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GymClassHeroes
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August 30, 2018, 10:56:49 PM
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Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

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August 30, 2018, 11:52:06 PM
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Well for one, I see India blocking the growth of other cryptos because they want theirs to be used mainly by their citizens before allowing the growth of other cryptos. Knowing that India is a place wherein technology isn't really an unknown thing, citizens would have the means to acquire other crypto if they like, so in order to preven this and divert the focus towards their own crypto, they banned bitcoin alongside any other cryptocurrencies. In time, once the state-issued crypto are in circulation and is successful, India will surely lift the ban.

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August 30, 2018, 11:57:13 PM
 #3

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency
You can't purchase or buy bitcoin, but you can use bitcoin. Logic goals.

A central bank of crypto,its ridiculous. It has bank in its name, how can it be good? Oh god, we are seeing countries making absolutely worse decisions, and its hypocrisy that's evolving here.


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drm
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August 30, 2018, 11:59:53 PM
 #4

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency
You can't purchase or buy bitcoin, but you can use bitcoin. Logic goals.

A central bank of crypto,its ridiculous. It has bank in its name, how can it be good? Oh god, we are seeing countries making absolutely worse decisions, and its hypocrisy that's evolving here.

Yes they just don't mix together. How is this even a thing.
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August 31, 2018, 06:22:54 AM
 #5

I think for independent coins (has its own blockchain) like Bitcoin, Ether etc. if there is a central bank it might not work because the coin is issued by the system, unless the central bank has a hashrate of more than 50% continuously

in my opinion the whole idea of procuring a central bank for cryptocurrency is opposite from the vision of cryptocurrency itself
omonuyak
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August 31, 2018, 07:22:19 AM
 #6

To me there are positive news for the cryptocurrencies market and that is to say that government of India has seen positive things in cryptocurrencies and the only problem I have seeing there is if governments can tax cryptocurrencies earning they will definitely like to used it.
umrohyuk
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August 31, 2018, 07:39:33 AM
 #7

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

It is hard to decide which one is better, should be there a central Bank of crypto or not?
As we know that a Bank requires the customer or money owner to pay a tax to the Banks. And how does this policy of taxes if crypto has a central Bank? While we know that Crypto currency uses blockchain technology and it is free framework. It will be nice issue to discuss because there will be two points of views about. 
Dimon8
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August 31, 2018, 08:34:42 AM
 #8

Perhaps this is not a central bank, but a central server, from which the currencies of crypto currencies will be managed.

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blokceyin
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August 31, 2018, 08:57:40 AM
 #9

Well for one, I see India blocking the growth of other cryptos because they want theirs to be used mainly by their citizens before allowing the growth of other cryptos. Knowing that India is a place wherein technology isn't really an unknown thing, citizens would have the means to acquire other crypto if they like, so in order to preven this and divert the focus towards their own crypto, they banned bitcoin alongside any other cryptocurrencies. In time, once the state-issued crypto are in circulation and is successful, India will surely lift the ban.

Great observation. I think they better lift the ban as soon as possible if they don't wanna miss the opportunities in the crypto market. It doesn't seem a good strategy for them imho. Roll Eyes

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August 31, 2018, 10:31:38 AM
 #10

I know that India does not completely prohibit Crypto, but their rules are limited (see report: https://coin.dance/poli/legality ). When India made the analyst team to research CBDC, I thought it was natural because many of its benefits to the state could control their financial flow and there were still many things that could be done. I think the whole country will also do the same thing, just how to apply so that people can easily access their crypto money.

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August 31, 2018, 10:34:08 AM
 #11

This is ridiculous... The whole point of crypto currencies is to have everything decentralized.

Whoever came up with this bright idea has a lot to learn about crypto currency and why it was designed in the first place.
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August 31, 2018, 10:56:11 AM
 #12

This cannot be good from one point. This will only meant that government and major bank will try to manipulate price for every single crypto on he market as they see fit. Maybe im mistaken but this is my point of view, maybe for countries that have legalized or in the process of it can this solution be good but this is something else.

panfils
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August 31, 2018, 11:00:09 AM
 #13

I'm not so negative into this news. This can help a lot our cryptocurrency's world to become bigger and bigger.
We need to let people come into this world, so every news can be a good news.
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August 31, 2018, 11:17:34 AM
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This is ridiculous... The whole point of crypto currencies is to have everything decentralized.

Whoever came up with this bright idea has a lot to learn about crypto currency and why it was designed in the first place.

It's a bit misleading though. Governments are in it to have fiat become a tokenized means of exchange, and not necessarily an actual crypto currency.

In the end I do believe that every government will eventually tokenize its financial structure to at least be able to compete with actual crypto currencies such as Bitcoin. Seriously, fiat currencies have never been in such a bad position with Bitcoin being around the corner to eat through their market share on a massive scale. Governments have no choice but to follow this path.

People however shouldn't be afraid that Bitcoin will lose to any of these government issued tokens. These tokens are maybe more convenient than legacy fiat, but they are still doomed to fail due to insane amounts of value creation and unstable governments. In other words, fiat is and will always remains a ticking time bomb.

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August 31, 2018, 11:17:45 AM
 #15

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

Having a Central Bank of crypto only sound ridiculous when it comes to ones not backed by the states such as bitcoin, ethereum, monero and others. For state backed ones, it just sound real and reasonable which is what is happening here. Central banks are known to be the only one with legal backing to print the fiat that is spent in the country and its outrightly illegal for anyone to provide such services. Take that responsibility from them and they lose every other power they have as they can no longer say for certain the amount of money in circulation, ensure the availability of forex or being able to maintain the balance of demand and supply etc. I am sure the new crypto they are proposing won't be mined like we have it as that is giving everyone who has the capacity to literally print money.

Wishing them all the best but I hope they are going all out with massive publicity in other to get those that will adopt as I don't see anyone involved in this current ability dropping it for government backed crypto with all the restrictions that will come with it.
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August 31, 2018, 11:40:15 AM
 #16

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

The Indian government insists that virtual currency is not a legitimate means of payment in India, the government will also reduce activities related to the use of virtual currencies, because they assume that virtual currencies that are not monitored by a government fear they will be used as criminal activities such as money laundering.

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August 31, 2018, 11:54:53 AM
 #17

Perhaps this is not a central bank, but a central server, from which the currencies of crypto currencies will be managed.

That doesn't make any sense.You have a strange sense of humor. Grin
I think that really working crypto central bank might look like a crypto reserve fund,where most of the crypto exchange platforms might hold a part of their crypto holdings.The crypto reserve fund will release cryptocurrencies to the crypto exchange platforms that face problems with their liquidity.It's just an idea. Grin

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August 31, 2018, 01:44:48 PM
 #18

This division of their central bank won't be dealing with cryptocurrencies at all. They'll be in charge of digital fiat, basically:

India’s central bank, the Reserve Bank of India’s (RBI), has confirmed the creation of an inter-departmental group tasked with analyzing the feasibility of issuing a rupee-backed central bank digital currency (CBDC), the Economics Times reports August 30.

If this really happens, we can only expect India to be even more hostile towards cryptocurrencies, as they're going to be competition. Heck, they're already being quite unfriendly now, saying that they'll be keeping an eye on peer-to-peer trades.

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August 31, 2018, 03:14:34 PM
 #19

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency
I don't think the article speaks about the crypto currency. Roll Eyes

Because they mentioned that the printing of the currency every year causes much so they want to have some bank called central bank of digital money where they don't use any paper currency just only the online transactions I think which is not the crypto which is the digital form of fiat money.

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August 31, 2018, 03:21:54 PM
 #20

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency
I don't think the article speaks about the crypto currency. Roll Eyes

Because they mentioned that the printing of the currency every year causes much so they want to have some bank called central bank of digital money where they don't use any paper currency just only the online transactions I think which is not the crypto which is the digital form of fiat money.
right, in my opinion it's also like that. so we don't need to worry about the policy. Digital currency has a broad view, because it is not just cryptocurrency. but we take only the positive aspects of that news

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