What do people think about CBDC?

[24Kt]

I wouldn't be surprised if the US and other countries begin cracking down on crypto in order to force the use of CBDCs. If that happens, mainstream adoption for decentralized cryptocurrencies will decline at an accelerated rate. Who knows if this leads to a major decline in crypto assets' prices on the market?

Yeah, there are enough possibilities for USA and other countries to introduce their own CBDC but in my  understanding that all decentralized cryptocurrencies (or at least bitcoin) will remain as digital asset whereas CBDCs will be in circulation just another digital fiats.

I mean still I will use my government's CBDC to buy bitcoin similar to exactly how I am currently doing with my credit card or skrill account. So, I am not seeing government's stand on CBDC will script the decline of cryptocurrencies. I am saying this because cryptocurrencies are not being used as currencies as of now but it is being treated like digital assets which may go more intensive if enforcement of CBDC takes place in coming days.

They can co-exist anyway, and besides, we have seen that the government can't fully stop the crypto transactions as it is decentralized. As they have seen, even the total banning of China, doesn't affect much the crypto market. So if they will do the same, it doesn't mean, people will stop transacting with crypto, it may even proliferate as the adoption is growing stronger. So in terms of creation of CBDC, it is like we are already experiencing it right now by dealing with digital fiat currencies.

[Quidat]

I wouldn't be surprised if the US and other countries begin cracking down on crypto in order to force the use of CBDCs. If that happens, mainstream adoption for decentralized cryptocurrencies will decline at an accelerated rate. Who knows if this leads to a major decline in crypto assets' prices on the market?

Yeah, there are enough possibilities for USA and other countries to introduce their own CBDC but in my  understanding that all decentralized cryptocurrencies (or at least bitcoin) will remain as digital asset whereas CBDCs will be in circulation just another digital fiats.

I mean still I will use my government's CBDC to buy bitcoin similar to exactly how I am currently doing with my credit card or skrill account. So, I am not seeing government's stand on CBDC will script the decline of cryptocurrencies. I am saying this because cryptocurrencies are not being used as currencies as of now but it is being treated like digital assets which may go more intensive if enforcement of CBDC takes place in coming days.

They can co-exist anyway, and besides, we have seen that the government can't fully stop the crypto transactions as it is decentralized. As they have seen, even the total banning of China, doesn't affect much the crypto market. So if they will do the same, it doesn't mean, people will stop transacting with crypto, it may even proliferate as the adoption is growing stronger. So in terms of creation of CBDC, it is like we are already experiencing it right now by dealing with digital fiat currencies.

As long government exist then this will surely co-exist together with current crypto currencies in the market which we should really not be surprised on whats the take on this one because they would be surely be mainly supported and adopted with government which simply implies that they will both exist no matter what. Dealing with CBDC's? Your choice to make because not all would really be that positive
towards this another centralized thing.

[Abiky]

Yeah, there are enough possibilities for USA and other countries to introduce their own CBDC but in my  understanding that all decentralized cryptocurrencies (or at least bitcoin) will remain as digital asset whereas CBDCs will be in circulation just another digital fiats.

I mean still I will use my government's CBDC to buy bitcoin similar to exactly how I am currently doing with my credit card or skrill account. So, I am not seeing government's stand on CBDC will script the decline of cryptocurrencies. I am saying this because cryptocurrencies are not being used as currencies as of now but it is being treated like digital assets which may go more intensive if enforcement of CBDC takes place in coming days.

No one knows what will happen in the future. Either decentralized cryptocurrencies like Bitcoin and Ethereum survive or see their demise due to fierce government crackdowns. Governments will probably force the use of CBDCs (especially communist/socialist ones) greatly impacting crypto's mainstream adoption. People don't understand what crypto/Blockchain tech is truly about, so they will believe a government-backed digital currency is a good thing.

As I've said before, CBDCs will only increase government's surveillance efforts. It'll be the end of an era for privacy as we speak. Decentralized cryptos might still be around, but adoption will be extremely low. People will be afraid of using something outlawed by the government as they could face fines or jail time. Things are widely unpredictable in the world of crypto, so we should be prepared for the worst. Just my thoughts

[zasad@]

The Central Bank of Russia in 2024 will begin to gradually connect all Russian banks to the digital ruble platform
"The Central Bank explained that in 2022 the digital ruble platform is being tested, and already in 2023 the regulator plans to start piloting “real money” settlements between individuals, as well as individuals and enterprises. Also in 2023, a limited number of participants will be given the opportunity to conclude and execute smart contracts on the digital ruble platform, that is, transactions that are automatically executed upon the occurrence of conditions predetermined by the parties, the document says."

https://rg.ru/2022/08/12/cb-v-2024-godu-nachnet-poetapno-podkliuchat-banki-k-platforme-cifrovogo-rublia.html
https://regnum.ru/news/3668695.html
https://tass.ru/ekonomika/15456993

[Abiky]

The Central Bank of Russia in 2024 will begin to gradually connect all Russian banks to the digital ruble platform
"The Central Bank explained that in 2022 the digital ruble platform is being tested, and already in 2023 the regulator plans to start piloting “real money” settlements between individuals, as well as individuals and enterprises. Also in 2023, a limited number of participants will be given the opportunity to conclude and execute smart contracts on the digital ruble platform, that is, transactions that are automatically executed upon the occurrence of conditions predetermined by the parties, the document says."

https://rg.ru/2022/08/12/cb-v-2024-godu-nachnet-poetapno-podkliuchat-banki-k-platforme-cifrovogo-rublia.html
https://regnum.ru/news/3668695.html
https://tass.ru/ekonomika/15456993

This just tells us the switch to CBDCs is inevitable. Russia is following its neighbor China by adopting a digital currency system of its own. Other countries are exploring the possibility of launching CBDCs to the public (like the UK and Japan), so it shouldn't be long enough before paper money (and possibly credit/debit cards) will be phased out for good. While it the transition from physical Fiat to digital Fiat may seem like a good thing, you'd be sacrificing privacy for convenience in the long run. It'll be the perfect system for governments to track and trace every person's financial activities at will. Perhaps, they will even implement an "auto tax" feature that will automatically deduct taxes from the income you receive.

As I've said before, there will be no privacy on such a system because everything will be highly visible by governments and central banks alike. It's yet to be seen whenever governments will still allow crypto to be used alongside Fiat (CDBCs) or all the other way around. We've already seen what China did against Bitcoin after it launched its own CDBC, so it's likely other countries will do the same in order to prevent people from getting financial sovereignty. Who knows what the future holds for the entire crypto/Blockchain industry? Just my thoughts

[Ozero]

Most states are now conducting their own research and are trying to create their own CBDC, that is, digitized national currencies. But many states are not yet in a hurry with this issue and want to first look at the work of the digitized currencies of other states. So far, one thing is clear: their appearance is inevitable and they should significantly improve bank non-cash payments. The opinion of citizens about them can hardly be heard. First, these CBDCs need to start working and some kind of practice should be developed. It's too early to talk about this topic.

[numaibtc]

Have you got an opinion made about CBDCs already?

Jeez why would we need such thing? We have no need for controlling our lives through money. I am not saying it will happen, but it sure does open a Pandora's Box.
People in the majority still don't have financial literacy, and now will have to deal with CBDC's too?

I think that people need medication, and ease of access to financial markets to get used to save and invest.
Decentralized crypto is a far better option than CBDC's, and projects aiming to bring ease of access to Defi for example, are projects working on the good for the people.

[sana54210]

Most states are now conducting their own research and are trying to create their own CBDC, that is, digitized national currencies. But many states are not yet in a hurry with this issue and want to first look at the work of the digitized currencies of other states. So far, one thing is clear: their appearance is inevitable and they should significantly improve bank non-cash payments. The opinion of citizens about them can hardly be heard. First, these CBDCs need to start working and some kind of practice should be developed. It's too early to talk about this topic.

I would guess that checking others is the main reason why we do not have any big ones yet anyway. I mean it is not that hard to achieve it, it is quite difficult to sustain it though, specially without any problems at all. I personally would prefer if they somehow managed to make it work with little to no examples on their hands because that would be the one that goes up great.

Bitcoin is not the best blockchain tech in the world, but it is the biggest crypto, there are other cryptos with better blockchain, but they are not bigger. Because, bitcoin was there first. If someone does a good CBDC first, they will lead everyone else for sure, and they shouldn't be scared at all.

[paxmao]

The Central Bank of Russia in 2024 will begin to gradually connect all Russian banks to the digital ruble platform
"The Central Bank explained that in 2022 the digital ruble platform is being tested, and already in 2023 the regulator plans to start piloting “real money” settlements between individuals, as well as individuals and enterprises. Also in 2023, a limited number of participants will be given the opportunity to conclude and execute smart contracts on the digital ruble platform, that is, transactions that are automatically executed upon the occurrence of conditions predetermined by the parties, the document says."

https://rg.ru/2022/08/12/cb-v-2024-godu-nachnet-poetapno-podkliuchat-banki-k-platforme-cifrovogo-rublia.html
https://regnum.ru/news/3668695.html
https://tass.ru/ekonomika/15456993

This just tells us the switch to CBDCs is inevitable. Russia is following its neighbor China by adopting a digital currency system of its own. ...

China and Russia do have very good reasons to create a centralised digital currency - controlling the people and how they use their money. No wonder these states are super eager to create a currency that simply cannot scape tracking and will probably make it mandatory for any transaction above a certain threshold in order to make this policy effective.

[Abiky]

China and Russia do have very good reasons to create a centralised digital currency - controlling the people and how they use their money. No wonder these states are super eager to create a currency that simply cannot scape tracking and will probably make it mandatory for any transaction above a certain threshold in order to make this policy effective.

That's certainly true, mate. It has always been about power. A CBDC with a publicly-verifiable ledger makes the ideal surveillance tool for authoritarian states like China and Russia. Even democratic countries like the US and Japan could make use of CBDCs for their own benefit. This is a dangerous precedent for our financial future as we speak, since it will mark the end of an era for privacy. Every single government and central bank will have access to people's financial information, paving the way towards a "New World Order". It sounds scary, but it's the path we've been heading to ever since COVID-19 took the world by storm. Digital payments and teleworking are the norm of today's society, with the intention of taking away our true sovereignty.

At least, decentralized cryptocurrencies like Bitcoin and Ethereum will be there to save the day. As long as decentralization prevails, people will still be able to enjoy privacy with CBDCs in play. Just my opinion

[gloeng]

Have you got an opinion made about CBDCs already?

Jeez why would we need such thing? We have no need for controlling our lives through money. I am not saying it will happen, but it sure does open a Pandora's Box.
People in the majority still don't have financial literacy, and now will have to deal with CBDC's too?

I think that people need medication, and ease of access to financial markets to get used to save and invest.
Decentralized crypto is a far better option than CBDC's, and projects aiming to bring ease of access to Defi for example, are projects working on the good for the people.

Medication or education? Education is the way to go. Education on personal finances ad investments, raising finacial literacy.
For those people, Defi is still a mistery. The Rebus Chain project https://twitter.com/RebusChain is making it easier to access all of the Defi investment opportunities for people that don't do crypto regularly. Working on the mass adoption theme, I think it will make the Defi space grow.

[Dunamisx]

As noted by the OMFIF report the main activities to pursue a large-scale CBDC, closely followed by the answer, lie in improving speed and cost effectiveness. It can also help overcome existing system limitations, especially in terms of system security and resilience. A large scale CBDC can reduce operational risks and operating costs due to capacity building as multiple major assets become tokenized and recorded on scatter boards.

No matter how they repackage the benefits with CBDC it cannot be compared to what bitcoin stand to provides to the people, Fiat will always be fiat and bitcoin bitcoin will always be under cryptocurrency, they are two different currencies which roles are different entirely, but no matter how the repackaging of a CBDC is, it can never be the same as bitcoin.

I wonder if a lot of people are interested in it here? But now I am seeing a lot of the central banks of the countries announcing that they will develop CBDC in the near future

No any substantial difference felt from those that successfully launched their CBDC, they are still centralized colonizers and no one is desperate in seeing further launch than the anticipated interest with bitcoin and its adoption.

[KennyR]

The Central Bank of Russia in 2024 will begin to gradually connect all Russian banks to the digital ruble platform
"The Central Bank explained that in 2022 the digital ruble platform is being tested, and already in 2023 the regulator plans to start piloting “real money” settlements between individuals, as well as individuals and enterprises. Also in 2023, a limited number of participants will be given the opportunity to conclude and execute smart contracts on the digital ruble platform, that is, transactions that are automatically executed upon the occurrence of conditions predetermined by the parties, the document says."

https://rg.ru/2022/08/12/cb-v-2024-godu-nachnet-poetapno-podkliuchat-banki-k-platforme-cifrovogo-rublia.html
https://regnum.ru/news/3668695.html
https://tass.ru/ekonomika/15456993

This just tells us the switch to CBDCs is inevitable. Russia is following its neighbor China by adopting a digital currency system of its own. ...

China and Russia do have very good reasons to create a centralised digital currency - controlling the people and how they use their money. No wonder these states are super eager to create a currency that simply cannot scape tracking and will probably make it mandatory for any transaction above a certain threshold in order to make this policy effective.

Both China and Russia have varied pattern of governance as well as policies. China always looks for each and everything to be availed separately for their country. They don't allow applications from other countries, but their applications needs the acceptance globally. The country have some sort of controversial policies. They always want its citizens under their control. Russia on the other side have good wealth, still it stands on the third world country list. Here also the people are under control. So both countries to make financial management easier with ease of taxation, CBDC is under development.