Will central banks create their own digital currencies?

[Bitcasino.io Support]

Hey everybody,

In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.

As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.

You can read the full article in our blog: Will central banks create their own digital currencies?

What are your thoughts about the central banks’ digital currencies?

Regards,
Karl
Bitcasino.io

[1715294356]

1715294356

[1715294356]

1715294356

[Tushar Ramani]

Creating their own digital currencies is highly possible. At first, using secured and scalable blockchains like Ethereum comes with volatility. It is likely to reduce adoption as people generally don't trust something volatile and compare it directly with the stock market. On the other hand, when banks create their own stable currencies with their own blockchain, they don't need to rely on others while calling it individually developed. 

[bitkanu]

CBDC sounds a very interesting thing consider about when it can be used to create a direct pair to the crypto and that can bring more demand to the crypto.
Afaik if cbdc will be a new form of digital payment system that will be fully legalized.
It brings a very big room for crypto to growth as long as the developers on crypto can develop a gateway toward cbdc.

[concept2]

CBDC has been planned for many years and many countries are testing it right now. They have found the advantages of blockchain for many years and implementing this invention to central banks can enhance transaction speed, honesty. So they are running really fast to add a new platform to the foundation. Just imagine the traditional bank combining with digital blockchain. How strong can it be ?

However, no matter how they try to utilize the benefits, CBDC is still centralized. Many people demand decentralization. They want to be anonymous and stay as far as they can away from the government

[Lavander]

I was also curious about this one but one thing is for sure that their own currency will not be decentralized and it will be a centralized digital currency. I think that's something like an online bank right? or do you mean having their own digital currency like Bitcoin and other currency.

[TheUltraElite]

Most people, that is the fiat using people dont care about centralized or decentralized, they dont want to mess up their work with these words and only want the hard green cash in hand. For them this wont matter.

Fact is that bitcoin users have always been against this idea. However with time they will be forced to accept the truth that without the banks support and development of own crypto or allowing merchants to freely access crypto, the users of crypto are going to lose the market to spend their coins.

Even if someone is a hodler, they need to sell at some point or another to book the profit. If there is no longer any market to sell, whats the use of holding them. We are optimistic about that future market and for that I believe banks involvement is essential.

[Nivia1st]

sooner or later it will happen. because the central bank will not stand idly by seeing the current financial system being destabilized. they will definitely make an innovation so that they are not left behind. the current banking system should be integrated with the blockchain. Though in the end it's not a good thing, because I'm sure it will be centered and controlled by them. but at least blockchain is used because the benefits of transparency of this technology are very good in applying in the banking system. otherwise everyone in the future will lose faith in centralized finance and prefer Defi (cryptocurrency).

[kidbounty]

yes it will, but it's not crypto. because the central bank will not make something decentralized. they want to keep control even if it's digital. even if they say it's a crypto coin, I still won't believe it. everyone who doesn't believe in the current financial system would agree with me.

[unusualfacts30]

They will most likely start using one of the cryptocurrency that is readily available. Going through the process of creating its own secure cryptocurrency can be very challenging with many unseen hurdles. In my opinion, they would use one of the digital currency that is already readily available to save money and resources. There is no reason for them to recreate the wheel.

Digital currency is probably a better term for it since cryptocurrency in theory is used for decentralized.

[_IRMAN]

I think in the future all central banks around the world will move to blockchain and issue their own coins, because nowadays the world's financial system is very closed, we need a more open world, and blockchain is the only way.

[Jackl87]

I can definitely see that central banks will issue their own digital currency in the future. For example a fully digital blockchain-based EURO.
The whole cryptocurrency scene keeps growing and traditional institutions also want a piece of the cake sooner or later  .
I don't think though that central banks will use existing stable coins because "official" digital currencies probably need to have way higher standards regarding to how they need to be backed and insured and so on.
Also i wonder how for example a digital EURO would be implemented. Would it be in addition to the already circulating traditional EURO? Probably not because that would generate inflation.
I guess they would subsequently replace traditional currencies with their fully digital pendant.

[Periodik]

They will eventually. They cannot continue to stick with an obsolete fiat in the face of a highly technological world. They will be left behind. The future of money is digital currencies and if they decide to continue with the status quo they might be easier to be replaced with cryptocurrency. But now that they are more aware of the potential of cryptocurrency, they have already opened up to the idea of issuing their very own digital cryptocurrency. They are now trying to accept the fact that crypto is growing and they badly need a competition.

[n0ne]

Already lot many countries have created their own cryptocurrencies and were under usage. Few of the countries that have created their own cryptocurrency are Switzerland, North Korea. These cryptocurrencies were used for transaction within the country. For cross border transaction they're in need of a common asset. This gets fulfilled by the bitcoin, because its universal value.

North Korea plans Bitcoin like Cryptocurrency

[Kvalentine]

I thought china is the first to create a digital yuan which will be launched soon? I'm sure many other countries will follow china and also the central bank digital currency will be pegged to each countries Fiat currency value so I don't how anything big here, to me it's just like another stable coins

[Greatchu]

It's not a new thing that central bank will create their own digital currency and it's nothing to worry about as the currency won't be volatility like other crypto coins, it will work more like USDC or USDT and Fiat will slowly fade away

[Chuky92]

Hey everybody,

In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.

As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.

You can read the full article in our blog: Will central banks create their own digital currencies?

What are your thoughts about the central banks’ digital currencies?

Regards,
Karl
Bitcasino.io

Actually it is a good idea that the government or Central banks are for once coming to the agreement of the truth about digital currencies or cryptocurrencies, and just like you rightly said, where some are already taking action towards it, others are still contemplating on the possibility of it, but however, this has proven one thing, and that is, crypto indeed have a place in the future.
On the other hand, in as much as this is good as it will bring more knowledge of cryptocurrencies to more people, however, whatever digital currency the government or central Banks are creating will be highly centralized and fully managed/controlled by them, therefore not bringing any much difference between their digital currency and physical currency (Fiat).
Therefore, my thought actually is, it is a good innovation at the right time, because with crypto gaining more popularity lately, their move towards creating their own digital currency will add more to the crypto space popularity, hence mass adoption.

[The Cryptovator]

What are your thoughts about the central banks’ digital currencies?

Simple, if a central bank creates their own cryptocurrency means they will create a centralized cryptocurrency. Most likely they will not dare to create decentralized cryptocurrency due to volatility. If they create a centralized stable cryptocurrency then it will consider like a fiat currency. But yes, it would be easier to deal with a real decentralized cryptocurrency like peer to peer exchange.

[ARTCOINSLV]

"Will central banks create their own digital currencies?"

Yes, of course they will, there are no options here.
These are not random events, but necessary changes, without which it will be difficult for the world to develop further.

[ven7net]

Hey everybody,

In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.

As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.

You can read the full article in our blog: Will central banks create their own digital currencies?

What are your thoughts about the central banks’ digital currencies?

Regards,
Karl
Bitcasino.io

I believe that centralized banks will create their own cryptocurrency and here's why. Since the advent of cryptocurrencies, most of the money has flowed into this asset, and as we know, banks want money to be with them and at least manage money. Now that the crypto industry is showing excellent development, centralized banks realized that this direction will grow and more and more money will be accumulated in it. How do you access this money? Easy, the bank needs to offer to store cryptocurrencies with them, as they have already stated, as well as create their own cryptocurrency in order to attract people and money to them. This is their chance not to be left behind and they will definitely use it.

[Ozero]

I was also curious about this one but one thing is for sure that their own currency will not be decentralized and it will be a centralized digital currency. I think that's something like an online bank right? or do you mean having their own digital currency like Bitcoin and other currency.

There is no doubt that governments will create their own national digitalized currencies of central banks.  It has long been reported that more than 80 percent of states are working on the issue of their national digitized currencies.  This makes sense because a digitalized currency combines the advantages of conventional currencies and cryptocurrencies.  This is already positively assessed by governments and the coronavirus pandemic has only pushed this process.
 The digitized currency of states will, of course, be completely centralized and governments would not have decentralized it, even if they could.