Bitcoin Forum

More and more countries around the world are adopting and tapping into the advantages of blockchain-based currencies, with Jamaica launching its first digital currency issued to bank customers on personal or business account pegged to the Jamaican dollars on a 1:1 exchange ratio, this development is the latest among others with Venezuela aiming to lunch it owns BCDC in October 2021.

There is a bright future for the cryptocurrency market with more development of stable coins it will allow for more transparency and government adoption of the blockchain technology, which will eventually result in mainstream adoption of cryptocurrencies.

What is your expectation for the future?
Link to full new
https://dogecoinnewshub.com/crypto/the-bank-of-jamaica-coins-the-first-batch-of-national-virtual-currency/?utm_source=dlvr.it&utm_medium=facebook

With the expansion of btc's influence, I believe that more and more countries will accept and recognize it.
What we have to do now is to promote more, BTC is not only a virtual currency, it is also the beginning of an era of change.

That's good news. Almost every day i see how some company going to accept crypto and some countries concidering it. I hope there will be a lot of countries which will do so in the next decade.

CBDC could be a new gateway for the fresh money to enter in the crypto. In my opinion, this trend will become popular. Some countries have been announcing to issue their own CBDC in the future. The crypto developers have needed to work with the CBDC bridge to the crypto.

Glad to see that more and more countries are seeing crypto as an opportunity. It seems like this trend gonna be a massive trend. It's just a matter of time. CBDC maybe a threat for stable coin

Yes Bank of Jamaica has made steady progress with the CBDC currency to facilitate a number of benefits for citizens such as being more efficient, safer, and functioning as a formidable means of payment.
I think it's a good move, a move to adopt CBDC as much more efficient than physical cash, “It's instant and it's a very efficient way of paying, in a way that cash just can't. Merchants also do not need to look for change, because the payment can be up to one cent.

Its CBDC not a cryptocurrency that Jamaica wants to create. It doesnt solve anything as its just making the currency digital which the goverment can still print more of the currency. The article also didn't have links to where it got the information.

The first cryoto sites we often see that publish news like this are coindesk and cointelegraph to which they include sources. Dogecoinnewshub.com seem an unlikely source.

Regarding the CBDC in Jamaica, I think it is still in a stage that is not yet mass-ready. The reason is that the government can still control it for several points. Because if it refers to adoption, of course it can't be centralized, because this is a virtual-based coin pegged to the Dollar will be more appropriate as part of a stable coin and still cannot open up space for other cryptos, especially Bitcoin itself.

This is good news for the crypto world, I hope other countries will start to follow and adopt btc as a currency. Following the green market developments this week, and the good news continues to emerge, btc is about to start hitting its ath again i hope so for now. And for the future i will keep believing btc is everything.

The advantage of a blockchain is that the transactions are easily traceable so if if for example the govt. money has been used in unethical ways, a simple blockchain audit should reveal where the money "has travelled".

I think a lot of corruption could be eliminated this way. On the other side the authorities will be much "closer" to citizens' spending habits and we would still have to depend/trust a centralized entity which personally I don't like. I'd much rather trust a big, decentralized network (Bitcoin), but the two - stablecoins and BTC could co-exist successfully IMO.

The future is bright and that's not only because of Jamaica but it's because of the whole cryptocurrencies market adoption. CBDC is just like the new trend for the government but it's not entirely covering the crypto market. It's just being looked at as crypto because of the adjustment and creation of it but it's better if they create laws or no laws at all that shall not stop crypto adoption for their country. And having that said, it should be for most countries too that will make such laws.

I guess you have not searched we'll, just a one search you will fine a handful of news on Jamaica digital currency development and progress.
Cointelegraph and coin desk are the popular crypto news site but again there are not the only ones. Besides the first link, here is another link on the same news.
https://boj.org.jm/bank-of-jamaica-reminder-caution-on-cryptocurrencies/#:~:text=In%20addition%2C%20cryptocurrencies%20are%20not,these%20forms%20of%20digital%20currencies.&text=The%20use%20of%20cryptocurrencies%20in,and%20the%20financing%20of%20terrorism.

Like it or not, many countries will develop their digital currency. And I think this is good for development for cryptocurrency but I think there will be a lot of regulation issued by the state. On the positive side, cryptocurrencies will be increasingly in demand by new investors and become digital assets

This is good news for crypto, as more and more countries are aware of the potential and usefulness of crypto for their lives, and I think this trend will become even more popular if positive news about its success is spread.

Not sure if there is correlation to crypto though, CBCD are back by government, it's not the crypto that we all know of. You can't trade them as obviously, this will be like the local currency, but this time it's digital. So there will be no effects on the market itself.

And besides, this CBCD can be used to track you and then for tax purposes. Of course it's good that you can do transactions and be cashless society in the future. But I doubt that it will have a huge impact to crypto market.

CBDC is the national cryptocurrency and it is separate from the cryptocurrency we know. There needs to be an intersection of values to benefit the space as a whole. What I am interested in right now is the complete regulation of crypto in countries around the world. That's how crypto becomes legal around the world. The recognition also brought huge inflows of money into cryptocurrencies.

Yes.
I think the country's leaders need to sit down and take this issue seriously.
Because the first advantage of this currency is that it is universal. A person can use this currency without any conditions, including when they want to buy it.
This currency allows for fast transactions. Cryptocurrencies do not require a third party such as a bank to act as an intermediary in conventional financial transactions.
In seconds, in minutes, we can transact internationally.

It goes to the page where the government warns about cryptocurrencies. "Bank of Jamaica Reminder Caution on Cryptocurrencies" 
It's not about the development of cryptocurrency adoption in the country.

But it proves though that the government is already alarmed by the growing numbers of people using crypto in the country. It always starts that way before the government steps in and just regulates crypto or makes BTC a  legal tender.

We all know that this will be possible that other country will adopt the use of crypto currency as one of their money to use as mode pf payment to buy some stuffs and to use in some other businesses. The future of the world by using money is to become cashless by the use of crypto currency and other electronic money to prevent the spreading of virus that is happening today to the whole world. It's not easy to adopt crypto currency to the economy of other country but soon it will be possible.

Actually, the authorities of different countries see the popularity of the crypto market, but they can’t put up with this unregulated system. They are used to keeping everything and especially finances under control. That is why they want to replace crypto with state digital currencies. But there is no difference from fiat money apart from using blockchain technologies. They will still be under control and regulation.

indeed what is happening now is that countries choose to create their own digital currency, and this is the same as fiat currency, only in a system that adopts blockchain. from this it can be seen that the government still does not want to lose control of its currency, and seems unwilling to use only 1 currency for the whole world.

I have to say that on the one hand it is if course a great development that more and more institutions and countries start to take cryptocurrencies more serious and start to use it instead of making fun of them or even banning them. On the other hand i fear that, if every country just creates their own blockchain-based currency that is pegged 1:1 to their national currency, the need and demand for the other cryptocurrencies like bitcoin and ethereum will go down. So it could just be an alternative approach to fight  cryptos, if you cant beat them, join them.

We can expect bitcoin will replacing to traditional money in worldwide by step by step processing system. we can expect great future of digital crypto-currencies.

The world is changing, so countries around the globe discover that digital currency through the blockchain is the most secured and economically friendly currency and has a high level of control against inflation if the currency is decentralized. The problem of government token is that it is centralized and controlled by the country’s that own it.

Actually, it's just that there are many regulations from some countries that make it difficult for bitcoin as payment except for large companies such as Tesla, Rakuten, Apple and Coca Cola.

Not only does Jamaica accept bitcoin payments but other large countries such as the U.S. also accept it only that some government agencies are trying to prevent or reduce the use of Bitcoin in illegal transactions.but I believe crypto cryptocurrencies 20-30 years in the future will be the global payments

I don't see it happening. At least not expecting to see the change happening with my lifespan. It's impossible to replace fiat because the moment you even think of replacing fiat with anything, the entire banking system will collapse under it.

I did some little research and found that Jamaica has created their own digital currency. The Bank Of Jamaica has minted CBDC and going to issue $1.5 million initially to institutions. But doesn't this means that the control still remains to the officials and they can blacklist any address since these are centralized coins just like USDT.

Back in the days, who would have thought that Bitcoin will become so valuable today, who would have even thought that the crypto space will grow to such an extent and who would have thought that, countries will slowing be adopting or accepting cryptocurrencies; all these points to an ever growing ecosystem ready for what the future offers.
Also, the positive progress associated with all these adoption is that, cryptocurrencies is gradually reaching the masses, although it will take more time, but at least a good step has been taken already.
Lastly, although no country will surrender their fiat power to cryptocurrencies, but as time goes on, they will come to accept cryptocurrencies while allowing it co-exist with their fiat monetary systems and policies.

Central Bank Digital Currency (CBDC) is another centralized shit, it's a ploy for the government to continue their grip on the people's finance which they know it's getting off their control. The government can still control and freeze their issued digital currency. One should stick with decentralized digital currencies.

I think that is already good enough just like for bitcoin to co exist with fiat because it would still be considered  a currency. Satoshi does not created bitcoin to compete with fiat anyways.

Jamaica is just on its right track adopting crypto as a  medium of exchange. CBDC might be centralized in nature but still having crypto on the part of the people will somehow make them feel that they have the freedom already in controlling their own money. Hopefully, Jamaica will also take the path just like what El Salvador has did.

That's why I have been a critic of CBDC (Central bank digital currency) because they don't do much apart from shifting the banking system from traditional to the blockchain. The real reason why people prefer crypto over fiat is not the blockchain technology, for whatever good it is, but it's because of the control, irreversible, transparent and anonymous nature of the cryptos.

Adoption of crypto through the creation of centralized coins on the blockchain is not going to help. The real adoption would be when government understands that no longer they can fool their people and it's time to legalize decentralized cryptos. I think a lot of governments are under the wrong impression that people love blockchain. The reality is that people love freedom and control, half of us don't even know what blockchain exactly is.

I am sure that in the future more and more countries will accept and recognize cryptocurrency, not only developed countries but also developing countries will use it in the future because BTC and friends are not only a virtual currency, but also the beginning of an era of change.