new central banks currenicies vs fiat currency?

[molsewid]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

Where do you get the idea of the government plans to create their crypto-currency? Can you show me some articles?

Bitcoin and Ethereum are not testing currencies in the bitcoin world. These two coins are still at the top because many people still use it and know that the price of these two coins will rise. If this is testing currencies, no one will need it, and no one will use it because who wants to buy testing coins only, right?

[bitgolden]

Governments do not have to "accept" crypto currencies which some of them do, most famously Bahamas and Ohio state is the most known ones that literally accept crypto payments which is awesome but what governments needs to do is not that much, only accepting and regulating the existence of bitcoin could be enough, there is no need for anything extra from that at all.

Of course, this is not going to be something major in changes because most nations are already doing that right now and the few that bans bitcoin will be forced to make it legal since banning will not stop it and people will keep using it anyway even when banned yet they could charge taxes if they allow it so smart money is on every government accepting bitcoin and crypto one day for not having any other option to do anything else.

[Ridwan Fauzi]

first whats wrong with fiat currency? the cash is works good nothing wrong with this.

Depend on intention when using it, indeed there is no problem with money fiat as long as you use it in your country. You are freely using it and it will be accepted in all aspect when you pay anything. But, could you imagine what will you do when you use it in another country? You can't use it for sure.

Also, when you have a brother/friend who lives in another country and you will send money to them using money fiat, how many days the money will arrive? At least it can takes three days right?

This is the matter of scallability, it will be different when you use crypto currency. As long as the merchant use it you can pay anything with it as long as you buy something in different country with a low fees and also you can send money to your brother/friend who live in differrent country just a few times and low cost. This is why we need regulation form the government and seem like there is no impendence when they regulate it.

[proTECH77]

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

[Febo]

Where do you get the idea of the government plans to create their crypto-currency? Can you show me some articles?

https://twitter.com/Lagarde/status/1322859717329301504?s=20

Here you have about digital euro. There are a lot articles about countries making digital currencies and banks and institutions making stable coins. How you could not see any is beyond my imagination.

[AndySt]

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Digital currencies of central banks and classic cryptocurrencies will lead a parallel existence in any case, and we will hope that states will not declare a crusade against cryptocurrencies after the introduction of their blockchain-based projects. Any sovereign state must have the tools to conduct its activities and its own currency is one of these tools. Therefore, in day-to-day economic activity, priority will be given to its own currency and not cryptocurrencies.

[CODE200]

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Digital currencies of central banks and classic cryptocurrencies will lead a parallel existence in any case, and we will hope that states will not declare a crusade against cryptocurrencies after the introduction of their blockchain-based projects. Any sovereign state must have the tools to conduct its activities and its own currency is one of these tools. Therefore, in day-to-day economic activity, priority will be given to its own currency and not cryptocurrencies.

That's how support from the government works. This gives an idea that the only way for mass adoption of cryptos is centralization and regulation. Since governments are not in control of crypto's decentralized nature, they just made their own but not totally to compete with this technology but probably to be an alternative for those people having doubts. Well ofcourse taxation is also a factor. Still, coexistence of both digital currencies are more expected in the future.

[Ozero]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

The digitized currencies of the central banks of states will not at all conflict with the usual currencies of states, since they are actually the same thing, only in different forms.  Governments will issue them within the limit set for fiat currency.

[slapper]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

The digitized currencies of the central banks of states will not at all conflict with the usual currencies of states, since they are actually the same thing, only in different forms.  Governments will issue them within the limit set for fiat currency.

I agree with you. However, digital currency is much more stronger than fiat because it is fully centralized by the central banks. You can launder those money without being caught by the authorities. Everything will become more transperency, easier to trace and you sn not escape from the government. I wonder if professional hacker can interupt the system. This can be consider as innovation of humankind although many people will be fully controlled by their country. Just look at China. Even though cbsc is just a test, citizens behaviors can easily be observed

[AndySt]

I agree with you. However, digital currency is much more stronger than fiat because it is fully centralized by the central banks. You can launder those money without being caught by the authorities. Everything will become more transperency, easier to trace and you sn not escape from the government. I wonder if professional hacker can interupt the system. This can be consider as innovation of humankind although many people will be fully controlled by their country. Just look at China. Even though cbsc is just a test, citizens behaviors can easily be observed

As mentioned above, the digital currency of Central banks is only one form of Fiat currency and any opposition between them is meaningless in its essence. I think that despite the greater degree of state control over digital currencies, hackers will still find loopholes and ways to deceive the system, because the confrontation between the shield and the sword has a long history and will continue at a new technological level, because absolutely everything is impossible to foresee in principle and there will always be things that allow for double interpretation. But this is a philosophical question

[Findingnemo]

What kind of transparency are we talking about? Banks create a centralized currency, fully controlled, with full stopping transactions and funds freezing.
They don't need transparency, they need control. You will have to go through self-identification procedures to have access to use these currencies. Don't expect it to look like a regular cryptocurrency.

Government want complete transparency over our transactions that kind of transparency they are looking for and some governments are successfully created it as well but now all they need to convince the people is that cryptos are not safe and CBDCs are really safe.

[uneng]

What kind of transparency are we talking about? Banks create a centralized currency, fully controlled, with full stopping transactions and funds freezing.
They don't need transparency, they need control. You will have to go through self-identification procedures to have access to use these currencies. Don't expect it to look like a regular cryptocurrency.

Actually to use the regular crypto currencies we already have to follow the procedures you mentioned. The governments through their regulatory agencies already control our activity on the internet and our crypto transactions and funds at exchanges, but it's not enough for them. They want to create their own national crypto currencies.
It's hard to say what is their purpose yet, but I don't expect any good from this.

[redsun114]

Doesn't really matter which one they go with, both of them are basically the same thing and I wouldn't really stress about choosing one. Personally if you think central banks creating digital currencies will be anything other than fiat currency you are fooling yourself, it will have literally the same exact problems as the other ones while having absolutely nothing improved on it.

This is why I am in crypto world, I prefer to stay in crypto world because I feel like this is where I am taking the control over my own finances and I will continue to do that as long as I can afford to. I am planning on getting a crypto card soon as well, that way I will be capable of spending as much crypto as I want anywhere I go without the need to cash out to fiat.

[Dragonfund]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

I don't think government will and want to go the Cryptocurrency way, there are other huge side of economical effects when a country currency is pegged to cryptocurrency.
How do you think the relationship between volatility and economical growth will react, it will be a suicide which will be even centralized by big players and politicians. Let's assume your country releases a coin prototype for example of 31 million and governments decide to withhold 70%, how will you feel?
Have you thought about change of regime? This are my reasons and opinion.

first whats wrong with fiat currency?

There are so many thing wrong with fiat currency, for example : devaluation of value, Price Instability and concentration of wealth to certain groups of powerful people. This is pure wickedness which is heartedly entertained by average people in the real world.
In cryptocurrency, this has birth to DeFi and its really working except for some little difficulties.

[electronicash]

 

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

I don't think government will and want to go the Cryptocurrency way, there are other huge side of economical effects when a country currency is pegged to cryptocurrency.
How do you think the relationship between volatility and economical growth will react, it will be a suicide which will be even centralized by big players and politicians. Let's assume your country releases a coin prototype for example of 31 million and governments decide to withhold 70%, how will you feel?
Have you thought about change of regime? This are my reasons and opinion.

first whats wrong with fiat currency?

There are so many thing wrong with fiat currency, for example : devaluation of value, Price Instability and concentration of wealth to certain groups of powerful people. This is pure wickedness which is heartedly entertained by average people in the real world.
In cryptocurrency, this has birth to DeFi and its really working except for some little difficulties.

we have not seen what is wrong with digital currency yet which is what OP could be saying. the government wants control and this digital currency will help the government making our transactions more transparent for the authorities to monitor. they may send Interpol right to your doorstep when they see you spend suddenly large sums to buy a car.

whats wrong with fiat/cash? well they can't be traced and online transactions can't be transparent with it. made the think CBDC is a solution.

[justdimin]

I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Exactly because if they make the coins centralized like something as Tether then there will be no scope and I don't know why people will even buy it because the price would always remain same and there is always the government eye on it. The basic aim for which cryptocurrency was made is to keep the transactions anonymous and a currency powered by people so if the government are actually going to create their own crypto they might fall flat and the lack of interest will kill their coin.

They already have fiat which is working good for them and they do not need to match or jump into crypto market unless they have a solid plan and reasoning behind the creation of a new coin which somehow gets attention and I would never want to invest in a coin that is not decentralized.

[bitkanu]

The digital currency will be also based on the reserved funds that already limited to be issued into the digital form.
The government was getting such an idea caused by the popularity of the stable coins. People these days were moving to the stable coins to do any online transactions and they have started to leave the fiat currency.
BTC and ethereum have nothing to do with this CBDC. There's nothing wrong with fiat currency.

There's no need for transparency because it will be fully centralized.

[tbterryboy]

This is why I am in crypto world, I prefer to stay in crypto world because I feel like this is where I am taking the control over my own finances and I will continue to do that as long as I can afford to. I am planning on getting a crypto card soon as well, that way I will be capable of spending as much crypto as I want anywhere I go without the need to cash out to fiat.

Make sure to buy the card from a provider who does not charge much on each deposit because I remembering purchasing a virtual card with Bitcoins which could be loaded with Bitcoins but they charged too high of fees and the card was working on some merchants but not all.

I don't think that's how it is but rather government from every local country is trying to understand the way crypto currency is behaving. They surely amazed why a thing like this in a decentralized space captivate the attention of the world.

The government might be considering their own token because of the interest and investment coming into the Bitcoins but they need to understand that Bitcoins is so popular because it cannot be traced and while not meant to be for illegal activities but a lot of illegal betting and sales happen via help of Bitcoins.

[fullhdpixel]

We don’t know who created Bitcoin, since that’s remained a secret from the start. But, we have seen so many theories about who the creator of Bitcoin is, and I have seen one that even linked it to the US government, saying that they are the ones behind it and that’s why they were pretty good at covering their tracks so that no one will find out who the creator was.

Anyway, it’s no longer a new thing that they are trying to make it centralized, though that’s only going to be possible through exchanges, but it still wouldn’t change cryptocurrencies from being decentralized, only the ones that are sent to exchanges will be traced.

[wiss19]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

The government is creating digital currency, but there is nothing wrong with the fiat, it’s still going to be there even after they have created and released their own digital currencies.

The digital currency they are creating is for things to be better, but it’s still similar to the fiat money, I don’t know why they are making it seem like their central bank digital currency will be something very different, nah it wouldn’t, and it’s going to be issued by central banks, it’s same as holding fiat. Already there are much we can do without the need of the digital currencies they are trying to create.