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Author Topic: Central Bank of Crypto-Currency  (Read 725 times)
Hell-raiser
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September 02, 2018, 12:19:26 PM
 #41

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?

Technically, such news should be irrelevant as this is not specific to cryptocurrencies as such. Apart from that, I don't believe in the governmentally-issued cryptocurrency because it simply doesn't make sense. Today, any digital fiat can be considered a cryptocurrency in its own right. The difference between real cryptocurrencies, as we understand the idea, and fiat consists only in the way new money tokens are issued - in a centralized, via a banking system with a central bank, or decentralized manner with the help of miners and using some algorithm.

However, if something like a governmentally-controlled crypto actually emerges, it could eventually contribute to more awareness about cryptocurrencies in general, so people, after trying out this defective and utterly flawed currency, which without doubt will be heavily abused, may switch to a real cryptocurrency at the end of the day. In this sense, if this effort comes to fruition (which I doubt), it could actually turn out beneficial for us all in the long run.
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September 02, 2018, 12:23:07 PM
 #42

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 like a centralized way of keeping and saving your crypto. Even without these supposed central bank of cryptocurrency, we can still keep our holdings through our wallets be it online or a hardware wallet. So there is no need for a bank if we can have our wallets to keep it.

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September 02, 2018, 01:27:23 PM
 #43

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 like a centralized way of keeping and saving your crypto. Even without these supposed central bank of cryptocurrency, we can still keep our holdings through our wallets be it online or a hardware wallet. So there is no need for a bank if we can have our wallets to keep it.
Technically speaking yes you are right, creating a Central Bank of Crypto-Currencies is sound like very ridiculous. We have our owned wallet that we stored Bitcoin and hold our Crypto-Currencies as an asset. So, why should they have implemented this Central Bank of Crypto-Currency?
Meanwhile, as what I have known Country of India has rejected Bitcoin but they are using Blockchain technology and if I was not mistaken only XRP is allowed to use in their country because it is now centralized and regulated to their government. So, if that happens that having Banking System in Crypto-Currency the word "decentralized" in Crypto will become a legend.

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September 02, 2018, 02:59:18 PM
 #44

I really don't get what the need for banks are in cryptocurrency. If it is about keeping our coins safe, then we have cold storage wallets for that. Even hot wallets are relatively safe if you know how to protect it. I think there are better things to focus on than crypto banks as this can backfire on crypto if it fails.

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September 02, 2018, 03:05:12 PM
 #45

I think whether having a crypto banks  purely speculative and is not important at all.
If banks everywhere wants a piece of the action and wants to be part of the crypto innovation, nothing is really stopping them from doing so.
For me mobile/online wallets and trade sites are quite the essentials anyone needs here.
Maybe at some point, there will be banks, till then I can't really see the big picture.
Good wallets however are crucially important and essential no doubt.
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September 02, 2018, 03:24:10 PM
 #46

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

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.


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September 02, 2018, 04:18:01 PM
 #47

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

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.

Correct. This is why many will still come out of central banks for cryptos. Generally cryptos were create to be decentralized not to be controlled by some bank or something similar to this. This will only come to dividing community in general and maybe it will come to this in near future.

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September 02, 2018, 07:28:19 PM
 #48

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
May be they can make such type of thing in the country to country but I don't think that they will get a better success to make such type of organisation like things for cryptocurrency because cryptocurrency is totally a independent and free from all type of laws and regulations of the normal rule of Fiat currency , so here I would like to say that Central Bank digital currency by the government of India will not believe a better option for the country .
better for the Indian government will be to make a better rules and regulations I mean to legalize the cryptocurrency with better rules so that everyone can use freely and also can pay tax for use the same .
here news may be different from what we are listening or reading at the news websites maybe the Government of India looking to make a organisation or team off few people who can manage and investigate the cryptocurrency use ( they are going with you better or not use all they are using for illegal activities ) .
hope it will be a better option and step that is taken by the government of India to make such type of team of digital currency to make cryptocurrency market perfectly to spread .


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September 02, 2018, 08:53:52 PM
 #49

They are clearly trying there best to keep it under control but sad that all their investment is going to spoil. If they want to develop a central bank then they have to take over the mining power which is not possible to take over because of China. I do want to see them struggling and blaming cryptocurrency for each reason they found to be worthy.


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September 02, 2018, 09:38:58 PM
 #50

I think there are rumors to be positive for a market of cryptocurrencies and that's what the government says India has discovered just about anything in a cryptocurrency and that the only problem I've found there is that governments can Taxes of cryptocurrencies to be earned really want them to use it.

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September 02, 2018, 10:11:08 PM
 #51

I think whether having a crypto banks  purely speculative and is not important at all.
If banks everywhere wants a piece of the action and wants to be part of the crypto innovation, nothing is really stopping them from doing so.
For me mobile/online wallets and trade sites are quite the essentials anyone needs here.
Maybe at some point, there will be banks, till then I can't really see the big picture.
Good wallets however are crucially important and essential no doubt.
Maybe in the near future,there will be banks already that will accept cryptocurrencies.But in my own opinion,as long as we have our own trusted and secured wallets,then having some banks would not be that useful for us.


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Bitfling
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September 03, 2018, 01:34:53 AM
 #52

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

If cryptocurrency created and controlled by central banks, there is no different between paper money. Cryptocurrency should be not controlled by any authorities and decentralized.

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September 03, 2018, 02:11:38 AM
 #53

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

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.
Exactly, and for sure different countries will not agree on this, if ever who will be the one to operate this thing while in the first place it cannot be control, especially with bitcoin. Central bank for cryptocurrency will not happen I think, mass adoption is really what we need so people can easily use cryptocurrency now without any hesitation and I hope government will finally support this kind of market.

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September 03, 2018, 02:13:51 AM
 #54

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 ironic? We aim for decentralized monetary system but there will become a centralized crypto market. I believe that it will destroy the real purpose of bitcoin as well as blockchain technology wherein there is a decentralization and transparency to all people worldwide. But I think it will gonna happen specially if government will be the one who lead for centralized cryptocurrency bank.

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September 03, 2018, 04:09:09 AM
 #55

Central banks are controlled by rothschild, astor,  rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country,  meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet. 

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September 03, 2018, 05:21:48 AM
 #56

I think this is just a discourse, but if the discourse is carried out then other countries may also be interested in India's steps and begin to follow it.

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September 03, 2018, 07:40:45 AM
 #57

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 ironic? We aim for decentralized monetary system but there will become a centralized crypto market. I believe that it will destroy the real purpose of bitcoin as well as blockchain technology wherein there is a decentralization and transparency to all people worldwide. But I think it will gonna happen specially if government will be the one who lead for centralized cryptocurrency bank.

We actually aim that but it's still depend on the team that creating their token. This centralized thing is just govern by those greedy people that wanted to manipulate everything as of course they see crypto currency as a quick investment, crypto currency is just so perfect. So what we need now is a strong regulation that will mandate everything, so in this way we can have crypto currency the way it should.


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September 03, 2018, 09:11:08 PM
 #58

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

Interesting read. Technically, this would be a cryptocurrency, but it's important to note that it would still be controlled by the RBI, and will be backed by fiat currencies.

Essentially, their vision here isn't anything positive to do with bitcoin, or even bitcoin regulation for that matter. What they are looking into is a better way to print their fiat and manage the fiat economy, with an on-chain cryptocurrency that they still retain control to.

It would be no different to Venezuela's attempt at a national crypto, like the Petro, or even any fiat that is stored on debit cards - except it's on a blockchain. So I wouldn't really say that it's positive nor negative to bitcoin.

What is interesting to me is that they are still trying to enforce their sanctions on bitcoin, which is ridiculous while they try to develop their own crypto. They even seem to be trying to regulate P2P trades, which will prove to be much harder than they think:

Quote
Calling for coordination with global regulators to tackle the challenges posed by cryptocurrencies, the bank announced it would meanwhile be keeping a close watch on:

“[Crypto] trading [that] shifts from exchanges to peer-to-peer mode, which may also involve increased usage of cash.

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September 03, 2018, 11:33:13 PM
 #59

Central banks are controlled by rothschild, astor,  rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country,  meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet. 
For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralization will now be lost.

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September 03, 2018, 11:41:46 PM
 #60

It is indeed hypocrisy of the highest level. Rather than looking at things that are relevant and necessary, they are busy coming up with things that really does not even sound like those who have a clue of what they are doing. It is insane to be thinking of central bank of cryptocurrency when indeed everyone is their own bank and have full control of their money.

Of course, that shows how much they just want to keep being in control and in the center of everything, so I am not surprised at how ridiculous they are.
Its not just the hypocrisy here, a central Bank for crypto isn't necessary anywhere. Crypto isn't meant to be dealing with an whole economy to be honest, it hasn't reached that point of maturity where it can help control an economy. Crypto is still in its early years, and countries should rather focus on things like, I don't know, recession? Like, your country is fucking dying, but bitch I am going to open a central bank for crypto. I am not pointing this towards to India, but at Venezuela and Iran(?).

This world is dying. We have fucking jackasses like Logan Paul,John fucking McAfee,Alex Jones, Donald Trump etc getting richer and richer, whilst at least 50% of the world is in recession.


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