if central bank release cryptocurrency, any effect on current market?

[finorthsss]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

[CryptoBitCoins]

It all depends on whether I will impose this coin on ordinary citizens. If it is compulsory, it may affect the market of crypto-currency, although it is not so important, if the central bank simply enters its coin and puts it on the stock exchange. In any case, this is aimed at ensuring that the state extends its powers to the crypto currency.

[Kprawn]

A Crypto currency is just as good as the people supporting it.... and this is exactly what would happen with the private

Blockchain technologies. People will decide if they are going to support these "GovCoins" or if they want to support Public

Blockchain technologies. {Decentralized/transparent/immutable and not governed by a central authority} If these

governments ban other currencies, people will turn to Black markets and using these currencies on the Dark Web, where it is

virtually untraceable. {This means ZERO tax for these governments}  

[BrewMaster]

central banks have already released a currency, that is called fiat. then they released a digital currency, which is their banking systems, cards,... making the same thing using cryptography and blockchain technology doesn't make any difference. it is the same thing using some different underlying technology.

so no it has no effect on bitcoin and any other altcoin that is not centralized.

[mriansa]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

if the bank launches nearly the same digital money and can work with the existing bitcoin and cryptocurrency it will probably make the market very crowded and I'm sure the volume of the coin will be rapidly high and yes it is like a good news.

[faatipoke]

I do not it will make any effect into cryptocurrency market. We already have XRP Ripple which is a centralised cryptocurrency. It is not issued by central banks however we may guess that the central bank release cryptocurrency will be similar to that. Bitcoin and all other cryptocurrencies are invented and used in purpose of making decentralised payments. Some of them even has privacy feature which is their most important speciality.
In the end, I think central bank release cryptocurrencies would have a really smaller effect on the current market.

[BTCforJoe]

First of all, banks operate using private ledgers. They will always claim that is due to the privacy of their customers, which has some validity. However, banks rely on issuing loans in order to gain profits and revenue, and they use their customers’ money pool to back those loans, which I believe to be the main reason they keep a private ledger vs. a blockchain public ledger.

If they were to create their own blockchain, I don’t believe it would be their sole method of conducting business. It would probably be used to be able to track customers’ funds, and provide transparency for those who opt in to have their balances available for display publicly at any given time. I don’t believe it will be successful for them to create their own digital currency, as they’ll have less access to create loans publicly using the pooled funds, as the blockchain wouldn’t allow them to use their customers’ funds without their initiation of transactions to back a loan.

Banks are all about profits, and most of them probably realize that there are no profits in crypto currency for their type of business model. Besides, if they did create their own crypto, there won’t be much of an effect on existing values of the major cryptos... it would be no different than a random ICO or shitcoin launch by a random Joe Blow developer.

[bitart]

First of all, banks operate using private ledgers. They will always claim that is due to the privacy of their customers, which has some validity. However, banks rely on issuing loans in order to gain profits and revenue, and they use their customers’ money pool to back those loans, which I believe to be the main reason they keep a private ledger vs. a blockchain public ledger.

If they were to create their own blockchain, I don’t believe it would be their sole method of conducting business. It would probably be used to be able to track customers’ funds, and provide transparency for those who opt in to have their balances available for display publicly at any given time. I don’t believe it will be successful for them to create their own digital currency, as they’ll have less access to create loans publicly using the pooled funds, as the blockchain wouldn’t allow them to use their customers’ funds without their initiation of transactions to back a loan.

Banks are all about profits, and most of them probably realize that there are no profits in crypto currency for their type of business model. Besides, if they did create their own crypto, there won’t be much of an effect on existing values of the major cryptos... it would be no different than a random ICO or shitcoin launch by a random Joe Blow developer.

Banks are interested in the blockchain as a system, because it can reduce the cost of their current IT system. There are several procedures that can be automated with a blockchain based new system. Also, they already have a geologically decentralized system with the necessary infrastucture (in branches, ATMs they have PCs that can act as a node and there's no need for specialized equipment for a blockchain like model because if one node fails, the others also have the ledger, so the risk of the data loss is minimalized with blockchain systems.

[raminh]

If people trust that, for sure it will affect the price as many people will sell their bitcoins and other cryptocurrencies for that currency. But I don't think people trust the banks that easy. Because they want to control the transactions and in this way there is no difference between that currency and fiat.

[darkangel11]

Such coin will surely target a specific group of investors. People who are too afraid of going rogue and making independent decisions. People who need someone to stand behind them and pat them on the shoulder saying it's going to be fine. They want to profit from crypto investments but would prefer it to be just like any other centralized asset. Less volatile and protected by law. Unfortunately, you can't have the cake and eat it.

[kcirnhoj15]

I guess its yes, If central bank fully support the cryptocurrency it will affect the whole market maybe it is good to us that this crypto will get higher value if this will fully published by the central bank.

[strickland]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

The price of their coin could go a little higher than Bitcoin though eventually someone will have to pay homage to Bitcoin and the price will explode.

[jseverson]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

The price of their coin could go a little higher than Bitcoin though eventually someone will have to pay homage to Bitcoin and the price will explode.

I don't think they'll be more valuable than Bitcoins. These coins would almost certainly be centralized and non-minable. They will also be able to protect it against fluctuations and can manipulate its value to a certain extent. It's going to be kind of like Ripple, which is a cryptocurrency made for banks. If banks come out with their own, I don't think it will deviate far from that.

Either way, I don't think such a coin will be used for investment, but rather for utility. It would be completely open for market manipulation, and I doubt people will trust it with their hard earned money.

[joinfree]

And do you really think that they will issue their own "crypto"? I am seriously asking this to you.

It would be a massive chaos, most people do not even know how to use a smartphone (i am serious) and you are expecting them to use cryptos?

No offense, but if that happens, it will take more than decades from now.

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

[QuestionAuthority]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

The MintChip digital currency, released by the Royal Canadian Mint, almost destroyed bitcoin. It was so popular that it lasted a whole year and a half before it failed. LOL

[Enjorlas]

That would be a very positive signal sent to the crypto traders and beginners who want to put their money

[sofi@]

If central banks will consider taking blockchain technology I think crypto currencies will be at risk especially bitcoin because I'm sure banks will no longer accept bitcoin transaction and just focus on their own coin unless their coins will just be an alt or a token . I'd love seeing the economy starting to adopt cryptos but I am hoping this will not lead for bitcoin to die.

[olubams]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

Of course there would be effect because it would mean that they every other form of crypto currency is banned in the country and that is an effect on the market in the local country. However, depending on the amount of influence the country has on the entire market would now determine how far it would go. "After all, the youths said they wanted digital currency, now they have one what else are they still looking for outside that our own currency cannot provide".

[Nabilog]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

I guess yes. Cryptocurrency of Central Bank will drafting the existing cryptocurrency.

[timerland]

There seems a sign that central bank are currently interested in the blockchain. So what will be the effect on current cryptocurrency if central bank release their own coins? will it be a good news? 

I'd say it'll have a positive impact on the current market.

It will promote cryptocurrencies to the masses without us even having to do anything. The central banks are literally going to be doing the advertising for us in a sense. But then some investors may be more interested in central bank cryptos than actual cryptos, and be investing in them. So basically the decentralized cryptos market share may be taken up by centralized cryptos.

I don't think that's going to happen though. What we know for sure is that the government isn't going to let go of their ability to print money at will, so the cryptocurrency is really just a digital fiat currency, that's all.

Once a government issues their own currency online and promotes it, people will realise, hey this is not the real deal. The real deal should be 100% decentralized in production. And they'll rush to buy up the decentralized blockchain tokens.