Will central banks create their own digital currencies?

[Salauddin1994]

The lion's share of international trade is in us dollars in the process of money transfer the currency of any country is converted into dollars china has sought to avoid a sharp geopolitical dispute with the united states. Seeks to reduce the dominance of the dollar by introducing transactions in the alternative financial system central banks will create their own digital currency but it will take a long time because everyone can do as they wish in decentralized transactions if centralized is introduced it will be under the control of the government.

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[fullhdpixel]

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.

Yeah, but it is hard to imagine central banks issuing their own crypto because again the problem with crypto is that people can indulge in activities like money laundering and drugs and since the crypto are not traceable they cannot be caught, so it would be a case of government aiding illegal activities. In case they make it traceable and centralized then there is no use of making a crypto like that because it kills the basic purpose.

I am not sure what the basic logic is for them creating a crypto of their own just to bring digitalization? Then they can easily make their own payment processor like Paypal and I am actually quite sure they have one already. I am not saying crypto are useless but all I am saying is that not everywhere we can force crypto.

[Daras]

This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital  currencies.

[plvbob0070]

I think some countries are already showing a good acknowledgment towards centralized digital currency and that they are already planning on it. Adoption of CBDC is highly possible since we are now in the modern era where we develop things through technology. However, it will still be hard for other countries to adopt these changes so fast since I believe that majority still prefer fiat and not everyone can access digital currency. But we will probably see countries adopting this digital currency in the next few years.

[Vaskiy]

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.

The blockchain technology is an evolution in the financial system. With the effectiveness blockchain technology is getting used on other functional sectors. Understanding the good of blockchain technology governments too have begun to use it on financial management. Now the increasing usage of cryptocurrencies by different levels of people force governments to develop their own cryptocurrency.

[TastyChillySauce00]

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.

CBDC is not the same as cryptocurrency and it's only a digital form of fiat that was fully controlled by the centralized authorities. It will be stable coin to be an alternative solution for the digital payment.
We can take china's CBDC and it was fully centralized as PBOC was fully controlling it.
It will not affect you but this CBDC will bring a new gateway for the fresh money to go to the crypto market.
That's will happen soon.

[Sebas.tian]

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 .

Well, we might see it too eminent becasue the space at which the technology is moving can't be determine for anyone to guess the central Banks will get their own coins created later in the future. Personally, i see a soonest coins be launch into the cryptocurrency space by these central Banks, but they will be centralized and not decentralized like Bitcoin and some other decentralized coins. 

[2tang]

Banks can transform, maintain their edge and thrive in the crypto era by leveraging blockchain technology. This technology will later help the bank's operational efficiency by recording in a public ledger to ensure the validity of transactions safely so that banks will be able to monitor crypto developments and try to learn from the changes it has brought to develop their own crypto platforms and of course banks can be an alternative for them. investors and traders keep their money or crypto assets and of course this is a mutually beneficial reciprocation between banks who want to benefit from storage fees and investors or traders who want the security of their assets

[pandanaran]

So far I have seen the crypto industry showing good development especially with some of the big companies out there starting to develop their own projects and some starting to adopt blockchain technology as well. So, it is possible that the central bank creates its own coins but it may not be as decentralized as other cryptocurrencies. Banks are still considering risks, especially about volatility because we know that crypto is unstable.

[zaim7413]

This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital  currencies.

Yes, and this is all happening because of the rapid changes in technology in all fields, so that digital changes occur very quickly and are very easy to find, this is something that cannot be denied by anyone and must accept it very wisely.

[Ucy]

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.

Sometimes I wonder why they need  another  currencies when they already have digital fiats currencies. They could simply migrate the digital fiat to Blockchain for transparency and also to enable citizens have power over their coin/asset. I guess they'd want to start afresh and have their liabilities/debts go with old fiat currencies.

[Davian144]

I think they've researched and piloted their own project. It would be impossible if they didn't. They certainly follow the development of the financial world. It seems like just waiting for the right time to publish it.

Yes, all teams are obviously always doing research and testing on the projects they will build and they will run at the right time, but if the team is really ready for this, then now is also the right time to publish it.

[Rodeo02]

This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital  currencies.

Yes, and this is all happening because of the rapid changes in technology in all fields, so that digital changes occur very quickly and are very easy to find, this is something that cannot be denied by anyone and must accept it very wisely.

Indeed there is also the reason why they need to make thier own since they know the large adoption of crypto currency is already started and have big market right now. they need to adopt it so they will never left behind and they need to use this technology to get more money again from people since banking is a way to save and borrowed money. They find it  useful for them in long term  the question right now is how they can make it more secure compare to bank  account.

[Webetcoins]

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.

Well, maybe a coin such that it represents the country but yeah it is still a dream and I do not think there is any thought from the government on this topic and while we might get excited about these things, they might not even spare a thought bout this.

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.

Yeah, there will be no difference between using currency or crypto-currency if they are being monitored by the legal authorities. I have no doubt that the coin they make will do good in terms of volume but it might look more like a stable coin than an actual crypto currency where the price moves all day long in uncertain directions.

[copoyes]

If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction

[jrrsparkles]

AFAIK, government of China is almost completed their Digital Yuan project and tried it as well but not sure it has been already in use there and also Japan doing the preparations for their own CBDC so yes the banks are already in the process of creating their Centralized tokens because they can't really stop the growth and influence of bitcoin.

[7788bitcoin]

If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction

If any central bank is planning to create their own digital currency then you need to get the permission by the government and we need to expect more countries coming out with their own digital currencies but what we need to understand the success rate of these centralized cryptocurrencies depends upon how they are able to attract the common investors to hold or trade those currencies.

[Shasha80]

Hey Karl, it's great to find your topic in the altcoins discussion. Anyway, I really like the selection of images in the opening post.
When talking about the rapid development of cryptocurrency, it indirectly makes the popularity of cryptocurrency increase dramatically.
And it must be admitted that cryptocurrency cannot be controlled by the government and banks. Therefore, Central Bank thought of creating
their own digital currency to compete with cryptocurrency.

And sooner or later Central Bank will definitely create their own digital currencies. Especially in a pandemic situation like now people
are more comfortable use cashless transactions. Now China is most serious about making digital Yuan, maybe they will try to use it first
only for Chinese residents first. I am sure other countries will soon follow China by making their own digital currencies too.

[doomloop]

All of us already knows that central banks wants to create their own digital money/cryptocurrency, and it’s clear that People’s Bank of China (PBOC) has done that already. But, the next question that lies ahead is what they are going to do after creating their own digital money, are they going to allow other decentralized cryptocurrencies to stay or are they going to try to bring it down?

Earlier this week I was seeing news that Chinese government are making it tight for cryptocurrency users, especially the miners to convert their cryptocurrencies to fiat. So are other governments going to do the same thing or will they allow them to stay?

[TastyChillySauce00]

If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction

it's a must and the government knows what will be done by the central bank by issuing the digital currency. The central bank will always try to discuss it with the authorities.
Central bank will always get permission from the government too.
There's no need to doubt about that. Central bank will issue a product that will be fully tested and fulfil all of the regulations.