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https://news.bitcoin.com/rbi-official-central-bank-digital-currencies-could-kill-cryptocurrencies/


Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether.

RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether.


I know IMF are huge critics of Bitcoin and any country that adopts Bitcoin as a legal tender, they're also involved one way or the other innit . As I don't blame RBI much, only scared of dollarization https://news.bitcoin.com/indias-central-bank-rbi-warns-crypto-could-lead-to-dollarization-of-economy/ which they say are not of them countries interest. Asides that, drug abuse and money laundering has been a norm over there.

IMF are chiefly responsible and Championing the move against Crypto Currencies and Bitcoin all for them selfish interest... But do you see any possibility of Central Bank's Cryptocurrencies killing Bitcoin, Crypto Currencies ?, although China imposed huges bans of any other digital currencies except there's and are doing quite well ( Economy ) correct me if I'm not!

What you think?!

The claims in the article would apply to majority of the coins available, but not to Bitcoin, so making the headline about Bitcoin is a bit wrong and misleading.
Fiat can be arbitrarily printed and have no intrinsic value, but is yet accepted at face value, the government does not want users to come to this realization, hence they try to talk down on alternative currencies.

Can CBDCs kill Bitcoin? No.
A blockchain version of a centralized system would not undermine a decentralized one. Of anything, imitating cryptocurrencies would give them more legitimacy.

So, Bitcoin is a currency that was created to not be controlled by the government, and the government plans it to kill it with a currency controlled by the government? They really don't understand what crypto is about. People with a basic understand of it (which sadly is not everyone in crypto community) know that blockchain alone doesn't make a coin fundamentally valuable. It's the decentralization, robustness, security against potential attacks. Bitcoin is miles ahead of both altcoins and CBDC here, and those things can't become better than Bitcoin due to their fundamental flaws.

CBDC is more likely to kill banks than it is to kill cryptocurrencies. A CBDC is going to be centralized, and more importantly, can be trivially reversed by the issuer (the central bank). The appeal of bitcoin, and other cryptocurrencies is that transactions are “final” once confirmed on the blockchain, and only those with the private key has the ability to spend your coin.

A CBDC would act very similar to a bank account, but without any counter-party risk, however minimal, that is associated with a bank account. 

Simply put — if you think CBDCs will kill Bitcoin/crypto, then you simply don't understand Bitcoin/crypto. Both might have some similarities on how they technically work in the back-end, but both are fundamentally very different.

I think there is very little difference between government cash and government digital currencies. One is digit and the other is paper money. However it is centralized like today. It has infinite supply and can be confiscated anytime. Bitcoin is completely different.

The reason why they are releasing this is because these days nobody pays with cash anymore. It’s easier to just pay people digitally like with credit cards. So the use case for this is practicality however it’s not in competition with crypto currencies like Bitcoin and Ethereum.

CBDC will be adopted faster by Indians.
When government suggest which app to install, most of the people will eventually try it and will use it too. They're willing to submit to it if they airdrop thousands of rupee to each.

Eventually though, someone will always figure how to use CBDC to buy Bitcoin or any cryptocurrencies. Its all gonna work out and CBDC rupees are going to crypto market.

Crypto can limit the power of the IMF, and the people behind the IMF are afraid of that.
For all we know, the creation of CBDC's may be an idea or one of the conditions that they have propagated and imposed on all countries that have sought financial aid from them as one of the many conditions they have to agree with before the finance they need can be approved. Some of these known conditions to me have the motive to pedal any country backwards.
 source (https://www.coindesk.com/layer2/2022/03/18/why-is-the-imf-so-afraid-of-cryptocurrency/)

CBDC's regardless IMO cannot kill crypto, it may only temporarily reduce the adoption of crypto, but it will also increase the popularity of crypto in a long run, as many will get to find out that CBDC's were created to discourage the use of crypto which the government fears because they have little country over it.

Bitcoin is decentralized and will never get killed with any restrictions from any third party including government, it's different with Ethereum where it's centralized and controlled by Vitalik Buterin, also with other shitcoins.

If all governments and banks doesn't allow Bitcoin anymore, they still can't stop Bitcoin since we can trade in decentralized exchange. We all know both India and China are against Bitcoin, so don't surprised if the bad news are mostly come from these countries.

This coming from one of the countries with a very high corruption rate ==> In 2021 their Corruption Perceptions Index ranked the country in 85th place out of 180, on a scale where the lowest-ranked countries are perceived to have the most honest public sector. Various factors contribute to corruption, including officials siphoning money from government social welfare schemes . Source : https://en.wikipedia.org/wiki/Corruption_in_India

Can you imagine trusting a government with your wealth, if they are stealing money from a social welfare scheme? Remember these government officials will have full control over the "digital" currency, so they can change the supply and they can track all tokens on their database. (They might even be able to taint coins, so that it cannot be used or block people's access to their wallets)  ::)

In my opinion, CBDC is a very big threat to cryptocurrencies (including Bitcoin and Ethereum). 

CBDC is the centralized currency of the Central Bank.  The government says the CBDC has no plans to displace cash from circulation.  But it's not. 

Of course, governments are planning to eventually phase out cash entirely and replace it with CBDCs... 

It is very difficult to ban Bitcoin if there is cash in the country.  After all, the circulation of cash is very difficult to control (this is demonstrated in numerous films about the life of gangsters). 

Another thing is CBDC.  CBDC is full control over citizens' cash flows. 

At the same time, Bitcoin may be banned under the far-fetched pretext that it contributes to the sponsorship of terrorism and the growth of cybercrime.

This would not kill or stop cryptocurrencies. It's impossible. Imagine those companies who have already invested a lot in cryptocurrencies and have been able to get more from their investment in them because they believe in them. It's just too much to stop.

People don't get to stop BTC itself. Regulators wanting to wouldn't be able to because of its structure. I believe people need to be educated about cryptocurrencies to understand how important they can be for anyone.

Even China was not successful in controlling BTC in their country, killing BTC will be impossible and up to today BTC is being mined in China and they do have CBDC as well.

But I have to agree that CBDC will make it comfortable for people in India to use. Its the closest wallet app they could use to serve as bank of their own especially the people who are not familiar with crypto.

let's assume as this statement was made, do you personally have a conviction that this is possible? even though i can only say for bitcoin it's not possible,  and i believe you also understand how cryptocurrency is fast blooming in India and how the government hype the fees paid on tax and regulations surrounding crypto law in India, gone are the days people can be decieved by mere threat on regulations, this does not even work on bitcoin because the people clearly understand the difference between what bitcoin is and what CBDC is.


even though this aspect has been talked about several times on the forum, i will only like to make a reference to the number of countries that have introduced their CBDC and list them, check to see for yourself how many of them have been successful with it and how many have successfully eradicated bitcoin after their launch.

There is arguably only one possible approach that governments could take to destroy bitcoin completely or at least greatly slow down its worldwide adoption. Bitcoin is a product of a free market: it was born in a free market, the free market dictates the price of bitcoin, the free market determines competitors of bitcoin, etc. If you want to fight bitcoin, you should do it by means of the free market. In short, create a worthy competitor, a new cryptocurrency that will be better than bitcoin in literally all aspects. Many have tried this, and many have failed, but it was just enthusiastic individuals not powerful governments willing to change the status quo. If some economically and politically strong government decides it no longer wants to be a part of "traditional" financial system based on debt, it can switch back to something even more "traditional", namely a  financial system based on hard money, such as a shiny commodity which everyone likes - gold. Or on cryptocurrency that is backed by gold and over which no government (including the one that created it) will have control.

Sure they can banoutlaw BTC, but that fact is true regardless if we have CBDCs or not. CBDCs doesn't limit Bitcoin's use just because CBDC is digital, as digitization isn't necessarily the purpose of Bitcoin — it's decentralization and censorship-resistance, which CBDCs obviously doesn't have.

It can't kill it because that's not how it works. When we say centralisation then it's centralisation, no matter what it is, whether gold or digital coin or fait notes. In short they are controlled, they are traced, you have to abide the terms of usage.

What do you expect from the Digital Currency of RBI? Do you think they will allow you to send it overseas without any limits, without any documentation and to any person / country around the world?

The answer is simply no. It is just so called upgrade to the current fiat system and in digital format. It mean nothing to the crypto currency and it will never be able to work like crypto currency - decentralised.

I don't think they are able to do it ever. firstly there is a big difference between these two and bank digital currencies are digital currencies while cryptocurrencies are based on encryption and the privacy you can see in cryptocurrencies and especially bitcoin, is unique. While the bank digital currencies are centralized and are controlled by the governments and banks and in the end, the nature of bank digital currencies is pretty much the same as the normal currecnues. I guess one good reason to say cryptocurrencies are much more popular among people is the decentraliztion of cryptocurrencies while the bank digital currencies are made to be centralized.

So that's the target of CBDCs? If it's the target and they're all eyes on bitcoin, they can't but if it's the other existing cryptos and altcoins, they can have at least a chance of eliminating a lot of them which mostly at par with stable coins.

Before, we've thought that bitcoin is going to replace fiat/cash but eventually we have accepted the fact that they'll just co-exist and we can live with both of them. As for the CBDCs, if this is just going to be a digital fiat then there's no need for them to think about eliminating bitcoin because they'll never be able to do that.

You have to understand that the current RBI governor is a political hire to act as a puppet for the government. If the Indian government really cared about experience, they wouldn't let Dr. Rajan resign.

CBDCs can't put a dent on cryptos. Killing is out of question. Cryptocurrencies work in a different way and CBDCs are just a digital representation of fiat currency. It won't be much different than the ways we are using UPI nowadays. Don't worry!

The conversation about CBDCs keeps repeating the same old questions. ;D
We've been discussing Central Bank Digital Currencies in the last 3 years, and AFAIK there's no active CBDC in circulation currently.
CBDCs can't kill crypto, but I'm sure that the "average Joe" would embrace CBDCs faster than crypto, because the government stands behind CBDCs, which means that they are "safe and secure" (sounds like a joke to me). ;D
There's no point arguing against the crypto haters and their BS about crypto having no intrinsic value. What is the intrinsic value of fiat?
The crypto haters are projecting the cons of the fiat financial system over the cryptocurrency world.

In my opinion, CBDC is one of the elements of a digital concentration camp.  

Will this digital concentration camp be created?  I don't have an answer to this question....  

If there is a trend, then there is an anti-trend.  Since 2000, we have all observed a pronounced trend towards digitalization and virtualization of social society.  However, with the beginning of this decade (2021-2030), an anti-trend began to appear.  There is a feeling that there is currently a slowdown in scientific and technological progress.  Global supply chains for goods and services are collapsing.  

In fact, the global world is collapsing.  Under these conditions, the construction of a global digital concentration camp is slowing down.  

And this gives a chance for the further development of Bitcoin (IMHO).

Can they shut down my full node? Can they shut down the mining farms? Then, they can't kill bitcoin.

Although off-topic, but Ethereum, as centralized as it is, can cooperate with banks to ensure more profit. JP Morgan already owns a crucial part of Ethereum (https://cryptobullsbears.substack.com/p/jp-morgan-owns-crucial-part-of-ethereum), and with the "development" of their PoS-ed ETH 2.0, it can benefit the financial sector, by a lot.

I can think of Ethereum as a future consensus mechanism, for banks. So, I rather believe CBDCs can be build on top of Ethereum.

As such, CBDCs pose no threat to cryptocurrencies because they don't possess the key features of cryptos: decentralization, free market price formation. So, if anything, CBDCs are competing against fiat as their better, improved and even more controlled by the state forms. However, the policies can make significant impact because while CBDCs aren't likely to attract enough attention under fair competition to surpass big cryptos, things like banning the usage of decentralized cryptocurrencies and only allowing CBDCs could, of course, do that. It can become a problem for countries like India that have shown hostile attitude to cryptos. But overall in the world, I don't think we'll see a strong enough crypto ban and encouragement of CBDCs for that to happen.

Why it will kill crypto? Does people will go directly into it once government launch it?.

Because for sure what will happen there is their created coin will became alternative for people who use crypto and provably the same with other stable coin crypto users will grab it because they will just think that its a safe haven to them.

One of the best examples of central bank digital currencies is the digital Yuan, which will only succeed because it’s in a non-free state. China is always looking for ways to control its people even more so than they already do and the digital yuan is no exception. These currencies face the same issues as traditional fiat currencies which mean they won’t have any advantage above bitcoin besides what it already has, imo anyhow.

If referring to Nigeria own situation with e-naira, it won't have any effect on cryptocurrency at all because currently after the CBN said they will introduce digital currency, it didn't push any pulse in the stock market or even the naira. In fact the naira keep sinking daily. Moreover the people are even not very use to cryptocurrency that to talk of digital currency.

In this case maybe I'll just laugh now considering there's been a lot of discussion about CBDCs before and the results are still the same they're just under and just like Fiat in modification the results are like that.
So when they say they can kill Crypto then I will only see this as a joke because it would be pointless to say a lot of arguments for something that clearly won't accept Crypto and something that is clearly impossible

I won't talk about all cryptocurrencies, but there's no way that bank digital currencies can kill bitcoin, I'm sure of that. CBDC and bitcoin work on completely different principles and seem to exist in completely different parallel realities. I get the impression that CBDC makers are creating it according to the principles that they are used to in their traditional system, but bitcoin is completely different, and I don't think the banks understand this at all. Indeed, it is difficult to rebuild one's established vision of the world, and therefore, among the bitcoin followers there are very few people from the traditional banking system. Let the banks spend their time and resources creating a bitcoin killer. Bitcoin will still not be affected in any way and people will use it as before.

-NO-
The reason they cannot do that is :
1. They are not cryptocurrencies
2. They are highly dominated by the governmental bodies and backed up making them more close to fiat
3. There would not be any liberty there, you would definitely be tracked
4. Less profits as compared to cryptocurrencies

But then again there would be some laws and regulations that will try to ban cryptos in the particular country and to also get people to accept CBDC's which can be sad for sure but people would definitely find ways to curb this and make the best use of it.

In my opinion, the key point is the ability to freely exchange fiat for bitcoin and bitcoin for fiat.  

CBDC is a digital financial system that is fully controlled by the Central Bank (unlike, for example, cash).  The exchange of bitcoins for CBDC can be disabled at the program level.  

This will turn Bitcoin into a geek toy.

In the conditions of digital marking of goods and services, the illegal exchange of Bitcoin for goods (works, services) can also be limited.  

Yes, this requires concerted action by the governments of many countries .... Nevertheless, it is possible.

We have been talking about this for a very long time now, actually i think one of the reason behind some countries launching CBDC's is their misconception of trying to compete with Bitcoin, or trying to convince their citizens to use the state issued digital currencies rather than Bitcoin, another reason would of course be competition amongst nations in terms of following the latest trend, but that is by the way.

Having said that, these countries are actually getting it wrong issuing/creating/launching CBDC's with Bitcoin at the back of their minds, they forget that theirs is centralized and issued by them, theirs will function like their fiat currencies and would be manipulated by the government. Bitcoin is none of that, it is decentralized, deflationary and not issued by any central authority. The thing is this, while quite a lot of us are knowledgeable about all of these, there are masses out there that are not, and the government are good in spreading their propaganda about Bitcoin and promoting their CBDC on the other hand, this can definitely deceive people who do not have so much knowledge.

Central bank does fully control cash, since it fully controls the supply. Sure, it doesn't know who pays who, but monopolizing people's money is entire control.

You can't know what I exchange, unless there's an intermediary involved. Same goes for cash, bank accounts, poker stars credit points, anything that's treated as money. However, electronic money, such as bank account, does violate your privacy.

No, it wouldn't. Even if we assume they somehow traced everyone who's going to trade their E-USD for BTC, and froze their accounts, which is impossible but say if, there's still a pretty strong economy build on top of bitcoin. There are people, me included, who use bitcoin as a currency. Also, this dictating attitude would push many into using money that is censorship resistant.

I think, one major reason that they are now creating their own CBDCs is because of digitalization driven by this pandemic.
I don't think they are competing with BTC here because btc is not a competitor of CBDC.
As people are going digital, CBDC is a good form for their people to use as payment method and other financial transactions, avoiding the physical cash.
As crypto is getting popular, going into CBDC won't be hard for them to implement this digitalization. We all know that CBDC is a centralized one.
Sooner or later, their people will understand the difference of CBDC and BTC or other alts. But using their CBDC is a good start to learn crypto, that is for those noncrypto users.

India doesn't have any strong stand on its legality of bitcoin usage, but it heavily tax the Cryptocurrency. The government wants the profit out of the Investment, but doesn't give any official statement whether the usage is legal or not. People consider it to be legal based on the taxation.

Next thing, people continue to use cryptocurrency amidst several warnings and other problems put forth by the government. Government is well aware of it and it thinks CBDC can limit the usage of cryptocurrencies which is a wrong understanding. Only benefit a government can get out of CBDC is the stagnation, because it is the country that has got more than trillions kept on Swiss Banks.

It's impossible as you and all other users here already know. They can try everything with their power to stop Bitcoin but in the end they will fail, they always do. If we want to use a centralized money system we can go on with current one as almost everything is digital. The only difference is governments can print money however they want and it brings inflation. Who would like to see their savings value go down everyday?
I don't know about altcoins and probably most of them will be obsolete by the time spontaneously but Bitcoin prove itself already and is here to stay.

concerns of an agency such as a bank and a few that regulate finances. It may be a threat to them in certain countries. They are worried that citizens will tend to choose cryptocurrencies while the printed money supply will not be used optimally by the community anymore with too much supply. technology can't be stopped. I've heard in several countries that promote to replace the tourism sector. Even other countries that have adopted and are now legal currencies (crypto).
Crypto is an alternative form and there is no obligation for a country to use it.
I think the existence of crypto is an convenience.

Do you think CBDC controls Bitcoin or crypto world?
Bitcoin or crypto world is decentralized, no individual or no institution controls it. So, how to stop Bitcoin or crypto world? It's impossible, dude.
Even if all banks try to ban Bitcoin and all crypto activities, they can't kill cryptocurrencies. So, we shouldn't be too worried about this CBDC, it can't do anything to Bitcoin and crypto.

I do not think so- financial freedom is one of the reasons for the birth of cryptocurrencies. If banks were to create their own centralized currency in hopes of eliminating the need for the people to use cryptos, this just goes against the very foundation and nature on why people opt to use cryptocurrencies in the first place.

Decentralization and freedom are the reasons on why we transact. We use BTCs as the currency for anonymity and privacy- not to mention, every public block is listed on a public ledger (available to anyone) so that it can remain proofless.

I doubt that people would choose centralized currencies over decentralized ones. I really see no reason on why this would also kill cryptos in the process. In fact, I see this as an opportunity for the price of the latter to increase during the process.

Are they going to make the central bank digital currencies decentralized? Then yes. But will they? I don't think so. They are never going to so something like this. Decentralization means more power to the citizens which is never going to happen. So no, central bank issued digital currencies are not going to kill crypto currencies. They are like regular fiat currency but with slightly different structure where they use a digital ledger.

Don't know what's that "little case" mean but cryptos like btc and eth are not little or small so I guess they are going to be safe for this. The only ones that can get killed here are the small cryptos or the ones that are not known and not those small cryptos that are on the top like matic. That was fine to me since I always want the junk coins to disappear so that this market are going to be clean.

An economy of a country doesn't totally or doesn't only depend on the cryptos, which is why china that already banned cryptos a long time ago are still doing well. Other countries should not be afraid of but if there are scared here, that would only be the crypto users.

In my opinion, CBDCs are designed to be the only money in the world.  It will be a financial monopoly.  All other money will be prohibited.  In my opinion, this is exactly the idea of ​​CBDC....

Cash will be banned (banknotes spread viruses, cash is used by criminals and terrorists). 

Commercial bank deposits will be prohibited (commercial banks are not needed, they are obsolete). 

IT corporate money will be banned (corporations should not compete with governments). 

Cryptocurrencies and stablecoins will be banned (these are monetary surrogates, their circulation of money harms the new global financial system). 

Yes, nowadays, many goods and services can be purchased with bitcoins. 

However, direct settlements with bitcoins can be prohibited (by controlling the circulation of goods and services).  The first step towards such control is the digital marking of goods.

Okay apart from the text I got some thoughts, if the government claims that CBDC can kill the decentralized cryptocurrencies literally means that those decentralized cryptocurrencies are killing the existence of fiat money?

If yes then CBDC are not much different from the fiat money then these bitcoin and ethereum can kill the CBDCs as well in future.

But, they can't, because there's money that satisfies needs you can't even imagine doing in the traditional financial system.

Cash is also used by innocent people. It won't be banned because of terrorism. It'll be banned to make privacy invasion as much effective as possible. In other words, to control.

That's just one's opinion.

They've tried to do that in the past a gazillion times, yet, I can still use bitcoin to purchase many stuff.

Direct settlements with bitcoin cannot be prohibited in the same way cryptography cannot be prohibited.

Barely doubt this can happen. There is no way crypto currencies can get killed with central banks actions like this. Presumably not by single governments action!! Let’s say India launches this digital currency then also rest of the world will continue to flourish in the crypto currencies.

Moreover, in the era where different countries are launching legal tenders and trying to become worlds bitcoin hub I barely doubt actions of single government can interfere with existence of bitcoin. Maybe in India itself it could hamper but not throughout the world.

I want to take CDBC positively. This isn't harmful to Bitcoin anyway. It would make it easier to trade Bitcoin legally worldwide. Now we need cash to make Liquidity. But when CBDC will Launch we can easily convert Bitcoin to CDBC. Because most exchanges will accept CDBC and no reason to ignore that. Killing Bitcoin isn't an easy task at all. And centralized currency issuers will never support decentralized cryptocurrency anyway. So let them think what they want, it won't hurt Bitcoin.

Can the government kill what they can't regulate and control the answer is NO. The best the can do is project their CBDC and stair up FUD in the minds of novice crypto investors which might trigger their sell-off. IMF still wants to be in-charge and have full custody of how much move around the international market so the fight hard to restore their centralized nature and frown at any country that legalizes Bitcoin. But the truth remains the era of centralization is long gone the world is embracing decentralization and with this change there is nothing any government in the world can do to stop this

CBDC definitely can't kill crypto, because it is just one nation, doesn't matter which nation, could be the USA, the UK, India, Greece, Germany, it never really matters. The only thing that matters is the fact that one nation could be eliminated from the current situation and there will be a lot of people who will end up with upsetting portfolios that mean nothing anymore, or move towards p2p to make it work.

However, if we end up with something that is a bit more precious, then we could end up with a good return in the long run. So, the best thing to do would be to actually end up with a good alternative ready before any of this happens.

Forbidding something that is not controlled by a certain institution will only be in vain. Bitcoin, who can really control when public awareness is now so open about Bitcoin? The fear that the IMF created with their myriad limitations of simply being able to organize bankers to issue CBDCs does not mean they have succeeded in controlling Bitcoin transactions in a controlled manner.

Killing crypto with growth that will still only be left behind, in general CBDC is controlled in the region of bank chaos, then aims to need a global crypto financial system? well, maybe it is possible if every country and financial policy is equalized? but the article is that all banks in foreign countries only take care of their country's finances. no matter how much they do everything possible, in fact blockchain is used to adapt to today's finances. CBDCs will remain limited, whereas crypto could be created with billions in supply and make it difficult for the IMF to control. What about trying to control Bitcoin's growth? really very far from expectations.

Finding some alternative for this year or directly in a hurry wont really be that relevant.Why? Im too confident that there's no way or there's no time that would come in terms of controlling out crypto even or despite
of the existence of cbdc's or something those centralized wont really be enough on taking down crypto.We know on how decentralized market works and even how hard they would make out those bans
then the community would really be still able to make out some other way or path on making transactions without any intervention from them.They both co-exist and serve out
different people who do really needs out on something.

If you understand economics then you will understand this can only work in theory, because everything can be used as money.
Example:
Cigarettes are used as money in prison.

The only thing they will achieve is creating a huge shadow economy.

If they really make a cbdc this restrictive and prohibit everything else, then people will just settle in other forms of money when needed. People can settle their daily needs in a cbdc and then circumvent the system for everything else, there’s nothing that can stop this in practice.


It’s not about which tool they use, if they kill cash then criminals and terrorists can use gold or anything else. Cash should be a human right, because in 99% of cases it’s used by regular citizens and it will only kill privacy and freedom for them.

And if just 1 other country doesn’t ban cash, then they can settle in this currency, so it’s really just regular people that are affected by this.

I believe the first question OP, should ask him/herself is have any CBDC performed very well in the past few years because it will always be the something as fiat currency and the only difference is one is digital cash because the reason why people supported crypto like Bitcoin till today is because of it decentralized and no censorship and consensus nature.
If CBDC cannot be operated in a decentralized and no censorship and consensus way only a few people will use it.

Yes, you are right about that, decentralization puts the citizens in control here, but you also have to know that it all depends on the platform that you are making use of. Cryptocurrency can be decentralized, but if the users are making use of centralized exchanges or custodian wallets, then that means that the government is still in control. the governments are now making use of custodial wallets and centralized exchanges to penetrate into the decentralized crypto currency space.

So, the only way to make sure that the citizens remain in power is to make sure that they are all making use of decentralized platforms such as P2P exchanges, and also fully decentralized wallets.

Crypto is killing fiat in a such a way that it has made many of us realize how useless they are, they made us believe to save our fiat with shitty fiat interest rates instead of encouraging us to keep the good investment and likewise Crypto is not killing fiat because the two are different things which sometimes depends on each other. For example, you need fiat to switch between portals of fiat and cryptocurrency and vice versa.
CBDC is nothing different from Fiat we see every day, one is physical and the other is recorded on the blockchain ledger, it is not close to stable coins on market cap, they are insignificant where crypto exists.

Basically this is nothing more but politicians believing their own lies, if bitcoin could be as easily killed as they think then why it is still exist today? Why despite the fact a digital form of fiat has existed for so long people have still decided to accept bitcoin?

Has it ever occurred to them that it is because people are rejecting the characteristics of fiat and prefer a decentralized currency they cannot control and exploit at will? Obviously not, since they believe they can kill bitcoin by releasing their CBDCs.

Because of the intense security surveillance of transactions involving cryptocurrencies in Nigeria, any transaction stating cryptocurrency in the narration would result in the account being frozen, and they are very serious about it. The e-naira was later introduced to replace the cryptocurrency. They have the ability to destroy cryptocurrency if they are serious about it.

Don't worry about the idea of a central bank cryptocurrencies, this will make crypto more popular and certainly won't kill the future of cryptocurrencies, I think this is good so it can make users more secure and not worried about very high price fluctuations like what is happening with cryptocurrencies today .

Since the emergence of crypto is not liked by the government, therefore there are many ways that the government has taken to kill crypto.
But in the end crypto is still there and is still growing, meaning that the government's efforts always fail to kill crypto. Therefore CBDC is not
a threat that can kill crypto. After all, it would be better if CBDCs and cryptocurrencies co-exist, complementing each other, rather than beating
each other up. So it is impossible for CBDC to kill crypto, and vice versa, crypto is not possible to kill CBDC too. Since both are still needed
for now, after all crypto has a bright future, because crypto can give us the freedom to manage our own finances. Therefore more and more people
trust crypto, even though the government does not support crypto. Therefore investing in crypto is very profitable, so it's not too late if we want
to invest in crypto today.

The key factor is that as long as CBDC is concerned the government would not want to decentralize the currency and this bottleneck will stifle the currency once again....

For trying to adopt the changes made by cryptocurrency for sure it will not kill the industry what you concerned with and most provably people will take it as alternative since investors will not focus on one thing so for sure all of this will get adopted and maybe by the help of their created currency it will help boost the popularity of crypto. So chill out and don't worry about things which didn't give any bad effect yet.

Central banks have a lot of influence over laws surrounding finances which include cryptocurrencies, so what they say matters. If they choose to get stricter and implement bans then it will be devastating, especially if a big bloc like the EU was involved. Eventually they will want to make their own after seeing it is useful and popular - if it can replace physical cash with increased transparency that could be good for the taxman too.

I don't think CBDC's can compete with crypto. My concern is government backed efforts to go paperless and install CBDC's in place of fiat currencies while trying to oust crypto at the same time. It's not that CBDC's on their own can be successful when applying free market principles. There's no chance a consumer would voluntarily choose a CBDC without their being other factors involved (like government coercion).

It's not much of a conspiracy when you realize the steps a lot of countries have been taking to curtail crypto growth. Their intentions have been clear from the start.

I think CBDC can't kill cryptocurrency because the majority of people who are involved in cryptocurrency are avoiding the banking system.  Even if we think that banks have great influence, it won't affect people who don't want to use their service.  With that, CBDC cannot be considered a competitor of cryptocurrency so there is no way it can kill it.

In reality, they totally can and that is the scary part but people are ignoring it. I mean you are telling me that the whole world central banks could get together and pressure the president or whoever they need to in order to ban crypto and that would be not so great for us? It is obvious that we just need to accept the fact that central banks are actually profiting from this.

Well, we are taking our hands out of the fiat, and letting the rich got richer in the fiat world, and making sure that we spend our money on crypto, which they have no control over. That way, we are going to get rich or become poor, both of which will work for them very well.

The deputy governor of Reserve Bank of India have mentioned, his organization believes that CBDCs have the potential to kill private cryptocurrencies. He connects the increasing adoption of simple UPI as a reason for the same. The fiat based peer to peer transaction have experienced an average transaction growth of 160% per annum over the last five years. During the 2020 lockdown this took fast phase growth. He cited blockchain technology that is being created even before that has failed to reach certain level of adoption.

CBDC are a different ball game. They are more like digital currency for spending your money saved in bank. But crypto is a evolving blockchain currency, which has  potential of  being used as a international payment token, an ever evolving currency which will appreciate over time on holding and most importantly crypto transactions help you to keep your identity safe

I thought of it as well that why can't the government achieve a general ban on cryptocurrency despite dome launch on CBDC, yet the cryptocurrency adoption especially that of bitcoin continues to widens and increase, i wonder what OP was thinking when he assumed that CBDC to kick out cryptocurrency, but let look at it in this other way round, it can be possible but on alt coins because most of them happens to be shitcoins at the long run but bitcoin case is different, i see bitcoin as the only most recognized and acceptable digital currency for exchange of goods and services and this might be a reverse case in the place of other cryptocurrencies.

I don't think Central Bank Digital Currencies offer the same ideas as cryptocurrencies, at least most of them. They will most likely form a separate sector of finances that will coexist with crypto and FIAT, but will (probably) have less importance than the other two. And they might as well intertwine with FIAT and crypto to form some kind of a bridge between those two. Could be interesting.

For sure government had already been doing this into those early days or years of crypto existence yet everything that do opposes centralization shouldnt really be letting on loose.
We've seen on how they do struggle out on controlling crypto space but they do still failed thats why the only that they could get in touch with is into those times
on making those centralized platforms would follow up their regulation. CBDC's does exist and we know its usage and behavior or quality which it isnt really too far off with e-fiat.
Killing crypto is impossible thats why they would do coexist.

In my opinion not, decentralization will be the best choice for users, the presence of Central Bank will actually make users have their own choice so that they will not interfere with the market of decentralization, this is the same as a stable coin that never interferes with decentralization consistency but strengthens each other.

It is true that CBDCs are different than cryptocurrencies, but governments want to deceive the public by claiming their coins are better since they are backed by them, and while many people will be deceived that is not the case for people like us, after all we are not holding fiat precisely because they are the ones that supposedly are backing it, and I say supposedly because we know fiat is not really backed by anything, which is why their collapse will happen at some point in the future.

Money is a very important thing in a social society.  This is more important than a strong army and modern weapons. 

Therefore, state governments are very concerned about the prospect of developing private money.  They are creating a CBDC to destroy bitcoin and other cryptocurrencies. 

In addition, they want to gain more power over people (build a digital concentration camp). 

Only one thing can prevent them from realizing their plans - the states will not be able to unite for the sake of this goal (to overcome internal conflicts). 

Globalism has failed in the modern world.  And this is a definite chance for Bitcoin.

It's true, crypto investors do not look at just one thing and focus on that, we look at multiple things all at once. I mean the NFT world, Metaverse world and DeFi world all started at the same time. People didn't say "oh I am going to just focus on this one", they invested in all of them and stopped investing much eventually in all of them.

Still do invest a bit, but not as hyped as it used to be. So, we need to realize the differences for sure. Doesn't mean that it has to be like that, just means that we could definitely go with this "not focusing on one thing" whenever central banks do something, people could love that, but share their love with other things as well.

The idea to make a central bank digital is a good thing, I'm sure even though it is implemented effectively it will not affect Cryptocurrencies, this is because the Cryptocurrencies community that is widespread throughout the world cannot be easy to leave cryptocurrencies.

I do not think that cryptocurrency will take its full place in the financial system of the world. I'm talking about full-fledged, decentralized, "uncontrolled" cryptocurrencies. At least until the transformation of the cryptocurrency into a full-fledged means of payment and exchange takes place. And the cryptocurrency will cease to be a very tempting, but very "slippery", manipulative and purely speculative product. I think that the controlled change of trends in the market of "decentralized and uncontrolled by anyone" cryptocurrency will have time to pass more than once. Those who arrange these slides will again earn huge amounts of money. Those of the "simple" who are smarter will also have time to earn extra money. But, all other participants will pay from their pockets for this "show" of money flowing from one pocket to another. Given this, cryptocurrencies, in the existing world, could easily lose interest from manipulators and speculators if CBDCs can stop the flow of fiat-digital funds to crypto exchanges. And there is no interest among manipulators and large speculators - and the crypt will leave our lives, and will remain only in the memories of the participants of this forum :)

in many countries, public trust in government has dropped dramatically...

it's true, that the price of bitcoin is not self-made, the price of bitcoin comes from people's beliefs. the existence of big transactions in bitcoin in the market is proof that bitcoin has stuck in the minds of millions of people around the world. CBDC, digital currencies, or whatever is designed by the government, is just a snare to lock the movement of people and it will make people's trust in the government decrease.

Indeed, the digital currencies of some large countries will look much safer than ether or bitcoin. This currency will be supported by something, we will understand that this country will try to support this currency. There will be at least some support for thoughts.

First of it all we need to emphasize on the fact that they were both two different currencies that cannot be compared to each other, no any further similarities other than the two being used for an exchange and making of payment, those that are crypto enthusiast understand the need for it over Fiat currency, while this makes it more difficulty for others who don't really understand what and how cryptocurrency can make an impact to the growth and development of thier entire economic lives into a positive change with a better expectations.

I don't think this will have any effect on cryptocurrencies. however CBDC is just like a stablecoin. What makes the difference is that CBDCs are under government control(central bank). because the CBDC itself will be worth the money in the country. While cryptocurrencies or especially bitcoins are not under the control of the government, aka us or all of the holders as controllers. I prefer freedom. Holding a CBDC is just like holding ordinary money only in digital form that almost resembles cryptocurrency. So I think CBDC can coexist with cryptocurrencies. So I emphasize that CBDC will not be able to kill cryptocurrencies. because they seem to have a different world. although its function is almost the same as stablecoins, which is equivalent to a certain currency. However, the concept in it is different.

It sounds like can fiat currency kill BTC! I ready doubts about this concept of CBDC and its potential. Most of the country in the world doesn't have the ability and resource to create and maintain their own CBDC. Allowing crypto assets and taxing them is less costly and convenient for the govt than creating CBDC. Also, I do not find many similarities between them expect their use case. So talking about killing one another is irrelevant.

CBDCs won't probably use a Blockchain, so don't count on them "killing" cryptocurrencies anytime soon. Of course, most people will use CBDCs over crypto because they're backed by the full faith and credit of the government. It'll be just like now where most people use Fiat even when crypto proves to be better in many ways. I see a future where both CBDCs and decentralized cryptocurrencies will collide, giving people the choice from one type of currency to the other. No matter how hard governments try, they will never destroy crypto/Blockchain tech because of its decentralized and censorship-resistant design.

Bitcoin is the one cryptocurrency that will last a lifetime due to how far it has gone since day one. It's only been 13 years since BTC's inception, yet it continues to grow stronger every day. As long as decentralization wins, there should be nothing to worry about. Just my opinion :)

Fiat currency is already been here right before the btc came in and fiat is still being favored by the governments/banks and as well as the majority of people. Btc is nothing against it but between cbdc and cryptos, cryptos are the first one to came in however cbdc is being favored the most by the governments/banks because it's theirs but many people are still sticking with cryptos over cbdc so there is no need to worry about it.

Cbdc cant surely kill cryptos but they are the ones that cryptos will kill. Governments can allow crypto but they cannot totally control it, that is the reason why they created cbdc and I don't think creating it is hard and costly.

You should do more research about what you are talking about. People do not like or favored fiat. They are forced to use it because it has been legalized by their government. Inflation is the reason why people do not like fiat in the first place. CBDC is nothing but a digital form of fiat. There is nothing new so it is not a better version of fiat. People will face even greater problems while using CBDC.

If BTC is nothing against fiat then how did you come to this place? BTC controlled by any company? Didn't you see any ads about BTC? Still, you find it out and this number is growing. There must be something in it that's why people like to store their wealth in BTC, not fiat.

You're right about that. CBDCs are just the same as any ordinary Fiat currency except for the fact that they're completely digitized. A digital cash system would bring lots of benefits to both governments and central banks alike. For instance, it'll be possible to track and trace every transaction performed on the government-controlled ledger (something that's not possible with paper money today). This will mark the end of privacy for good.

At least, decentralized cryptocurrencies will be there to save the day. CBDCs will never kill crypto because the latter is decentralized and censorship-resistant. Of course, people will use CBDCs because they don't have any other choice. But decentralized cryptocurrencies won't lose traction no matter how hard governments try to destroy them. As long as decentralization is put at the forefront of crypto/Blockchain tech, we'll have nothing to worry about. Just my thoughts ;D

CBDCs are just digitised traditional fiat that are being run over a cryptography. How far this gonna succeed same as the bitcoin and other cryptocurrencies isn't known. This digitised usage will help ease the taxation process. In most of the cases even the CBDC isn't integrated with a blockchain. So, this CBDC doesn't have anything important and this isn't gonna kill bitcoin.

In my opinion, the presence of Central Bank Cryptocurrencies will not interfere with a strong Cryptocurrencies community, this is actually an old idea to make investors safer and not afraid of being exposed to scams, and cryptocurrencies that decentralized in my opinion will continue to be liked by people because of large profit opportunities.

Central Bank Digital Currencies and Bitcoin offers different services. Central Bank currencies are centralized and controlled by government. They are digitalized fiat created to compete with Bitcoin to make their citizens loose interest in Bitcoin. While Bitcoin holds the key to privacy and freedom. Smart people would always know the difference and the advantage of Bitcoin over these CBDCs and would definitely choose the former. The relatively low transaction fees of Bitcoin would forever make Bitcoin the preferred choice. My insinuation is that both CBDC and Bitcoin would continue to exist. If any one would kill each other, my guess is that Bitcoin would kill them all.     

The problem is that on average people do not want to bother about learning the differences between the two, which means they will believe whatever they are told by the government, and if they are told that CBDCs are better than bitcoin then they will believe it, and even if we got to see a massive crisis in the future and people had to learn the hard way about how bad the fiat system is for them, I am sure that just a few years after it they will forget about it and the governments will begin to push for their fiat and CBDCs again.

If you are illeterate then you would really be having this kind of problem in differentiation in between cbdc and cryptocurrencies and on the question if cbdc can kill crypto? No it can't because it's a different market which simply means
That people would really be still supporting crypto since we do know the benefits in terms of utility plus having the opportunity for you to make profits or money or in terms of investment.

I don't think the central bank digital currencies will kill off crypto. Many CBDCs will be built to work with public chains like Etheruem, the internet computer, and Flare.

Saying that these currencies will kill cryptocurrencies is an exaggeration for several reasons, the most important of which are:
- There are fundamental differences between the two currencies, and one cannot substitute for the other with the same characteristics.
- Encrypted currencies have become a reality, and if someone intends or wants to kill them, there are also many who do not aspire to that and prefer decentralized encrypted currencies over central ones.

That's certainly true, mate. We could say that CBDCs are nothing more but a "glorified" version of Fiat. With the new digital cash system, governments and banks will have more power than ever. Not only will CBDCs make taxation easier, but they will also allow governments to keep track of your spending habits. Everything will be fully visible in a digital ledger only the aforementioned entities control. This will mark the end of privacy, as paper money is phased out for good.

Luckily, we have decentralized alternatives (cryptocurrencies) that will enable financial freedom without interruptions. As long as the community keeps crypto/Blockchain tech decentralized, there should be nothing to worry about. Who knows if CBDCs get to live alongside crypto for generations? Just my thoughts ;D

As sad as this may sound most people are financially illiterate, despite their finances being so important that they dedicate a great deal of their time to try to earn money, they do not want to stop and think about the moves they need to do to improve their financial situation, so even if CBDCs and cryptocurrencies are completely different most people will believe whatever they are told, something which will hinder the adoption and the development of cryptocurrencies in general.

that's right mate. even instead of CBDC killing cryptocurrency instead I see the opposite potential. because most people don't want to be controlled by the center. And it could be when someone who is not familiar with cryptocurrency and he is introduced to the CBDC system by the central bank and finally he uses CBDC and from there he begins to deepen so that he finds another system, namely Cryptocurrency and finally he will face two choices to be made and choose which one is better. comfortable between centralized and non-centred. then I'm sure most people will choose the decentralized one. because freedom is there. and it is no longer a myth that every human being wants freedom and does not want to be controlled. so in the end Cryptocurrency will be the most chosen one. and maintain its superiority.

Well, This can never happen if we the entire community stand together as one, the cryptocurrency community has grown so large and we are still growing, the central bank, the IMF, China, whatever they call themselves , cannot impose their currency on us if we do not let them.

I still dont understand why this set of bodies are always campaigning against Bitcoin and cryptocurrencies in general, as if they are the ones to choose for us, what or where we should put our money in, all this campaign against Bitcoin is probably because with Bitcoin , they lose complete access to our money which they really need to continue to enrich themselves while we, the true owners of the money languish in poverty through devaluation of the fiat currency and inflation, this is not good , and only a fool will have a taste of sugar are still go back to licking salt.

I'm sure this will not happen, cryptocurrencies is a unique thing that depends on the power of the community, as happened with Bitcoin with a community that is spread throughout the world and many countries choose to legalize bitcoin and increasingly proven that bitcoin provides many benefits and income on country.

I don't think that digital currencies issued by central banks can kill crypto currencies. The more people invest in crypto currencies the more powerful they become, and the less power governments have on the money supply. Banning crypto currencies might be one option for one party countries like China, but it doesn't work in democracy with multiple parties. We have seen so this year when the European Union tried to limit crypto currencies and their bill didn't pass. As for the IMF, it's is run by politicians who are connected to the big Western countries and will act in their interest. The IMF is giving out their loans in US Dollars and Euros and doesn't want Bitcoins and other cryptos to succeed. In the end it comes down to investors who actually buy and trade in a currency they choose. Just because the government tells us to buy central bank digital currency doesn't mean we have to do it. In my opinion the demand for such digital currencies will not be as high as for crypto currencies.

But I will let you know if that and we all know that before the existence of cryptocurrency Fiat currency is already in existence so both of them having different uses but similar so therefore cryptocurrency cannot be killed all stone out of the market because of Fiat currency the reason is that cryptocurrency is a decentralized currency why Fiat currency is centralised currency which is being controlled by the government why decentralized currency is not being controlled by the government which Bitcoin falls under the decentralized currency.

I wonder how central bank digital currencies (CBDC) can kill a decentralized cryptocurrency? Only as a result of normal competition between them? But these are different financial assets and there is minimal competition between them. Most likely, CBDCs will compete with private stablecoins, and this can happen with the help of strict regulation and government bans. But a decentralized cryptocurrency should not be afraid of CBDC. After all, CBDC is, in fact, a state stablecoin and nothing more. People themselves will rob what they use and we are absolutely confident in cryptocurrency.

There will more and more reasons as to why these digital currencies will never kill or replaced cryptocurrency especially bitcoin. Both of these reason are correct as cryptocurrencies and digital currencies will not be same and both will have its own supports and critic. In case this will how governments will transition in the future, both type of currency will coexist with each other and cryptocurrencies will still be considered as an asset, investment and a volatile currency.

I never thought they would try to destroy each other, bitcoin was never created to replace fiat and vice versa fiat or digital currency would destroy bitcoin.

I personally think CBDCs were designed to replace stable currencies that are managed by private companies instead of governments, and it's possible that governments feel unhappy that money printing and money control aren't entirely in their hands.

If governments treat and mint this as they do fiat today, then not a chance in hell.  If they stick to a hard cap and incorporate technological innovation, then at best it could compete but doesn't seem it will significantly change things for crypto unless they use this to make up some laws to try and impose more restrictions on crypto.

You can bet that governments will do everything in their power to discredit the use of cryptocurrencies once CBDCs are launched for public use. After all, they don't want to lose control over the economy. A CBDC will give governments and central banks more power as everything will be widely accessible in a distributed ledger they control. We cannot say the same about paper money which is anonymous by design (sort of).

Some people will still use traditional cryptocurrencies because they don't want to give away their privacy. But the rest will use CBDCs to avoid getting left behind in the dust. I wouldn't worry about government-issued digital currencies as long as decentralization wins in the long run. Who knows if CBDCs live alongside crypto for generations? Just my thoughts ;D

Bitcoin decentralization and all this circulation is connected from all the commodities that exist and every year I hear like drugs and money laundering do they see Bitcoin as only a positive thing that can be done with Crypto currency itself? If such regulations continue to be carried out then price movements can be played with it all and the regulator can cancel at any time.