Central Bank of Crypto-Currency

[electronicash]

its an attempt to control the crypto, a desperate idea but i think they really needed that. the most pathetic way that they have to go this down just to regain their position in the future of money. it may not be as bad for those who are not really into crypto but are now wanting to go can benefit from this type of bank.

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[zubrr51]

The idea with the central bank of crypto-currency is probably premature, but will soon become relevant.

[timerland]

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 thing is that these central banks can only assert control over cryptocurrencies that they issue themselves, and they must be centralized. They can't just all of a sudden assert direct control over bitcoin, for example, which seems like what the article is making it sound like.

India creating a central bank for crypto simply would mean that they are looking into creating some centralized digital tokens on a blockchain, or perhaps a special branch of operations of the central bank to deal with crypto policies. There's nothing more to it than that.

It's no different to the Petro, or any other "state owned" cryptocurrency, which is not necessarily something that positive.

[tanzaholzmann]

this is very funny, the Indian bank banned cryptocurrency but Indian banks made cryptocurrency and now my head is bothered to hear this news hehe lol ...
I just say good luck to Indian banks

[rickadone]

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.

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.

[Lagrood]

Oh! I would be nice if such a bank were founded but unfortunately I am sure that it will not happen in this year. I am wondering where such a bank will be situated? What a country will confirm to found the central crypto currency bank on its territory? What a currency will that bank be focused on? Anyway I consider that such initiatives are very useful for the entire crypto market although even bitcoin ETF was rejected not so logn ago but we are discussing the opening of the central crypto currency bank it seems tha it is too early to talk about it now.

[zeingrind777]

I think this is a bit positive. But in my opinion, if crypto has central then the cryptocurrency will lose its identity a bit. because for me crypto must be decentralized

[Thanasis]

We no need any authority to control the crypto currencies because it will be same as the old centralized system if someone controls it and this is all about digital money not the crypto currency so completely misleading title here.

[btccrusher]

It sounds ridiculous! Cryptocurrency shouldn't be centralized. Cryptocurrency would have ZERO value over money or gold if any bank can govern it, so there will be nothing to do with blockchain technology. It will be a failed attempt to make the world better then. So, stop thinking nosense, let crypto be more strong without centralization. All hail to mr. Satoshi.

[Alone055]

Creating a Central Bank of Crypto-currency may no longer sound ridiculous

It still sounds ridiculous. Decentralization is what makes cryptos different from fiat, and if there are crypto banks just like the traditional banks then there is no meaning of using cryptos. Because, such a bank would obviously make it centralized and they will be in control of all the cryptos people deposit in there.
Countries adopting the technology does not change anything about the concept of the technology which is decentralization, and creating a bank would change that which is not good.

[Akoldi_ibk]

Creating a central bank of crypto in crypto sense sounds ridiculous because it goes against the decentralization feature of cryptocurrency. However, from a different perspective, I think the junction we are now the crypto community needs the government for quicker and massive adoption of cryptocurrencies, for more stability with fair regulation of the volatile market. Therefore I believe it will be a win-win for both the government and the crypto community. It's really not a bad news.

[djgtr]

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.

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.

We have different ideas and understanding about the project it is up to us on how are we going to understand it wisely. The bank called central bank for cryptocurrencies is very helpful especially to us bitcoiner. It guarantee the securities of the digital money that we have.

[buharikx31]

I think that it's really positive news for mass inventing crypto as a depost currency which could be hold at banks. That would be greate if you could hold your money in some bank with legal guarantees or would be better if some currencies will have that option, because in totall crypto are decentralized so it will be cool to have currencies centralized which can be hold on banks like xrp or other

[BTC-BTC-BTC]

I do see the benefit of be centralized bank. Fast speed, revere transactions, and keep all the profits themself. But, there is no need for centralized cryto bank and it's against what crytos are for.

[Kelvinid]

I do see the benefit of be centralized bank. Fast speed, revere transactions, and keep all the profits themself. But, there is no need for centralized cryto bank and it's against what crytos are for.

For me,i don't see any positive news about having a central bank because once there is a presence of a bank,the nature of crypto will be automatically centralized.And for that,banks will have the full control of our own accounts.

[petermike]

This is good news for the world of electronic money in general and for electronic money traders in particular. It is the stepping stone for creating Bitcoin perfectly and possibly through all government bans.

[Grayy]

There may be manipulations to some extent so far as we are dealing with banks. There may be players and stake holders whose primary may be geared towards making profit. It's better to take control of your own bitcoin.

[peter0425]

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's possible that what they are going to do is have a bank dedicated for Ruppies-backed, Central bank digital currencies (CDDC). So it only makes sense for them to build it just like a ordinary fiat Banks we found around. But if they are thinking of applying this to crypto sphere that we know of, it won't work and sounds ridiculous. What they need to do is regulations and not Central Banks to tackle the issue with crypto (scams, criminal use, etc..)

[chocolah29]

I do see the benefit of be centralized bank. Fast speed, revere transactions, and keep all the profits themself. But, there is no need for centralized cryto bank and it's against what crytos are for.

For me,i don't see any positive news about having a central bank because once there is a presence of a bank,the nature of crypto will be automatically centralized.And for that,banks will have the full control of our own accounts.

Hearing the word centralized just make me sick as this just spoil everything that we all hope for a long time. And now that banks are putting their feet here just means they want to be part of this while their agenda is beneath on their promises.

Seems middle east countries had lost on their thoughts and forget that they banned crypto currency but here they are proposing something in opposite on their regulations. Honestly, I don't know what will they do next.

[Hell-raiser]

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.