Banks hope to issue their own "bitcoins" to fight BTC

[Actis]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

THey dont wanna lose with cryptocurrencies lol... But I doubt there will be people gonna be using their own crypto tho. They wanna surpass bitcoin achievements but I doubt they can

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[menoiazei]

Bitcoin is and will be the boss

they will probably launch and try to pump just another shitcoin somewhere low on the currencies list 

[wxa7115]

it appears that the Bank does not want to lose in digital transactions. They seem to want to be the dominant one used in every transaction as quickly as possible, which turns out to be impossible because the use of bitcoin and crypto is so entrenched that they want to work with the government to promote it. so pathetic . they don't want people to run away from the fiat currency and banking system.

Which is ridiculous if you think about it, they make the rules and rig the game in their favour by so much that even the economy as a whole is crashing and a great deal of the economic crises around the world have been their fault, and then when people create something to get away from them the first thing they do is to try to create something similar so they do not lose clients and the money they bring.

If they wanted to avoid the rise of bitcoin then that was easy, they should have created a level field in which if you were at the top it was simply because you took better decisions and not because they rigged the economy in their favour, if that was the economic system we had then no one will see the need for bitcoin, but when I take a look at the current economic system it is an easy choice for me to pick bitcoin over fiat currencies.

[Fatunad]

Why would they fight? It would be useless because no matter how hard they would try they cant beat up BTC, they cant beat up fully decentralized thing.

They do create their own coin, then what for? this isnt different with digital fiat that we had been using up for years already.

The thing here is that they might really be redirecting citizens perceptions towards crypto and do tell that real digital currencies are to those
who had been made of by them.

[death69]

It does not change the current situation at all. Bitcoin lovers will remain loyal to bitcoin while others will choose CBDC as their main form of payment. No matter how you try to criticize the centralization, many are depended on the system for their livings. You cant change that fact

Moreover, If china publishes their digital Yuan, the first 2 billions people will first adopt digital fiat than digital currency.

[NotFuzzyWarm]

It does not change the current situation at all. Bitcoin lovers will remain loyal to bitcoin while others will choose CBDC as their main form of payment. No matter how you try to criticize the centralization, many are depended on the system for their livings. You cant change that fact

Moreover, If china publishes their digital Yuan, the first 2 billions people will first adopt digital fiat than digital currency.

Exactly what I've been saying here: It's not that different banks will issue their own coins such a BoA or Citibank or Wells-Fagro coin. Doing that would open a shitton of pricing & exchange value issues and make them just another shit coin. It is about banks laying the framework for them to handle a single nationally backed stable coin such as what USDT or other could become.

[wxa7115]

Why would they fight? It would be useless because no matter how hard they would try they cant beat up BTC, they cant beat up fully decentralized thing.

They do create their own coin, then what for? this isnt different with digital fiat that we had been using up for years already.

The thing here is that they might really be redirecting citizens perceptions towards crypto and do tell that real digital currencies are to those
who had been made of by them.

While it will be the same as their fiat people are not that smart, they will claim their coins are better because you can store them with them and get them back in the case you are hacked, and they are going to believe it not understanding that the reason you cannot get your coins back with bitcoin is because in bitcoin once some coins get to your wallet no one no matter what they do can reverse the transaction, this gives you sovereignty over your money.

People for the most part are unable to understand the concept that whatever money they have in their bank accounts does not really belong to them as the bank can always steal it and they will only believe this until it is too late and it happens to them.

[dupee419]

It's actually happening, more and more people are actually switching in to that cashless lifestyle by banks providing digital currencies in order to make transactions much more easier, while these are being implemented (well, in my country, it is still being developed), I don't think it can ruin Bitcoin and cryptocurrency that much, it's just fiat currency switching into the digital platform, all is the same and people would likely use this method in order to make transactions more convenient and fast, If they are trying to outrun cryptocurrency, I don't think it's gonna happen.

[Ziskinberg]

It's actually happening, more and more people are actually switching in to that cashless lifestyle by banks providing digital currencies in order to make transactions much more easier, while these are being implemented (well, in my country, it is still being developed), I don't think it can ruin Bitcoin and cryptocurrency that much, it's just fiat currency switching into the digital platform, all is the same and people would likely use this method in order to make transactions more convenient and fast, If they are trying to outrun cryptocurrency, I don't think it's gonna happen.

Yes, we know that banks really are into digital currency but they are not making their own bitcoin since bitcoin itself has its own blockchain and it's decentralized, what banks will do is a centralized currency, that's for sure as banks are regulated. They will make a currency, not for investment but for sole payment system only, unlike bitcoin where it rises as the demand increases.

Digital currency can't easily labeled as like bitcoin.

[Natsuu]

It is not even a race when their own "bitcoins" is pretty much the same as what we hodl in fiat banks. It is only digital. The main attraction of BTC is that it is decentralized and no one is technically in control, which gave us freedom.

It is pretty much a fantasy of them to be like that.

[Asusnumbaone]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Bitcoin is threat for the banks and i think they will find a way to adapt on new centralized cryptocurrency payment or holding. Developing an system on banks to accept bitcoin is so risky because not all people have an knowledge on the cryptocurrency and we all know that the bitcoin is somehow using on the black market.

[Japinat]

They are not making another Bitcoin but they wanted to have their own cryptocurrency, a utility token. Actually, some banks have tried this but they don't succeed because the crypto users will never use their tokens but choose those coins that can be traded.
We already know what is their reason but what they do is making nonsense. They are not a crypto expert but fiat experts instead.

if they are afraid that people will no longer use banks to store their money( which seems impossible), then this is the time for them to adopt cryptocurrency and accept the change. There is no way to fight against Bitcoin but instead, they should go along with the trend.  

[kentrolla]

Banks core value is to make crypto a centralized coin so I think people will not consider and don't support as they do for BTC and centralized coins will definitely have regulations, if this happens then the Volume and fluctuations will not be as much as we expect.

BTCs image can't be ruined even if hundreds of coins come and go, has a high popular coin people will be craze on this for sure.

[Tstar]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Banks will issue CBDC, and banks & govs will profit from CBDC.
CBDC's goal is not to compete with Bitcoin. CBDC is a way for even tighter population and tax control. Just check China, the Chinese Digital Yuan and their Social Score.

[Youghoor]

Banks hope to issue their own "bitcoins" to fight BTC

There is no way banks can issue cryptocurrency based coin to fight or replace Bitcoin. First and foremost, Banks operate through a centralized system and it will be difficult for a centralized coin  to fight a decentralized coin like Bitcoin. Also, Bitcoin has been in the financial ecosystem for about 10 years now and the banks think they can issue their own coin to kick Bitcoin off  just like that.  The banks and governments are just jokers. There  is no way they can stop the Bitcoin and cryptocurrency revolution from happening.

[romero121]

Banks are always with the plan to have their own cryptocurrency. This existed as a result of banks losing its control over the financial system. Another thing is the loss banks have been experiencing due to the existence of cryptocurrency. In particular a large revenue loss is being recorded by the banks on large volume transactions. Days back Indian government has announced its plan for releasing its own cryptocurrency. Already several times it has announced it and nothing came into development so far.

[electronicash]

Banks hope to issue their own "bitcoins" to fight BTC

There is no way banks can issue cryptocurrency based coin to fight or replace Bitcoin. First and foremost, Banks operate through a centralized system and it will be difficult for a centralized coin  to fight a decentralized coin like Bitcoin. Also, Bitcoin has been in the financial ecosystem for about 10 years now and the banks think they can issue their own coin to kick Bitcoin off  just like that.  The banks and governments are just jokers. There  is no way they can stop the Bitcoin and cryptocurrency revolution from happening.

they don't plan to create a bitcoin of their own nor wanted to replace bitcoin. banks and any company can just create digital currencies to catch up with the race to adoption.

CBDC digital currencies can easily take over in my opinion but BTC will still be used to pair with their currencies. these digital fiat currencies i guess they can use to accumulate BTC. over time they may be able to get as much as they can but then there are just too many alts and private cryptocurrencies as they call it for an option.

[eaLiTy]

Banks will issue CBDC, and banks & govs will profit from CBDC.
CBDC's goal is not to compete with Bitcoin. CBDC is a way for even tighter population and tax control. Just check China, the Chinese Digital Yuan and their Social Score.

The success rate of these central bank digital currency depends upon the adoption rate, all the central banks are planning to come up with their version of the coin and we might see many central banks with their digital currency by next year, the success rate depends upon how it is adopted by the people and if people stay away from it then it will fail to gain momentum. It is true that these CBDC will give more control over the government and this is exactly the reason people should avoid them.

[ven7net]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Really very interesting news and do they still hope that people will just believe in their CBDC? I believe they are cheating themselves if they think they can replace BTC. It is likely that we will see a fight between the crypto industry and central banks, and this is really very upsetting, as something irreparable can happen. In any case, the crypto industry and BTC itself are very strong and central banks will fail.

[blackened515]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Actually that will go in favor of bitcoin. Digital currencies issued by Government will only bring more light to bitcoin.
People will soon realize that BTC is more safer and offers more freedom and that will lead them to abolish national currencies.