What do people think about CBDC?

[DooMAD]

But they can also be like Ukraine that plans to launch CBDC along with making Bitcoin and other cryptos more available, creating a regulatory framework and hoping that Bitcoin will be used as payment for goods here one day. In that case, CBDC can be the first step towards cryptos for the majority of the population who needs the government's reassurance and currency's stability. Then they can slowly adjust and start using decentralized coins as well.

It sounds nice in theory, but the crucial factor is what form any regulation will take.  Generally speaking, humans have a weird compulsion to try and control things.  And that compulsion is more prominent when it's a group of humans in the form of a government.  They can't help but want to be in a position to pull strings and manipulate everything.  Maybe I'm being a pessimist, but I don't think most countries will give people that choice.  A few will.  But probably not many.  Or some will give the illusion of choice, engineering their regulations to make decentralised coins problematic to use, so the path of least resistance is for everyone to use their CBDC.

[el kaka22]

I do not think of anything that much honestly about it. It is not something that would be something that would change the world, it is something that would be boring in the end. Sure if you are a company that make tens of billions of dollars in investment then you might use it and make it into your portfolio in order to make profit so you could make investment into BTC right away thanks to ETF and CBDC together however it is not going to impact me as the regular person.

Maybe I would be using whatever American government brings instead of USDT but that wouldn't be something that would be super important for me because we already have stablecoins and if we are doing something like that then I do not care about anything since I already have something as alternative so why wouldn't I be using that instead of using CBDC, so it is basically a boring and better alternative.

[V-t.Ester]

 Here you can look through Central Bank Digital Currency Tracker https://www.atlanticcouncil.org/cbdctracker/ and find out that 5 countries are fully launched CBDC, some countries are on a pilot stage with their CBDCs  and a lot of countries are exploring them. I think that governments will slowly prepare people to the total replacement of fiat money on CBDC  notwithstanding the views of the people (probably not even asking the views of the people).

[carlfebz2]

Here you can look through Central Bank Digital Currency Tracker https://www.atlanticcouncil.org/cbdctracker/ and find out that 5 countries are fully launched CBDC, some countries are on a pilot stage with their CBDCs  and a lot of countries are exploring them. I think that governments will slowly prepare people to the total replacement of fiat money on CBDC  notwithstanding the views of the people (probably not even asking the views of the people).

Talking on replacing fiat is something i dont really consider for this thing to happen even though CBDC's would become a new trend but still fiat would remain because we've been already dealing with digital fiat

since through ages and its not something a revolutionary thing on cbdc's existence because it isnt really just too far off or similar with fiat yet both is heavily centralized and if they do ever recognized

on dealing up with these things then people turns out to be having some options for them to get involved but honestly there's no much difference on this one.

[24Kt]

Here you can look through Central Bank Digital Currency Tracker https://www.atlanticcouncil.org/cbdctracker/ and find out that 5 countries are fully launched CBDC, some countries are on a pilot stage with their CBDCs  and a lot of countries are exploring them. I think that governments will slowly prepare people to the total replacement of fiat money on CBDC  notwithstanding the views of the people (probably not even asking the views of the people).

Talking on replacing fiat is something i dont really consider for this thing to happen even though CBDC's would become a new trend but still fiat would remain because we've been already dealing with digital fiat

since through ages and its not something a revolutionary thing on cbdc's existence because it isnt really just too far off or similar with fiat yet both is heavily centralized and if they do ever recognized

on dealing up with these things then people turns out to be having some options for them to get involved but honestly there's no much difference on this one.

As we can see, small countries like The Bahamas, Antigua & Barbuda, Grenada, Saint Lucia & Saint Kitts and Nevis, already fully launched their CBDC, maybe because they are small, they can easily see the impact of this CBDC implementation. It is quite easier to manage if the country is small. And then, we will see how successful they are in this action. But I believe, they are not converting their financial system totally to CBDC, still they co-exist with their fiat. Not all their citizens will embrace CBDC fast. They still need fiat in their system. Now, from these countries, we will see if they can indeed migrate to CBDC fully or not.

[Rengga Jati]

CBDC issue has been developing since China has started it.
And now some countries are adopting to create their CBDC.
I am probably not really interested in this. I don't know what exactly will happen if most countries will also create CBDB. And we can also see how many people are actually influenced by the presence of CBDC.
Some will say moreover it can bring bad news to crypto in general.
However, it is not sure enough.
AT least, the CBDC proves that the country has started something new in their currency

[fullhdpixel]

As noted by the OMFIF report the main activities to pursue a large-scale CBDC, closely followed by the answer, lie in improving speed and cost effectiveness. It can also help overcome existing system limitations, especially in terms of system security and resilience. A large scale CBDC can reduce operational risks and operating costs due to capacity building as multiple major assets become tokenized and recorded on scatter boards.

I wonder if a lot of people are interested in it here? But now I am seeing a lot of the central banks of the countries announcing that they will develop CBDC in the near future. Now, personally, I think the leader in this field is China, could this be another race on the cypto front between the USA and China.

There is a much difference between the crypto currency we know and the CBDC. China has led the way by releasing their digital Yuan, now we should be looking forward to other countries that will release theirs too.

Personally, I would choose the decentralized currencies over CBDC that are issued out by the central banks. Most of us need that freedom just to be able to make use, and control our finances without any restrictions, making use of the CBDC is going to place restriction on that freedom that you have while making use of decentralized crypto currencies. So CBDC is a bad choice for me to make.

[Bitstar_coin]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

[electronicash]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

it's not up for the people to chose but the government. if the government of the country will have their cbdc, the people in this country will use cbdc obviously. you can only wish they allow crypto as well.

china will have the advantage to dominate in the future because they are the first to have a working cbdc but the country is the manufacturer of the world.

[Sithara007]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

There was a lot of hype when China launched their CBDC. Months have passed, and the government even imposed a blanket ban on cryptocurrency to remove any potential competition. But I haven't heard about anyone using the e-CNY yet. For usage within China, the fiat users already have digital versions of the RMB. And for international transaction, a lot of users prefer stable fiat currencies such as USD and EUR over the manipulated Chinese Yuan. If their intention was to replace the BTC, then it hasn't been achieved as of yet.

[Quickseller]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

it's not up for the people to chose but the government. if the government of the country will have their cbdc, the people in this country will use cbdc obviously. you can only wish they allow crypto as well.

china will have the advantage to dominate in the future because they are the first to have a working cbdc

This is wrong, see my above post. Adopting a CBDC will prevent commercial banks from being able to lend, which will prevent companies and individuals from being able to borrow money, which will grind their economy to a halt.

I would love to see China try to implement a CBDC, as it will delay or even prevent them from being able to take over the world. China wants to issue a CBDC in order to impose further control over their citizens, but I believe this will backfire spectacularly.

Stable coins currently have a certain level of risk, (as do bank accounts with commercial banks), and this is not the case with accounts with the central bank.  

[jaysabi]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

it's not up for the people to chose but the government. if the government of the country will have their cbdc, the people in this country will use cbdc obviously. you can only wish they allow crypto as well.

china will have the advantage to dominate in the future because they are the first to have a working cbdc

This is wrong, see my above post. Adopting a CBDC will prevent commercial banks from being able to lend, which will prevent companies and individuals from being able to borrow money, which will grind their economy to a halt.

I would love to see China try to implement a CBDC, as it will delay or even prevent them from being able to take over the world. China wants to issue a CBDC in order to impose further control over their citizens, but I believe this will backfire spectacularly.

Stable coins currently have a certain level of risk, (as do bank accounts with commercial banks), and this is not the case with accounts with the central bank.  

There's nothing about a CBDC that stops lending based in the CBDC.  It doesn't even prevent fractional-reserve banking.  If anything, it would give the government a lot more information about the level of money supply expansion in real time as the all the data would be available as it happens.  The information would help inform monetary policy.

[Victorycoin]

China's introduction of the CBDC will give the central bank an improved ability to survey and control the flow of money among citizens a digital yuan will appear as enabling the government to monitor the flow of money can be effective in curbing corruption, and helping the government monitor the financial system and reduce the likelihood of a financial crisis. A digital yuan can reduce the risk of certain investments but perhaps Political critics or dissidents can easily deny access to the financial system if all money flows can be tracked as they can with any CBDC.

[DooMAD]

China's introduction of the CBDC will give the central bank an improved ability to survey and control the flow of money among citizens a digital yuan will appear as enabling the government to monitor the flow of money can be effective in curbing corruption, and helping the government monitor the financial system and reduce the likelihood of a financial crisis. A digital yuan can reduce the risk of certain investments but perhaps Political critics or dissidents can easily deny access to the financial system if all money flows can be tracked as they can with any CBDC.

Yeah, I think most of their hostility towards Bitcoin is due to concerns over its citizens moving money out of China.  They seem less inclined to openly admit that lately, but they have definitely said it on previous occasions.  In a way, I can see why they would be concerned.  It's still no excuse to limit personal freedoms, though.  After all, it's not their money.  Or at least, it isn't at the moment.  I suppose a CBDC would effectively make money their property.  That's the part people don't seem to grasp.  You won't have the freedom to decide where you can put your money.  It won't be your choice anymore.

[palle11]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

I think the Chinese cbdc is the reason many other countries have started developing theirs. From the beginning the Chinese have criticized btc and have noticed it is not in the power to pull it down so they want competition but Chinese cbdc is not possible for a competition. It will only certisfy the digital need of the Chinese people and maybe trade between other cbdc

[Quickseller]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

it's not up for the people to chose but the government. if the government of the country will have their cbdc, the people in this country will use cbdc obviously. you can only wish they allow crypto as well.

china will have the advantage to dominate in the future because they are the first to have a working cbdc

This is wrong, see my above post. Adopting a CBDC will prevent commercial banks from being able to lend, which will prevent companies and individuals from being able to borrow money, which will grind their economy to a halt.

I would love to see China try to implement a CBDC, as it will delay or even prevent them from being able to take over the world. China wants to issue a CBDC in order to impose further control over their citizens, but I believe this will backfire spectacularly.

Stable coins currently have a certain level of risk, (as do bank accounts with commercial banks), and this is not the case with accounts with the central bank. 

There's nothing about a CBDC that stops lending based in the CBDC.  It doesn't even prevent fractional-reserve banking.  If anything, it would give the government a lot more information about the level of money supply expansion in real time as the all the data would be available as it happens.  The information would help inform monetary policy.

A CBDC means that citizens would have no reason to store any money in their bank account. A CBDC would allow citizens to do everything their bank account does via the CBDC. Banks would still have the ability to engage in fractional reserve banking, but as citizens withdraw their money in favor of the CBDC, banks would be unable to lend out money, as they would have no money to lend.

When a bank lends out money, they have to have actual money to lend. With fractional reserve banking, the bank assumes deposit holders will keep some of their deposit with the bank until the loan is repaid. Also, borrowers often deposit their loan proceeds with the bank giving the loan (or it will at least stay in the banking system). If deposit holders withdraw all their money, the bank wont have any money to lend.

Without a CBDC, the only way to remove money from the banking system is to withdraw cash from your bank account. If you have hundreds of thousands of dollars, or millions of dollars (or more), this is not really feasible, as protecting these amounts of money is difficult/costly.

[justdimin]

I think most of their hostility towards Bitcoin is due to concerns over its citizens moving money out of China.  They seem less inclined to openly admit that lately, but they have definitely said it on previous occasions.  In a way, I can see why they would be concerned.  It's still no excuse to limit personal freedoms, though.  After all, it's not their money.  Or at least, it isn't at the moment.  I suppose a CBDC would effectively make money their property.  That's the part people don't seem to grasp.  You won't have the freedom to decide where you can put your money.  It won't be your choice anymore.

Limit personal freedoms? China? No, they would never doo that. Mate their whole system is built on limiting personal freedoms. You can't even say anything bad about the president there. Like for example I can easily say Fuck Biden, nothing will happen, say Fuck Merkel, Fuck Boris Johnson, Fuck Macron, Fuck whoever is in charge at Spain or France or Sweden or Norway and so forth. Hell you can probably do it to their face as well, don't know how many chances you may get to get close to them, but if you ever do, you can do it and nothing will happen.

Not only you will never have a chance to face fatso leading China, but you will also never be able to say fuck you to his face, or even online, you will not be able to wake up next morning. This is why the most important part for them is to limiting freedoms and that is exactly why they banned bitcoin.

[Quidat]

Perhaps we should first find out how effective the China cbdc so far since it was launched then you can draw up some ideas what will happen in other countries if cbdc is introduced,
To me it will same as any other government owned project which is heavily centralise and control the people, however,  if people are given the option to choose between cbdc and other crypto, many people won't bother about cbdc.

I think the Chinese cbdc is the reason many other countries have started developing theirs. From the beginning the Chinese have criticized btc and have noticed it is not in the power to pull it down so they want competition but Chinese cbdc is not possible for a competition. It will only certisfy the digital need of the Chinese people and maybe trade between other cbdc

Chinese cbdc or totally talking about that digital Yuan then i could say that it wasnt totally the catalyst because its been already a while where stablecoins did exist even though it isnt heavily centralized just like CBDc's
but they had actually existed when it comes to general idea about centralization and somewhat stable then these are just the same.Just like on what others been saying that this isnt something that too different
with fiat so its not really that surprising that you would really be having this kind of impression.We've been dealing on things which are simply fiat on general sense.

[jostorres]

As noted by the OMFIF report the main activities to pursue a large-scale CBDC, closely followed by the answer, lie in improving speed and cost effectiveness. It can also help overcome existing system limitations, especially in terms of system security and resilience. A large scale CBDC can reduce operational risks and operating costs due to capacity building as multiple major assets become tokenized and recorded on scatter boards.

I wonder if a lot of people are interested in it here? But now I am seeing a lot of the central banks of the countries announcing that they will develop CBDC in the near future. Now, personally, I think the leader in this field is China, could this be another race on the cypto front between the USA and China.

I think you will hardly see anyone who would say that they are interested in the CBDC that’s being issued by the government and the central bank. People would rather go for what they are going to trust in handling transactions and storing their wealth.

I have seen a lot of countries that have said one or two things that shows that they are heading towards creating a central bank digital currency, and if you check you would see that majority of the people who are in those countries has no single interest at all in the CBDC, because they know that it will be unlike the decentralized cryptocurrencies that they have been using, such as Bitcoin and Ethereum that are fully decentralized and gives them freedom over their wealth.

[2double0]

CBDCs are usually going to be a 'forced monetary policy' again on us by governments to monitor our transactions which are not quite easy with cryptocurrencies that we use, if we understand the ways to keep ourselves anonymous. It is the boom in crypto industry which brought the idea of CBDCs in the minds of financial leaders, but bringing CBDC and making it meet the demand and needs of their citizens on a large scale are two very different matters. We can see an example of Tether to understand how 'bad' CBDCs will work in the real world.