If you cannot beat them, join them....

[Prem.Soorajpaul]

Given the explosion of interest in bitcoin and blockchain, the underlying
technology that is said to have applications even more far-reaching than creation of
currency, central banks seem to want to hop on to the crypto bandwagon.

The US Fed came up with the idea of a Fedcoin whereas, a consortium of
Canadian private banks is already exploring the possibility of clearing and settling
large value payments using blockchain using a token called CAD-coin.

The report said that Indian Reserve bank might be named after the Indian
goddess of wealth ‘Lakshmi’ - coin.
But twist is The premise of cryptocurrencies is based on the very fact that it is
a) public and b) not controlled by governments or central banks.

[mobnepal]

All these coins backed by government or banks can't be anything more than another blockchain based project which will be centralized, heavily monitored and controlled by big banks or government. They might force people to settle their payments in these so called crypto currencies but they will also hold bitcoin like anonymous crypto which is not controlled by anyone to remain in safe side during another financial crisis in near future.

The one with little bit of common sense can easily see difference between all this tokens issued by usual banks and bitcoin like crypto currency.

[HeRetiK]

Permissioned blockchains as a settlement layer between banks may be viable at one point, nonetheless I yet fail to see the benefit. Governmental issued crypto-currencies however... nah.

I don't think any central bank would be crazy enough to try it. Well, the PBOC maybe, but apart from that I'm sure that deep inside they are themselves aware of the absurdity that such a public-facing crypto-currency would represent.

However if such a digital currency would arise, I wouldn't be surprised if people actually bought in. Just look at XRP for example. Or USDT. We're practically there already.

[pooya87]

none of these can really be considered "hopping on crypto wagon". they are just creating their own thing and centralizing it. that goes against the first things that bitcoin as the first big cryptocurrency introduced to the world.

many are actually interested in bitcoin just because it is decentralized and stay away from most altcoins because they are not. a government/bank issued tokens may be good and it may even make the banking system more efficient or even safer but none of them will be the cryptocurrency movement to decentralize money transfer.

[lady pink]

none of these can really be considered "hopping on crypto wagon". they are just creating their own thing and centralizing it. that goes against the first things that bitcoin as the first big cryptocurrency introduced to the world.

many are actually interested in bitcoin just because it is decentralized and stay away from most altcoins because they are not. a government/bank issued tokens may be good and it may even make the banking system more efficient or even safer but none of them will be the cryptocurrency movement to decentralize money transfer.

The government and conventional banks want to switch their technology to a faster one and that is moving to blockchain. It will bring no change to the currency of the government nor will public except some little portion of the whole will get a wide benefits.
Even if government switches to blockchain it will not be a decentralized currency which will again be in favour of bitcoin which people like it for being decentralized.

[Tecumseh666]

i’m not think government will enter to buy or sell or start it is own coins like bitcoins because it is out control  of central bank and cant add more funds to it

[RenBct]

Yep KD's words, like JP Morgan who said it will eventually blow up actually bought Btc in europe like why you're so bias about btc and then when you see it go low you just bought the dip.

[MMysterious]

none of these can really be considered "hopping on crypto wagon". they are just creating their own thing and centralizing it. that goes against the first things that bitcoin as the first big cryptocurrency introduced to the world.

many are actually interested in bitcoin just because it is decentralized and stay away from most altcoins because they are not. a government/bank issued tokens may be good and it may even make the banking system more efficient or even safer but none of them will be the cryptocurrency movement to decentralize money transfer.

The government and conventional banks want to switch their technology to a faster one and that is moving to blockchain. It will bring no change to the currency of the government nor will public except some little portion of the whole will get a wide benefits.
Even if government switches to blockchain it will not be a decentralized currency which will again be in favour of bitcoin which people like it for being decentralized.

I think the government also realized a lot of people are already into bitcoin and the technology is much modernized and faster if they use blockchains, but I really think they will secretly hold bitcoins too aside from creating a cryptocurrency. A lot of investors have realized the use of these coins and decided they'll just join them instead of going against it. It's also a form of tactics on their end.

[pearlmen]

Given the explosion of interest in bitcoin and blockchain, the underlying
technology that is said to have applications even more far-reaching than creation of
currency, central banks seem to want to hop on to the crypto bandwagon.

The US Fed came up with the idea of a Fedcoin whereas, a consortium of
Canadian private banks is already exploring the possibility of clearing and settling
large value payments using blockchain using a token called CAD-coin.

The report said that Indian Reserve bank might be named after the Indian
goddess of wealth ‘Lakshmi’ - coin.
But twist is The premise of cryptocurrencies is based on the very fact that it is
a) public and b) not controlled by governments or central banks.

The only way this will succeed is if government is ready to breed another new set of the population who have no contact with any cryoto currency especially bitcoin before to start using their backed coin because if they relying on those who be have been exposed before, its going to be a pure waste of time without any outcome as I don't see the need why I want to abandon bitcoin and any other coins I have interest for the one backed by government.

[imyashir]

Given the explosion of interest in bitcoin and blockchain, the underlying
technology that is said to have applications even more far-reaching than creation of
currency, central banks seem to want to hop on to the crypto bandwagon.

The US Fed came up with the idea of a Fedcoin whereas, a consortium of
Canadian private banks is already exploring the possibility of clearing and settling
large value payments using blockchain using a token called CAD-coin.

The report said that Indian Reserve bank might be named after the Indian
goddess of wealth ‘Lakshmi’ - coin.
But twist is The premise of cryptocurrencies is based on the very fact that it is
a) public and b) not controlled by governments or central banks.

what does cd coin mean? kubg relative to bitcoin can be good if it is not in government. You know the government is getting money for all gagaein for money only when they get hurt that they are just fine. but if bitcoin is going to talk I'm sure this is the fear of the government because bitcoin has no taxes.

[BitHodler]

Yep KD's words, like JP Morgan who said it will eventually blow up actually bought Btc in europe like why you're so bias about btc and then when you see it go low you just bought the dip.

It's a pretty easy, but at the same time low level form of manipulation that only a bank as JPMorgan can come up with ~ they are abusing their dominance basically.

Funny thing is that such actions would likely come from a bandit bank such as Goldman Sachs, but they are extremely bullish on Bitcoin, and they have accurately predicted the peak, and maybe even the bottom in the coming weeks.

Don't forget that those financial institutions that are heavily against Bitcoin, at least, which is what they want people to believe, are in fact bullish on Bitcoin ~ one way or another, they end up taking a position in this market.

Just look at what JPMorgan did in Europe. If they were really anti Bitcoin, where they even called it a fraud, they wouldn't 'tarnish' their reputation by buying themselves into something like Bitcoin ~ it's one big troll show.

[ipanks]

i am agree with the title because if we don't have big money, we can not beat them and the only we can do is join with them and trying to make money with them. don't push ourselves to against but follow their way and as long as we can do with good, i am sure we can make profit too like them.

[erikmatik]

so basically they will also be having an ICO right? And it's up to the purpose and use of the coin that will make the said created coin successful. And maybe one of the use of the said coins is for trading with bicoins and other cryptocurrencies just like on the real money is. Hmmm, we'll just look into the future and witness if the said possibilities will come true.

[harizen]

I think the government also realized a lot of people are already into bitcoin and the technology is much modernized and faster if they use blockchains, but I really think they will secretly hold bitcoins too aside from creating a cryptocurrency. A lot of investors have realized the use of these coins and decided they'll just join them instead of going against it. It's also a form of tactics on their end.

You know Im against of the comparison between faster transactions between by using blockchain and the current electronic transfers of fiat. If you will look and research how fast the current system of fiat transfer thru banks e-cash system, it will just take seconds with no fees*. Still way better compare to the current status of bitcoin transaction speed. Im a bitcoin enthusiast but let's not be one sided just because we are here in bitcoin. Let's must also accept the real happenings.

Also I don't see a BIG SUBJECT anywhere about banking system will try to beat crypto. Why do that in the first place? Banks is not always about investing so still even people used bitcoin, nothing will changed.

[audaciousbeing]

Given the explosion of interest in bitcoin and blockchain, the underlying
technology that is said to have applications even more far-reaching than creation of
currency, central banks seem to want to hop on to the crypto bandwagon.

The US Fed came up with the idea of a Fedcoin whereas, a consortium of
Canadian private banks is already exploring the possibility of clearing and settling
large value payments using blockchain using a token called CAD-coin.

The report said that Indian Reserve bank might be named after the Indian
goddess of wealth ‘Lakshmi’ - coin.
But twist is The premise of cryptocurrencies is based on the very fact that it is
a) public and b) not controlled by governments or central banks.

With all these options being considered by government and its agencies, they are turning everything into a joke and that is something that will ensure its not successful because it then means that the one promoted by the fed would not be accepted by the ones by the India government and at the end of the day they create a foreign exchange market which then lead to the same failure the fiat has gone through.

The point is government can go to any length to promote an agenda but they can force citizens to go that route. For me, I see two options

1. The bitcoin will still be the ultimate to be use for international transactions such as the dollars now that is accepted virtually every where.

2. They want to kill the bitcoin and every of their alts failed because I don't see myself using it if I wouldn't be allowed to use bitcoin.

[sana54210]

Government been looking for ways to have a centralized digital currency since 2011 and we care less if any of them create their own coin and try to control it.

Let their citizens buy it and keep using while we concentrate on using our own bitcoins. We all know this is totally against the gospel of satoshi and it is so paining them that people are now becoming wiser by the day seeing a way they can give themselves freedom without the government cheating them anymore and controlling their living status.

[Sithara007]

i’m not think government will enter to buy or sell or start it is own coins like bitcoins because it is out control  of central bank and cant add more funds to it

Who will purchase the coins if the government comes up with them? The most important aspect of Bitcoin is that it is protected from inflation by the principle of limited supply. The government authorities may not be able to adhere to this principle, which means that it is not viable for them to mint their own crypto-coins and release it to the public.

[VegaAISolutions]

a lot of people have been saying for years it was inevitable that the federal government's of the world catch up to what's going on with Bitcoin another cryptocurrencies and begin to regulate in an organized way, several countries have already laid Frameworks long before now and even the state of New York in America has had a framework in place for quite a long time, the American IRS has had a framework in place since 2013. they've always acknowledged it was a problem for them or possibly even a solution however the major issue and reason they haven't started regulating it until now is because they themselves were using it for profit and other means.

[MyIdeas]

i’m not think government will enter to buy or sell or start it is own coins like bitcoins because it is out control  of central bank and cant add more funds to it

I don’t think so, government will definitely invest in bitcoins in order to make their economy strong and to make it more stable through bitcoins. Government will also try to impose certain restrictions on bitcoins transactions in order to control its price and for monetary purposes.

[Gastotade]

i’m not think government will enter to buy or sell or start it is own coins like bitcoins because it is out control  of central bank and cant add more funds to it

I don’t think so, government will definitely invest in bitcoins in order to make their economy strong and to make it more stable through bitcoins. Government will also try to impose certain restrictions on bitcoins transactions in order to control its price and for monetary purposes.

But it was hard to monitor and to control theres no way yet to control it, that's why China bans the ICO and exchanges since it's not only in their country goes it's distributed to other countries due to Ico.