a lot worse living standard than you did.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: wiss19 on November 28, 2020, 12:46:00 PM
When people say CBDC is being created because of coronavirus, I just don’t get it. It’s just like as if there isn’t other contactless payment methods that we can use, there are so many of them out there and even the mobile bank applications we are using these days are contactless, you don’t need to make any physical or hand contact with the person you’re sending money, you just ask for their account number and you open your app and send.

Not to talk about Bitcoin, there is PayPal, there is also Payoneer, there is Square Inc., and so many ways we can send money without making contact, so how exactly are they saying CBDC is saving us from Coronavirus? They should simply say it’s just an advancement in technology and using unnecessary description.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: stompix on November 28, 2020, 01:52:34 PM
As a result of the reform, CBDC users will be robbed.  They will not be able to receive interest on deposits.  Why does the state need it?  To stimulate consumption?  But this means that people in the future will be slaves without their own savings.

I'm not a fan of the whole deposit your money here and you earn interest! Even when it comes to bank deposits guaranteed by the state or government bonds, the thing with interest is that it comes with inflation, you have high interest on your deposit you can be sure that the price of all the goods will go up by at least that percentage on a year by year basis.

Not being able to deposit your money for that would be my least concern,  if that would have been one of the main goals they could have done it even without a CDBC, they can simply tax the hell out of your income from deposits so you would avoid putting one $ in these.

Exactly. The primary goal of CBDC is to entirely eliminate the ability of people to postpone consumption. When all the money in the economy is digitalized and cash is eliminated, it will not be possible to make savings; you will be forced to spend your money as quickly as possible to avoid losses. You will be forced to increase your consumption of things you don't like and spending on things you don't need, and consequently will find yourself having a very high time preference.

The increased spending would also affect the velocity of money and would lead to rampant inflation, but this would have a side effect, some goods will grow at the same pace so if you decide to spend on things that retain their value like land, houses, and many more you will be shielded from it. Fortunately for us, they will not push with a plan that would force people to consume at increased rates as that would hurt their budgets also,  in the EU, for example, increased consumption combined with inflation would have a negative impact on welfare and pension funds and for decades no government is even daring to touch those who are close to becoming out of control problems on their own.

In our case, the EU has already ways of if not all-out terminating deposits making them useless.

What I'm saying is that there are far worse things coming with those and I'm sure in a short time we will be faced with far worse scenarios, one of them would be debts, and the possibility of the state to control your finances when you're in debt.
Just think of it!  You're owning money you're not allowed to use your funds for x, y, and z. How does that sound?


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: witcher_sense on November 30, 2020, 06:45:40 AM
<...>
What I'm saying is that there are far worse things coming with those and I'm sure in a short time we will be faced with far worse scenarios, one of them would be debts, and the possibility of the state to control your finances when you're in debt.
Just think of it!  You're owning money you're not allowed to use your funds for x, y, and z. How does that sound?
It sounds like we are slowly but surely moving towards a dystopian world, which was thoroughly described by Orwell in his famous novel "1984". CBDCs will allow governments all over the world to control not only the everyday transactions, spendings, and incomes of citizens but also their thoughts, habits, beliefs, preferences, to name a few. The control over the money we transact with is akin to control over the language we speak. CBDC is newspeak of modernity, governments want you to stop "double-thinking" and this new type of money is going to help them to achieve their goal.

Here is an interesting article regarding this topic: Central Bank Digital Currencies and A Bretton Woods Moment (https://hackernoon.com/central-bank-digital-currencies-and-a-bretton-woods-moment-7le3zyv)


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: BTCappu on December 05, 2020, 03:34:16 PM
Definitely one of the best topics I have ever seen in the bitcointalk about educating people. I mean cbdc is not something that is common and already under way for huge numbers just yet, but you create a topic about it to teach people before it becomes a standard and something common in order to educate people about what is going to happen with them in order to not have people be unprepared for something like this.

Who can say that cbdc will not be common or a standard in the industry? Nobody can predict that, so this should be thought in crypto related places in order to make it a lot more common. I would say cbdc is not going to be that common according to what I believe, but it still is not a reason to not know what they are with this much detail neither.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: l8orre on December 08, 2020, 07:13:56 AM
I think that the op represents excellent research on the status of CBDCs, maybe this thread can become a collection for ongoing developments in that area.

Here is another snippet from zerohedge as a little update:

https://www.zerohedge.com/markets/g7-finance-ministers-strongly-support-regulation-digital-currencies (https://www.zerohedge.com/markets/g7-finance-ministers-strongly-support-regulation-digital-currencies)


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: sana54210 on December 09, 2020, 03:21:38 PM
It is all about how much of a danger they would posses depending on how much power they can grab. Big companies buying a lot of bitcoin is both great but also terrible at the same time, it is great because it takes a lot of money out of the circulation and that makes bitcoin price goes up, but it is terrible because it collects the money in one place and they could sell tens of thousands to dump the price.

What we need to make sure happens right now would be to arrange a situation where we are going up in price but also do not give too much power to them as well.

We can't stop them from buying bitcoin, that is not an option, so we need to find a way to promote how awesome it is for them to get involved with this but also not worrying that they are doing it as well.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Argoo on December 26, 2020, 06:34:36 AM
What I find truly astonishing is that we already have digital currencies: credit cards, bank wires, SWIFT payments they are all in digital form. We have 0s and 1s on a database somewhere that implies how much do we have. If they don't implement a blockchain-based CBDC nothing much will change really. They had to find some way to tackle bitcoin's humongous superiority and they came up with CBDC.
On the topic of anonymity, I would never trust an anonymity voucher issued by a central bank.
Yes, cashless payments have been in every state for a long time. However, the stablecoins of central banks using blockchain technology are far superior to existing cashless payments in almost every metric. Therefore, for states, the appearance of their stablecoins significantly improves the global financial system. How this will affect bitcoin and other cryptocurrencies, time will tell, because not everything is simple here. Stable coins of states raise the overall role of cryptocurrencies and arouse the general interest of people in them, however, at the same time, they are real competitors to decentralized cryptocurrency as a means of payment.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Argoo on March 19, 2021, 07:30:48 AM
What I find truly astonishing is that we already have digital currencies: credit cards, bank wires, SWIFT payments they are all in digital form. We have 0s and 1s on a database somewhere that implies how much do we have. If they don't implement a blockchain-based CBDC nothing much will change really. They had to find some way to tackle bitcoin's humongous superiority and they came up with CBDC.
On the topic of anonymity, I would never trust an anonymity voucher issued by a central bank.
It seems to me that non-cash payments and digital money are still different from each other. At the same time, it seemed to me that the digitized currencies of the central banks of the states would be issued on blockchain technology and that this is the essence of the innovation and their significant advantage. However, I was surprised by the information that the Chinese digitalized yuan will not work on the blockchain. True, the fact that the digitized yuan has been developed since 2014 can play a role here. As far as I know, while other stable currencies of states will be on blockchain technology.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: tbterryboy on March 26, 2021, 05:46:25 PM
It seems to me that non-cash payments and digital money are still different from each other. At the same time, it seemed to me that the digitized currencies of the central banks of the states would be issued on blockchain technology and that this is the essence of the innovation and their significant advantage. However, I was surprised by the information that the Chinese digitalized yuan will not work on the blockchain. True, the fact that the digitized yuan has been developed since 2014 can play a role here. As far as I know, while other stable currencies of states will be on blockchain technology.
Non-Cash has been a thing for nearly 30 years if I am not wrong, non-cash refers to credit cards and checks and wire transfers and basically everything that is not giving someone paper banknotes, that is what it means in my nation, so I do not know about the world.

On the other hand just because something is using blockchain doesn't make it a crypto currency neither, digital currency that uses blockchain but controlled by the states itself with basically centralized control to do whatever they want, is something that would be actually worthy, there is nothing that we could do to stop them from controlling it and doing whatever but that would at least open the doors for nations to accept crypto as a good thing. This is why I find it very good, I do not know when I will be using it, but I think even if I do not use it, I would still support it.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: oHnK on March 27, 2021, 04:36:18 PM
This is why I find it very good, I do not know when I will be using it, but I think even if I do not use it, I would still support it.

But the reality is that the developing money countries are not like that.  They assume that what they create will be a competitor for crypto and may even prohibit crypto in their country and only allow the public to use the CBDC that has been created.  Even though for myself, the use of crypto is because it is against the general economic problem, namely inflation.  As long as I have crypto, the money I have never decreases in value, instead it continues to increase.  Meanwhile, whatever becomes the government's control is inseparable from inflation, for example, the fiat money we use as well as the CBDC later.


Title: Re: [GUIDE] All About Central Bank Digital Currency (CBDC)
Post by: Ozero on February 09, 2022, 09:56:24 AM
~
The difference between CBDC and cryptocurrency is that the national bank is responsible for it and it has a stable value, which is not the case for conventional cryptocurrency. CBDC is as much part of the money supply as paper money.
If what you say is true and governments and bankers are going to inject all CBDC into the total supply of money, then we should be expecting an unprecedented rise in the inflation rate because of uncontrolled issuance. For me, the main difference between cryptocurrencies and central bank digital currencies is that the former aims to reform the current financial order and tries to deprive governments of the right to issue money. The latter is a conservative approach and is aimed to preserve the established order and empower central banks.
Government CBDCs should not be thoughtlessly added to circulation. Central bank stablecoins will partly replace cash, partly regular non-cash payments, and partly introduced as an increase in national gross income. After all, CBDC are the same non-cash money of states, but in their activities they mainly use blockchain technology.
It was previously announced that the Chinese digitized yuan would be officially launched in time for the opening of the Winter Olympics. So far, no news about this has been heard.