What do people think about CBDC?

[Ozero]

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).

I don't think governments will rush to replace their paper money with digitized central bank stablecoins. First, CBDCs must clearly fix their new and effective approach, prove their practical necessity and usefulness. On paper banknotes in my country it is written that banknotes are required for acceptance by all individuals, institutions and organizations. This means that citizens have the right to use them. I think there will be big protests from people if states try to remove paper money from circulation.

[Oilacris]

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).

I don't think governments will rush to replace their paper money with digitized central bank stablecoins. First, CBDCs must clearly fix their new and effective approach, prove their practical necessity and usefulness. On paper banknotes in my country it is written that banknotes are required for acceptance by all individuals, institutions and organizations. This means that citizens have the right to use them. I think there will be big protests from people if states try to remove paper money from circulation.

Never ever think that government would really allow for these things to happen that CBDC's would overpower fiat even on being digital?

They are centralized which do pass out on government standards but for sure they wouldnt really be putting up their trust and would make use of it.They would really be making their own without the need of touching those.

For now lets just take a pinch of a salt on how CBDC's would be performing in near future.

[izsara]

On the other hand, in fact, in this case, I think the government only makes fiat but it is based on more sophisticated technology because so far this is how the system implemented by CDBC is actually the same as fiat, but indeed they are more up-to-date by following the times.
actually simplenya I think just like that and nothing more.

[josephdd1]

I am against of all digital state currencies. They will still be under control of the government. The main idea of cryptocurrencies is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so what will be the difference between CBDC and just non-cash money?Only the platform of usage. CBDC will be on blockchain instead of bank account.

[michellee]

I am against of all digital state currencies. They will still be under control of the government. The main idea of cryptocurrencies is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so what will be the difference between CBDC and just non-cash money?Only the platform of usage. CBDC will be on blockchain instead of bank account.

But we can not do anything except follow their regulations. Besides that, we live under government control and if we are trying to break their rules, we can get in jail, making us suffer. I think we can let the government use their way to control their fiat while we have another option to save our money in other forms and I think we already did with gold. The government seems to need to follow the technology and if they think creating their own digital money is necessary, they will do that with all of their resources. That is our benefit because people can use cashless methods to pay.

[passwordnow]

I am against of all digital state currencies. They will still be under control of the government. The main idea of cryptocurrencies is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so what will be the difference between CBDC and just non-cash money?Only the platform of usage. CBDC will be on blockchain instead of bank account.

Of course they're controlled by the state and that's why from the meaning itself, there's "central" for which where it will operate. Just like us, we don't like the state controlling cryptocurrencies but just as what we want of them adopting crypto, this is their bold step into adoption. Although it's not fully adoption, they're making it look like that they've also stepped in and made their own crypto. But understanding the lying facts about CBDCs, it's not really cryptocurrencies. You're right that they've just upgraded and putting it into blockchain and there's not that much difference of having digital money.

[DooMAD]

CBDC will be on blockchain instead of bank account.

You're right that they've just upgraded and putting it into blockchain and there's not that much difference of having digital money.

In the other recently active CBDC topic, I challenged this notion.  Not only do I think they wouldn't use a blockchain, but I'd also call their intelligence into question if they did.  There's absolutely no benefit for them.  It would be an exercise in futility.

Don't think of CBDCs as "centralised crpyto".  Other than being a form of digital money, they're entirely different.  In terms of network architecture/topology and how it functions, I doubt there will be many similarities between CBDCs and crypto at all.

[passwordnow]

CBDC will be on blockchain instead of bank account.

You're right that they've just upgraded and putting it into blockchain and there's not that much difference of having digital money.

In the other recently active CBDC topic, I challenged this notion.  Not only do I think they wouldn't use a blockchain, but I'd also call their intelligence into question if they did.  There's absolutely no benefit for them.  It would be an exercise in futility.

Don't think of CBDCs as "centralised crpyto".  Other than being a form of digital money, they're entirely different.  In terms of network architecture/topology and how it functions, I doubt there will be many similarities between CBDCs and crypto at all.

You're on point, thanks. If they're going to make as such into blockchain, there's no point anymore to them since it's already centralized.
Just as the usual network and process that they have with their existing system, they'll just use it then instead of making it look out that they're using blockchain for their benefits.

[fullhdpixel]

In the other recently active CBDC topic, I challenged this notion.  Not only do I think they wouldn't use a blockchain, but I'd also call their intelligence into question if they did.  There's absolutely no benefit for them.  It would be an exercise in futility.

Don't think of CBDCs as "centralised crpyto".  Other than being a form of digital money, they're entirely different.  In terms of network architecture/topology and how it functions, I doubt there will be many similarities between CBDCs and crypto at all.

I wouldn't really imagine a world where centralized cryptocurrency would become blockchain based. However even assuming they do a centralized one that they could forever control, they could still build it with blockchain. I agree that there is no "need" for it, but the reality is that even if there is no need for it, it could still happen and I would still find it reasonable enough to spend resources on it.

I am not saying that they will, nor saying that they won't, all I am saying is that a centralized cryptocurrency with a blockchain is totally possible. Look at BUSD for example, they control all over it and Binance can do anything they want with it, what's the difference? That is exactly what CBDC would be like if they build it on blockchain.

[Quickseller]

CBDC will be on blockchain instead of bank account.

You're right that they've just upgraded and putting it into blockchain and there's not that much difference of having digital money.

In the other recently active CBDC topic, I challenged this notion.  Not only do I think they wouldn't use a blockchain, but I'd also call their intelligence into question if they did.  There's absolutely no benefit for them.  It would be an exercise in futility.

Don't think of CBDCs as "centralised crpyto".  Other than being a form of digital money, they're entirely different.  In terms of network architecture/topology and how it functions, I doubt there will be many similarities between CBDCs and crypto at all.

Stablecoins today can be arbitrarily "frozen" by their issuers, and they are issued on blockchains. Even if miners were to confirm transactions of a frozen UTXO, the issuer could publicly say they will not honor that particular UTXO, so no one would be willing to give value to that UTXO.

A CBDC would effectively put banks out of business. The same people that are against business operating in response to market conditions, are the same people who want to be able to intimidate people that associate with people they do not agree with. A CBDC that uses a public blockchain would allow someone to monitor payments made to political enemies and opposition.

For the above reason, IMO, if a US CBDC is implemented, it would be on the blockchain.     

[FanEagle]

Yes that is right, having CBDC is going to help in improving the speed of transactions around the world. But I think one thing that people are not liking about this CBDC is because they are paired with Fiat. Most people that I ask about the CBDC they just say to me that it is still the same fiat that is being given to us but now in a digital form.

So, they like the idea of CBDC (central bank digital currency), but they don’t like the fact that it is the same Fiat because they don’t like Fiat.  They see fiat as a currency that would still end up losing value in future, so it’s not really worth holding it that much.

As for me I will say that Fiat plays some major roles in our day-to-day lives, so it wouldn't be bad for the government to improve it to the standard that they about to do now, but then we already know the right thing to do, don’t hold only Fiat. You should also try to invest in other cryptocurrencies and other types of stocks that you can find, that are worth investing your money in.

[el kaka22]

Yes that is right, having CBDC is going to help in improving the speed of transactions around the world. But I think one thing that people are not liking about this CBDC is because they are paired with Fiat. Most people that I ask about the CBDC they just say to me that it is still the same fiat that is being given to us but now in a digital form.

So, they like the idea of CBDC (central bank digital currency), but they don’t like the fact that it is the same Fiat because they don’t like Fiat.  They see fiat as a currency that would still end up losing value in future, so it’s not really worth holding it that much.

As for me I will say that Fiat plays some major roles in our day-to-day lives, so it wouldn't be bad for the government to improve it to the standard that they about to do now, but then we already know the right thing to do, don’t hold only Fiat. You should also try to invest in other cryptocurrencies and other types of stocks that you can find, that are worth investing your money in.

There are cons and there are pros about it. The pros is endless because it is literally fiat in a digital world and made easier to travel around the world as well (not you, the money, although you could travel with it if you want). So just like crypto, you could send someone all the way other side of the world in a minute by spending very little, such an easy thing, and that person could exchange it for whatever and then get it to their own fiat and you just moved money from god knows where to middle of nowhere very easily.

However, the only downside here is that we are still talking about something centralized and people do not like that, it is reasonable for people to not like it and I get it, sure it is a technological improvement over what we have right now so we should be happy about it all the same, but while we are improving so much and in an era with decentralization, it is sad to see that is not going to get bigger with CBDC.

[DooMAD]

The pros is endless because it is literally fiat in a digital world and made easier to travel around the world as well (not you, the money, although you could travel with it if you want). So just like crypto, you could send someone all the way other side of the world in a minute by spending very little, such an easy thing, and that person could exchange it for whatever and then get it to their own fiat and you just moved money from god knows where to middle of nowhere very easily.

Depends, really.  As an example, that sounds like the total opposite of what China would be looking for in their particular CBDC.  I'm betting they design theirs to strictly limit how much can be moved out of China. 

It may not be a safe assumption that you'll get as much freedom in your nation state mandated currency as you do in Bitcoin.

[Abiky]

I am against of all digital state currencies. They will still be under control of the government. The main idea of cryptocurrencies is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so what will be the difference between CBDC and just non-cash money?Only the platform of usage. CBDC will be on blockchain instead of bank account.

Government-backed digital currencies (or CBDCs) are the exact opposite of cryptocurrencies. They're centralized, heavily manipulated, and fully auditable by the government. You get no privacy when it comes to using a "digital state currency". This will only increase governments' surveillance efforts, paving the way for a "New World Order". I'm pretty sure most countries will turn against decentralized cryptocurrencies like Bitcoin and Ethereum in order to force the use of CBDCs. Crypto might survive but mainstream adoption will decrease by a large margin. As long as people have an "escape route" from the government-controlled financial system, there should be nothing to worry about. Just my opinion

[oHnK]

Government-backed digital currencies (or CBDCs) are the exact opposite of cryptocurrencies. They're centralized, heavily manipulated, and fully auditable by the government. You get no privacy when it comes to using a "digital state currency". This will only increase governments' surveillance efforts, paving the way for a "New World Order". I'm pretty sure most countries will turn against decentralized cryptocurrencies like Bitcoin and Ethereum in order to force the use of CBDCs. Crypto might survive but mainstream adoption will decrease by a large margin. As long as people have an "escape route" from the government-controlled financial system, there should be nothing to worry about. Just my opinion

The government created the CBDC with the alibi of wanting to save the public from the scams that occur in the market.  But in reality, when compared to fraud using Fiat, the number is also very large.  They made CBDC just a rival not a technology with a solution for all parties.  This is where the government is selfish in making policies.  They forbid the public to use crypto to secure their conditions and powers only.

[jostorres]

Government-backed digital currencies (or CBDCs) are the exact opposite of cryptocurrencies. They're centralized, heavily manipulated, and fully auditable by the government. You get no privacy when it comes to using a "digital state currency". This will only increase governments' surveillance efforts, paving the way for a "New World Order". I'm pretty sure most countries will turn against decentralized cryptocurrencies like Bitcoin and Ethereum in order to force the use of CBDCs. Crypto might survive but mainstream adoption will decrease by a large margin. As long as people have an "escape route" from the government-controlled financial system, there should be nothing to worry about. Just my opinion

I really wonder how they will be done and how they will be received. We are all talking about like it is a bad thing and I do agree that it will be a worse knock off version of cryptocurrency but that doesn't change the fact that we are talking about something that is government backed.

Do you want to know the power of government? Richest person in the world has 200ish billion dollars worth of money, just last year USA printed out 2+ trillion dollars and recently accepted a 1 trillion dollar infrastructure deal and spends around 750 billion dollars YEARLY on military. That's the power of government and I am pretty sure they will do their best to get everyone to use their currency.

[doomloop]

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.

Sure there would be other countries that would come up with their own CBDC. Apart from China creating its own digital Yuan, another country that I have heard has created their own CBDC is Nigeria, which is called the E-Naira. As time goes on there might be other countries that would come up with their own as well, and it’s possible that the United States will create their own digital USD.

But, I don’t know if these digital currencies will really go far or not. The good thing about them is that they would help to reduce cost of transactions like you have said and also increase the speed of transactions, which is really good.

[Abiky]

I really wonder how they will be done and how they will be received. We are all talking about like it is a bad thing and I do agree that it will be a worse knock off version of cryptocurrency but that doesn't change the fact that we are talking about something that is government backed.

Do you want to know the power of government? Richest person in the world has 200ish billion dollars worth of money, just last year USA printed out 2+ trillion dollars and recently accepted a 1 trillion dollar infrastructure deal and spends around 750 billion dollars YEARLY on military. That's the power of government and I am pretty sure they will do their best to get everyone to use their currency.

Exactly. The government has the power to do whatever it wants. You can bet it'll manipulate a CBDC just like it's been doing with traditional Fiat these days. The situation will be even worse since every transaction will be visible on a centralized ledger. Most people don't understand what crypto/Blockchain tech is all about, so they'll assume a digital currency launched by the government is a good thing (when in fact, it is not).

I wouldn't be surprised if the US and other countries begin cracking down on crypto in order to force the use of CBDCs. If that happens, mainstream adoption for decentralized cryptocurrencies will decline at an accelerated rate. Who knows if this leads to a major decline in crypto assets' prices on the market? Just my opinion

[tygeade]

I wouldn't be surprised if the US and other countries begin cracking down on crypto in order to force the use of CBDCs. If that happens, mainstream adoption for decentralized cryptocurrencies will decline at an accelerated rate. Who knows if this leads to a major decline in crypto assets' prices on the market?

Yeah, there are enough possibilities for USA and other countries to introduce their own CBDC but in my  understanding that all decentralized cryptocurrencies (or at least bitcoin) will remain as digital asset whereas CBDCs will be in circulation just another digital fiats.

I mean still I will use my government's CBDC to buy bitcoin similar to exactly how I am currently doing with my credit card or skrill account. So, I am not seeing government's stand on CBDC will script the decline of cryptocurrencies. I am saying this because cryptocurrencies are not being used as currencies as of now but it is being treated like digital assets which may go more intensive if enforcement of CBDC takes place in coming days.

[savetheFORUM]

there are enough possibilities for USA and other countries to introduce their own CBDC but in my  understanding that all decentralized cryptocurrencies (or at least bitcoin) will remain as digital asset whereas CBDCs will be in circulation just another digital fiats.

I mean still I will use my government's CBDC to buy bitcoin similar to exactly how I am currently doing with my credit card or skrill account. So, I am not seeing government's stand on CBDC will script the decline of cryptocurrencies. I am saying this because cryptocurrencies are not being used as currencies as of now but it is being treated like digital assets which may go more intensive if enforcement of CBDC takes place in coming days.

I think that in some countries the governments are going to try to stop people from making use of cryptocurrencies as a means of transaction, so that people will divert to making use of the government’s digital Fiat for whatever transaction they would like to make. Then As for decentralized cryptocurrencies, such as Bitcoin, Ethereum, and the rest of them in the market, they would be considered as an asset that people can buy and sell. That has been the situation or how things are being done in some countries right now, people are only allowed to buy and sell cryptocurrencies like Bitcoin as an asset, and not making use of faith as a method of transaction.

And I’m on the same side with you that if the government should release their CBDC, it is not going to stop people from making use of cryptocurrencies such as Bitcoin. So, I am not seeing any downside on this, the cryptocurrency market will continue to grow.