Will central banks create their own digital currencies?

[kindbtc]

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

Im against the idea of creating more and more stablecoins because even if the banks want to use the coins for international payments, fast transfers or salaries etc they can use the already available stablecoins in the market and no need for more private stablecoins.

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[dr.cheema]

Central bank will create their own crypto, why? because many freelancers get their payment in BTC or in other stable crypto and they do not use bank because they charge high fee and take 2 - 3 days credit payment in account. They will create own coin for attract more users and account holders will get benefit from it.
They have two choice adopt BTC or create own coin on blockchain, they should not choose eth blockchain because of high gas fee, developers working on it but Don't know how much time they will take..  
Right now BTC getting more hyper and Altcoin taking rest hope wake up soon.

[chanler]

Central banks have really made really different decisions, going into the crypto world or the implementation and adoption of blockchain technology. This is likely that central banks will not be left behind in the matter of technology.
Actually, there are several CBDC issues by some banks in some countries. But of course, we may still not sure about how they will really give influence the crypto world. Whatever the condition, hopefully, the news will not influence negatively the crypto world.

[MWesterweele]

"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.

With the news with citibank citing bitcoin as a 21st century gold then it's no doubt that banks can really see its potential and soon they might consider having their own crypto, it will be a centralised coin that can be used by their users as well by the government. Many governments already have planned to create their own cryptocurrencies and for these to be possible banks maybe needed to run the idea of those countries planning it.

Sooner or later, they will release their national cryptocurrencies.
And then the question will be, do we need Tether?
It seems to me that it will lose its meaning.

Definitely for me it were already have a high chance of probability that central banks will going to create their own kind of digital currencies to launch on in line with a continuous progress of money transactions. But as of now i couldn't figured out the consequences of having each nation their own digital currency since well i have this gut feeling of mine that those digital currencies will only applicable inside of their country. But no one knows if it is going to be a rivalry of bitcoin in the crypto world.

[escalante28]

Lots of Banks, Countries, and big giant private companies already announced their support for cryptocurrency. Where in the part of massive adoption for cryptocurrency already. And One more thing I have read a piece of article news about the creation of Central Bank for digital currencies which might soon be launched. Read full details here https://crypto.co/news/the-creation-of-central-bank-digital-currencies/

[Antlia Protocol]

Nowadays there are in many economies the correspondings central banks are taking the decision to create their own crypto or digital currency because to bring transparency into the financial system. Some of them like Noth Korea, Switzerland has already created their own digital currency.

Your question is a bit strange because fiat currency already is mostly digital and cryptographically secured. This has been the case for over 30 years. Blockchains offer no benefit to these countries or banks.

We have already seen this fiasco play out with the banking sector with the r3 consortium which has been a miserable failure after years of effort and hundreds of millions of dollars invested. We have also already seen several governments try to rebrand their fiat like ecuador , venezuela and Canada which have also been failure.

[bocyaj]

Gradually, I think the central bank will create its own cryptocurrency. What is different from the central bank's crypto is that it is still controlled by the central bank because the central bank has an obligation to control inflation

Now the bitcoin price may make the governments to think about the own currency.I was thinking,many country government will surely create a cryptocurrency for their own.Even the USD will be replaced by the bitcoin.

[Becky666]

They will definitely make this a reality someday because, the powers of the Blockchain technology has attracted thousands of good happenings to financial world. But the question about the central Banks creating their own digital currency should be, will they ever create a decentralized digital currency?, confidently, NO they won't. They will still create a centralized shithole for the citizens, although there will be more option for those citizens to make their choice from.

[wack slacker]

Certainly, they know the demand for cryptocurrencies and their advantages. Central banks will seek to compete with cryptocurrencies to maintain their authority to issue currency. It is possible in the future, we will see each country have its own digital currency, and these currencies will have a new standard of replacement for fiat money currently operating on the internet. In this case, I would call it a currency protocol upgrade to suit the new internet infrastructure and everyone's tastes, essentially the same way the central banks played it. their currency practice over the years.

[Reid]

They will try to avoid being left in the dark and that is their only solution.
As of now, I see a lot of people in supermarkets that are paying with digital applications.
They just scan the QR code and it also avoids physical contact. i.e. change

It will be a problem if these digital apps have more supporters and all the money is there.
How can the banks distribute cash loans if there is nothing in their vault.
It may not be a new token yet but something that will make transactions easier.

[Gayong88]

I see from the point of view of the ongoing pandemic moment as a potential solution even though each of them has various arguments about Blockchain itself starting from, a technology that supports cryptocurrency, feasibility, testing, and transactions. This means that cryptocurrency has attracted a lot of scrutiny from central bankers who are a little worried that the door to illegal activities such as money laundering and others has a chance to occur.

[BayAngelo]

Yes, it is getting serious and most central banks are racing up to create a digital currency. it could be a mess if such is not properly controlled. there is a gradual migration from traditional banking to digital banking. we might be talking about digital currencies by 2022. Not now and this because it is a gradual process that needs to be monitored.

[yeamin.rsl]

Though till now no central banks created their own digital currencies but we can expect this will happened in coming future years. Creating their own digital currencies  will lower the transaction costs and the ability to make payments at any time & from anywhere .

[20kevin20]

Aren't debit cards already existing for that same manner? Although it isn't cryptocurrency, more like digitized fiat currency, but still it can do the same thing as the existing coins we got now these days.

Except the debit card is as centralized as it can be while cryptocurrencies let the control be in the people's hands. The already-existing virtual fiat (the one we also see on cards) can be deposited, withdrawn, received and spent but you don't get most of the features Bitcoin or other cryptos currently offer. They're two completely different things, although they do seem/feel similar at a very first glance.

From what I can see, they'll just seemingly to adopt these cryptocurrency we got in the market, just like how Paypal did, though it isn't entirely a bank.

CBDCs will not be the cryptocurrencies we currently have. That'd be a huge loss in the face of cryptos I'm quite sure they won't take and would also be a very unusual choice. PayPal's choice has nothing to do with the Central Banks' either. CBDCs will create their own coin that they can properly and actively monitor & control.

[J1mb0]

I think the creation of their own cryptocurrencies by central banks will be the driving force for the development of the crypto market.
There is certainly no better ad for the crypto market than the US and China releasing cryptocurrencies, then people will know more about cryptocurrencies and it will grow.

[xZork]

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

People love cryptocurrency because it's decentralized and anonymous, if central banks issue cryptocurrencies, it doesn't look different from other fiat currencies.
So I think that the coins issued by central banks will not be able to compete with bitcoin and other currencies.

[MCDev]

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

Yes, the coins issued by central banks are centralized and sub-governed coins dominated by those banks, crypto investors don't like such coins.
Perhaps central bank-issued coins will act as stablecoins.

[AnonBitCoiner]

It doesn't affect me,even the central bank bring their own cryptocurrency.And the investors surely will get interest in stable coins.When the central government release it,surely it's stable coin.

[Bitcoin577]

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

People love cryptocurrency because it's decentralized and anonymous, if central banks issue cryptocurrencies, it doesn't look different from other fiat currencies.
So I think that the coins issued by central banks will not be able to compete with bitcoin and other currencies.

This is right these could be centralized and controlled by governments but right now its possibility because many countries working on this all and few already in last stages like China as they are bringing some stick laws for other cryptocurrency for their own sack and better future of own digital currency but one this is sure its not going to have any side effect on this community because now its already in good shape without any serious back up and now growing very fast for better future.

[SistaFista]

Banks are already have digital currencies, they convert the physical money from their clients to digital money in bank accounts.
But to create their own cryptocurrency, it will be a different story. I think that is still possible, but it is not right because bank is a centralized company and cryptocurrency is a decentralized currency. When bank using cryptocurrency, i think that is not decentralized anymore.