Central banks around the world want to get into digital currencies

[Xinarae*]

Central banks around the world want to get digital currency governments have realized that digital currency is very profitable and it is not under the control of the government. Central bank digital currencies can facilitate cross border transactions promote financial inclusion and provide stability to the payment system  and in times of economic uncertainty people can withdraw their funds from commercial banks accelerating a bank run. That's why I want to be in control of myself.

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[Kittygalore]

AFAIK, this CBDC from China was done a long time ago and it failed miserably, I might be remembering something different. CBDC in my opinion, if it was introduced in a good way into the public, I think that it can have a potential to be adopted but seeing that some of them are being forced in the throat of the consumers, I don't think that it won't last long before the magic that they put under their CBDC will be lost in the process. If China wants to make it successful, a sudden jump to big cities for experiment is not the best option, maybe trying it in smaller cities or provinces like how they are practicing with a Surveillance state in the provinces that is full of Uyghurs.

[cabron]

What Central Bank is doing is digitizing Fiat, not creating cryptocurrency. This means that they still have full control over the circulation of the country's digital currency, so this is centralized.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.

That would mean it's still the same thing, the fiat system which makes up this economic crash will still exist despite how unreliable the system is. The government can still mint more of it, freeze accounts and stop transactions.

I'm curious what will happen after the Olympics in China and they tested their CBDC coins. If they are going to allow anyone to use the app then it's free for all not just for the Chinese?

[ethereumhunter]

I think the central banks want to change their paper money into digital to follow the technology. They realize that the raw materials to make paper money are not easy to get, making them think about how to solve the problem. If they decide to use digital currencies, that can reduce their expenses to print the paper money, and they can distribute the money into the new wallet to their people. But that will be different from the cryptocurrency, which they still have control for the digital currencies that distribute to people in their country. China is one of the countries that want to do this because China has a dream to be the leader among the other countries.

[iv4n]

What Central Bank is doing is digitizing Fiat, not creating cryptocurrency. This means that they still have full control over the circulation of the country's digital currency, so this is centralized.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.

And they will not get far with that way of thinking! They are not doing anything new, as you are saying they are digitalizing fiat, but fundamentals will stay the same... that will not change its centralized nature! So it will be the same thing, just in the new suit!
Anyway, I think they are late for the party! At first, they were laughing...now they are in panic and they are trying to find a way to stay competitive... in my opinion banks are losing this race, the question is just when we will see their end!

[Sterbens]

It's just the old fiat currency taking into a new form. You know, the world changes along with the rising of new technological innovations. The old way of doing fiat transaction is so obsolete that it has to evolve and adapt to the times. The internet has gone mainstream, payment systems are shifting online, globalization makes buying and selling of goods and services intercontinental, and so on and so forth. The world has gone digital and fiat is a little bit left behind. Bills and metal coins are things of the past.

But all this does not mean fiat has essentially improved.

and fortunately all of us who have already been involved in getting to know the digital crypto system, and that will make it easier for us to face the growth of the digital economy in the future. we will gladly contribute if individual countries really want to create their own crypto. and of course economic development is the foundation of today's digital era. we are always ready for what will be faced in the future when it comes to digital cryptocurrency.

[oHnK]

It's just the old fiat currency taking into a new form. You know, the world changes along with the rising of new technological innovations. The old way of doing fiat transaction is so obsolete that it has to evolve and adapt to the times. The internet has gone mainstream, payment systems are shifting online, globalization makes buying and selling of goods and services intercontinental, and so on and so forth. The world has gone digital and fiat is a little bit left behind. Bills and metal coins are things of the past.

But all this does not mean fiat has essentially improved.

and fortunately all of us who have already been involved in getting to know the digital crypto system, and that will make it easier for us to face the growth of the digital economy in the future. we will gladly contribute if individual countries really want to create their own crypto. and of course economic development is the foundation of today's digital era. we are always ready for what will be faced in the future when it comes to digital cryptocurrency.

Unfortunately, I don't quite agree with you.  Even though the central bank makes a digital version of currency it is not as meaningful as the crypto that we generally use.  And it is still centralized, meaning that its value could also be eroded by inflation.  Whereas Bitcoin is one of the inventions that is a solution to criticism of the current monetary economic system where the central bank can print money 'arbitrarily' at any time and regardless of the amount.

[Trinx01]

Digital currency and cryptocurrency are not the same things, central banks will never accept cryptocurrency, the government won't ever accept bitcoin because it is not centralized so they cannot get something on it or gets benefit from it. Nowadays some countries are now planning on creating their digital currency, well that is also good for them we need that in our own country.

[Argoo]

Banks should have knowledge on how to use and how the crypto works and to be able to do that there is a need for bank adoption for crypto or simply a way for them to acknowledge that crypto is much useful nowadays and many prefers to use it in having transaction. There are plenty of questions whenever you will do cashout in banks about the money you have from crypto trading which sometimes irritating when they do checking too much since they don’t know how crypto trading works.

This is not to say that banks now do not know how cryptocurrency works. They just don't need her. The banking system works on completely different principles.
Their digitized central bank currencies, that is, national stablecoins, will differ from their non-cash currencies only in that they will operate on the basis of blockchain technology. In all other respects, it will be the same currency of states. Of course, such a digitized currency will be favorably distinguished by its improved capabilities and therefore there is no doubt that in the near future almost all states will have their own digitized central bank currencies.

[mezzaluna]

Central banks should really invest their time and efforts to get an upgrade within the Financial Technology industry. Having a digitized platform is one of the best things that a bank can provide because it lessens the hassle that some people need to go through from interacting ATM's and getting in line in a bank. It would also improve our quality of life by providing cashless transactions because that would mean that they studied it and would like to try it as an alternative from paying with cash.

It could also act as a beacon in which that would mean that this facilities can strive better than before and having to digitized their platforms is a great way to start promoting their development.

[mersal]

China is developing their digital Yuan for very long time and many other countries already created their CBDC and India also maybe trying to do the same when they mention that they are nit encouraging private currencies. But its not an actual cryptocurrency and its not much different from the digital fiat money then why these governments are trying to create new to hide their old fault system is doing the worse.

[zanezane]

It's good that they are developing their own CBDCs this means that there will be less paper fiat circulating which can help alleviate inflation because there is really no money involved in the transaction, just a number on the screen and you can buy what you need. The only problem that I can see with this one is that when they enforce the usage of CBDC is that they will try to suppress other digital currencies like bitcoin, ethereum and such, and that not everyone is digitally literate when it comes to this and not everyone has their own mobile devices to serve as a wallet for their CBDC.

[poldanmig]

This plan has actually been reported a lot. In particular, in last February, the Indonesian Central Bank (BI) has given a statement regarding digital currency.
This particular concern is for my country, Indonesia, where BI is interested in making digital currency. currently based on the legality of Bitcoin in Indonesia, it is still prohibited from being used as a transaction tool. https://www.cnbcindonesia.com/tech/20210226065154-37-226265/bi-akan-terbitkan-rupiah-digital-3-model-uang-digital-resmi

[TastyChillySauce00]

If this CBDC turns out to be a huge success I'm pretty sure other country gonna jump in aswell and try to make their own CBDC to compete in international market.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.

[GeorgeJohn]

While countries central banks is oppressing cryptocurrency by restricting country to transact with cryptocurrency especially bitcoin, as I heard in Nigeria and China government who order their banks not transact with cryptocurrency, so if world bank can adopt cryptocurrency how would all these countries that tagged crypto different source of bad names will act, see the only thing some government leaders don't know is that crypto will even contributes for their upgrade, if world banks endorsed cryptocurrency fully that means nothing certain countries that restrict their people can do via digital currency again.

[oHnK]

If this CBDC turns out to be a huge success I'm pretty sure other country gonna jump in aswell and try to make their own CBDC to compete in international market.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.

What I know about CBDC, is a digital representation of money that is a symbol of state sovereignty or sovereign currency issued by the central bank and is part of its monetary obligations. Second, even if CBDC is hype and followed by all countries, isn't the context different from crypto? what is the difference between physical and digital Fiat? Everything that is regulated by the central bank always deals with inflation, right? Crypto was created as part of the rejection of the current monetary system, right? Why do you need to be scared? Even at the beginning of Bitcoin, all countries also refused and until now it has survived. Don't worry too much about unnecessary.

[Leviathan.007]

Interesting. In the first place, they were saying bitcoin a tool for criminals and underground markets. They were saying bitcoin is backed by nothing and only valuable because of the demand in the markets. After a few, they were saying not interested in crypto currencies the technology they use, blockchain, can be useful for us. Now as a new step forward, they are going to get into digital currencies. However, don't forgot digital currencies are not crypto currencies. Crypto currencies can be the next step for them.

[In the silence]

-snip

As always, China mostly wants to be the first in case of innovations and mass adaptation regarding on technology. They had precautions about cryptocurrency and they know where are the bounderies that must be taken care of. They know that there's more potential on cryptocurrency for the near future and taking advantage on it is a great idea, also, their reference from its success as we all know that it is bitcoin.

[verita1]

Impressive! Since 2014 China has been working on its digital currency. I see that the progress it has made in its vision of taking a step forward in the transformation of the Central Bank by launching the first centralized digital currency is very positive and that it is expected to be successful due to all the large-scale tests that are being carried out.

It is a new monetary resource that the citizens of the world will have once the digital currency takes effect.
For the Beijing Winter Olympics it could be a good launch and of interest to everyone.

[MCobian]

Always China and America which are very aggressive towards technological developments lately. However, related to digital currency, China is most
serious about launching their own digital currency. Which is still in the development stage right now. When talking about digital currencies, it is
really needed right now, especially with the COVID-19 pandemic which is still spreading today. Cashless transactions are required, to prevent
physical contact between the seller and the buyer. So the best solution is for each country to have their own digital currencies. But I am optimistic
that many countries will soon make their own digital currencies, If this is realized, it is very easy, fast and safe to make financial transactions with
digital currencies compared to transactions with paper money.