Central Bank of Crypto-Currency

[Oasisman]

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 decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

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[hildacitra]

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

[timerland]

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

You're getting the idea of this central bank wrong.

It's not going to be all of a sudden asserting control over bitcoin's network. It's not like that. The most that it is able to do is to regulate the services which deal with bitcoin.

But even that isn't the main aim of this central bank mentioned in this article. The main thing that the RBI and Indian government may trying to be accomplish or at least look into is the creation of their own cryptocurrency. Obviously that will be centralized, but it won't affect existing decentralized cryptos one bit.

[Hell-raiser]

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

You're getting the idea of this central bank wrong.

It's not going to be all of a sudden asserting control over bitcoin's network. It's not like that. The most that it is able to do is to regulate the services which deal with bitcoin.

But this is not the task for a central bank. Markets are regulated by specialized agencies and services like SEC, CFTC (in the United States), etc. A central bank regulates a government currency, which is fiat, so the task of regulating services which deal with or in bitcoin doesn't lie in its scope of operation.

But even that isn't the main aim of this central bank mentioned in this article. The main thing that the RBI and Indian government may trying to be accomplish or at least look into is the creation of their own cryptocurrency. Obviously that will be centralized, but it won't affect existing decentralized cryptos one bit.

That's another story. But we have been hearing about PBC (the central bank of China) going to issue their own cryptocurrency for at least five years already. There was a lot of buzz a couple years ago about this effort to create a national cryptocurrency but now these talks are no longer heard. So I suppose, these were just rumors.

As an aside, making a centralized government cryptocurrency doesn't make a lot of sense as this is what fiat already is.

[myown2cents]

This is definetly exactly what crypto doesn't need. Centralized coins are fine you can check ripple and if you want to invest thats fine however central "bank" is definetly exactly why bitcoin was invented and against those federal banks that rule the country and even global world. I think we should focus on making money more decentralized even the fiat should get more and more decentralized and not get it ruled by private banks.

Dollar, euro, all kinds of currencies definetly should try give it a go about giving people a voting rights on the market movements, I know it would make no sense since rich people will buy news media and people will vote for them anyway but at least it would require some more work for them.

[Hell-raiser]

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 decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

Yeah, we can't stop governments from banning crypto but can they ban it and actually enforce this ban in practice? If they banned gravity today, would gravity cease to exist and tomorrow we would wake up weightless with zero gravity everywhere? Nothing of the kind. The cryptoban is like banning gravity. They can definitely pass a law, or even a dozen of laws (bo matter how many) but if they can't enforce that law, they will only make fools of themselves. That likely explains why most governments shy away from downright banning crypto as they can't stop people from using it despite their ban.

That's the thing with decentralized currencies as just announcing a ban won't suffice. Banning crypto requires real action, violence and bloodshed, not empty words by loud mouths.

[wantjokull]

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

That is very interesting news and I would love to see that RBI is making such great decisions. However, I do feel that RBI is being very confused about their decisions in the India because first they have banned the crypto currencies and literally took the matter into the court and thus left everyone wondered as to whats happening within India and with crypto relations of it. Now, here comes another news where they want to form their own CDDC which would be central currency of India itself. They should have been positive about it since the first day and must have thought about it positively that crypto currencies can help them regulate the digital money more efficiently than any other currency out there. It would be interesting to watch the next steps of RBI.

[richmcrich]

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! Central banks have failed over time with fiat due to manipulations, monopoly, control and all their B.S shenanigans. Now, this is not something that I would expect to even be a form of debate, considering that as long as cryptocurrencies are not centralized, there would be nothing like a central banks of cryptocurrency and that is even ridiculous thinking about it in the first place.

For what it is, people would not even look towards such direction as the point of decentralization in the first place is what brings the main value to this space.

[KingdomHearts]

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.

This supposedly makes the idea something that is quite insensible as far as I am concerned. You are right with such a situation panning out to be a centralized way of keeping cryptocurrencies, now for the fact that cryptocurrencies are decentralized, I see no way in which this can actually work.

Every investor is simply in control of their own assets without the need for a third party, so I do not see how this can play out effectively or in reality.

[cahbagus555]

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 think cryptocurrency is always decentralized currency and no authorities can control it. If there is central banks of crypto, i think thats can not call cryptocurrency because that crypto must be controlled by authorities

[onepiece1995]

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 think this is the most positive news, all countries for the first time hear it surely refuse. but they change after they understand what cryptocurrency is, I'm sure why they turned to allowing bitcoin. because bitcoin is very profitable and makes it easy so that country will be helped.

[el kaka22]

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.

Jackasses indeed I must say. It is just appalling that the same set of people that are put there in the first place to make the world a better place are the same set of people trying to frustrate the efforts of making the world a better place for their own selfish reasons.

I do not expect anything backed by the government not to be controlled anyway and since according to the OP, what brought about this is the first place is India creating their own rupee backed cryptocurrency and having a central bank for digital currencies which the latter is the most absurd thing I have ever heard. This shows set of vision-less leaders with no iota of doing something tangible for the benefit of others than themselves.

[Sama517]

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 will actually be a very great thing if India can do this after the many fears that have been spread all over the country in recent past as a result of the government's hostile attitude towards cryptocurrency.

[ricardobs]

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 decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

No one is saying cryptocurrency activities should not be regulated and we will be deceiving ourselves to think this would not eventually be the case in the long run since governments won't apparently relax while everyone is simply busy leaving fiat for a more preferable means of payment. However, there are some things that are absolutely not relevant and sure shows the level at which the government just wants to be in control which is this that the OP stated. It is obvious this is not meant for a good cause and shows how daft they are.

[Maestro75]

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.

I also see this altitude in what China is done by banning bitcoin so that it can protect its own Yuan. I do not feel sad about India or China for taking this bad steps as their actions have not stopped the spread and adoption of cryptocurrency with other countries. As for a central bank for this, it is a big joke.

[aoluain]

I think this is more targeted at a crypto currency which will be centralised and
controlled by the indian government which is fine with me. They are looking to
replace FIAT physical money with crypto.

“Globally the rising costs of managing fiat paper/metallic money, have led
central banks around the world to explore the option of introducing fiat digital currencies”.

[pumbum]

I do not quite understand the meaning of the name "Decentralized Bank". Cryptocurrency in your pocket is a Bank

[OrangeSeller]

 As long as it is regulated by the government and taxed properly and creates a way into crypto for people to directly hold coins that is good however if it is like ETF the one everyone has been talking about than it is not good just because it has crypto in the name doesn't mean they really have crypto, they just bet on the price of it and not really actually have the coins in their possession which just puts the investors away from crypto and just puts them into a "gambling on price of crypto" instead.
I know decentralization is a big part of bitcoin but if people prefer centralized purchases than its their choice and they are free to select either of them and go with whichever they feel better about.


[Digital_Lord]

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 really would not consider whatever is coming from the government to be categorized as cryptocurrency as it would be controlled anyway.
Hence, if in any case we get to see central banks for this space, it would be for digital currencies owned by the government and not cryptocurrency, since it would not be decentralized in anyway. Let's see how India really want to come out with this plan and we all will see what they are clamoring for is just for their own advantage and not for the general space.

[beerlover]

I also see this altitude in what China is done by banning bitcoin so that it can protect its own Yuan. I do not feel sad about India or China for taking this bad steps as their actions have not stopped the spread and adoption of cryptocurrency with other countries. As for a central bank for this, it is a big joke.

Absolutely, all these things will not stop the space from evolving and developing the more and that even exposes them of their so many shenanigans over the years. Like you said; the whole central bank thing is a huge joke and that simply shows how limited their understanding of how the crypto space should be like is quite low. What they are simply just looking for is to accept the idea that blockchain technology is the future but sorry, we can only allow it to some extent and most of it will still be controlled.

It will actually be a very great thing if India can do this after the many fears that have been spread all over the country in recent past as a result of the government's hostile attitude towards cryptocurrency.

How would it be very great? The signs are all written over the wall, they are not in support of anything decentralized and all they are after is pure level of centralization. It may be a good step forward, but it does not change the fact that it is still going to be the regular fiat all the same. Nevertheless, for the fact that most countries are now beginning to adopt the blockchain technology is a good thing, but I really do not see the importance of the bank of crypto as that sounds ludicrous to me.