Central banks around the world want to get into digital currencies

[Quidat]

-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.

What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.

For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.

[LUCKMCFLY]

-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.

What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.

For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.

China was very smart to enter the world of cryptocurrencies, first they used the FUD, they took the opportunity to make a huge campaign in favor of their stablecoin, then they spoke well of Blockchain, which led to talking about Bitcoin, this was maintained while Facebook's Libra was launched, Well, China had a lot of panic, they affirmed that Facebook's Libra was going to be treated as a normal currency, also that it was identical to the stablecoin, what benefited them was when they defeated the pandemic in its first stage. From then on everything turned out excellent. China really admired that cunning in economic movements, they entered with Blockchain in a big way.

If the banks offer cryptocurrencies in China, it will be very well controlled and guarded, it is no wonder that the banks there migrate towards blockchain and cryptocurrencies.

[AndySt]

What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.
For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.

It's just that the Chinese authorities have their own priorities in the field of blockchain and their own digital currency will be in the first place in any case, and it's strange to expect the Chinese authorities to promote bitcoin in the banking sector when there are their own developments in this area. However, this does not exclude the fact that if central banks in other countries are loyal to bitcoin, then the Central Bank of China may soften its position. But the main rate of everything and the most-favored-nation regime will still be on its own digital currency.

[ven7net]

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html

This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

[just_Alice]

This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy.

[wxa7115]

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html

We all knew this was going to happen sooner or later, as they say “if you can’t beat them, join them” governments are realizing that bitcoin is not going to disappear on its own so they are going to release their own centralized currencies trying to deceive people by saying that bitcoin is too volatile and that instead they should use their currencies.

And quite honestly I know they will have a lot of success as people are simply going to believe them, but as long as their centralized currencies still have the same flaws as their fiat currency nothing will change in the great scheme of things as people like us will never adopt those awful currencies and will keep our bitcoin intact.

[CaVO32]

This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy.

That's what you called the CBDC (Central Bank Digital Currency), so it is really tied up the actual assets of the bank. And it is already happening, like in China. And I believe, a lot of central banks are already into the exploration of CBDCs, because this will really help people move their assets much easier and maybe less expensive fees. So yes, they will form their own digital currencies but not cryptocurrencies. Remember they are banks, so this will still be centralized.

[Ozero]

This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy.

Banks have no intention of taking over the cryptocurrency market or creating their own cryptocurrency. They want to take advantage of blockchain technology and transfer their common central bank currencies to this technology and create their own digitalized currency, i.e. national stablecoins. Therefore, indeed, in the near future, most states will release their digitized central bank currencies and they will have almost nothing to do with cryptocurrency.

[wxa7115]

Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy.

So yes, they will form their own digital currencies but not cryptocurrencies. Remember they are banks, so this will still be centralized.

No one prevents the central banks of states from creating their own digital currencies based on the blockchain, so the centralization is different. It is foolish to expect total decentralization from such organizations, which usually have the word "central" in their names. Decentralization is possible due to the nature of the blockchain itself, but in strictly limited quantities and under the strict control of the central bank 

But even if they offered decentralization who is going to believe that? Unlike bitcoin which has its source code as open source a coin like that is going to have closed source code so even if they were smart enough to offer this at the beginning of the coin we know that once they have enough people using their useless coins they will change the rules just as what they do with fiat now.

Only people that do not understand the true nature of bitcoin are going to consider using those coins, but for people that do like us then it is obvious we are never going to touch those coins no matter what their promises are.

[Boardmangetpaid]

Many more will follow this year and not just banks, but even companies are doing the same thing as this company.
The other companies who never even believed in Crypto are now starting to expand here as well. Maybe they already see its potential?

[ven7net]

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html

With the development of the digital sphere, banks understand that money can pass by them and something needs to be done, but there is still no exact confirmation of what will happen and how. On the example of China, we can see that the testing process is underway, but they also do not force this direction, since in order for everything to work as needed, a guarantee of performance and agreement with other countries is needed. You don't need to think that if one bank decides to work with crypto, then everyone will do it right away or it will be accepted by other countries. I believe that all this is not yet accurate and probably a lot of work is underway to resolve the problem in the financial sector.

[AicecreaME]

Digital currencies have been talked about and widely used over the past years. There are virtual currencies and cryptocurrencies which fall into the category of digital currency. Virtual currencies are used specifically in a certain group, organization, or community. It has no real value outside the community it is being used to. Meanwhile, cryptocurrencies are digital currency that is acceptable in the majority part of the world. One best example is bitcoin.

I think the government is just taking advantage of the opportunity because a lot of people now are engaging with digital payments and transactions. This is one of the best ways to manage more people's accounts and widen their scope. If the central banks will slowly get into digital currency, surely there will be people who will patronize which will result in more money and more funds for them. Soon enough, they can manipulate the market flow and possibly be in control over people's identity and assets (because it is centralized, meaning it will require KYC for verification and prone to risk due to its custodial nature).

[jostorres]

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

Yes they have been talking about it like seriously, but all the central banks digital currencies I have seen so far were never a success. And to be sincere if the central bank in my country should release a digital currency I don’t think I am ready to be making use of any of those, because first of all they are not really cryptocurrencies, they are not any different form of asset, because they are for sure going to be the same fiat or pegged to the same fiat, maybe we should call them stablecoins I guess.

I can make the same transaction that I would do with these CBDCs by using my bank app or my card, so why all the stress of buying it and still using it for the same transactions? Bitcoin and other cryptocurrencies are different , because there are ways that they are different and they are pegged to nothing.

[Dispox]

I've heard about digital cryptocurrencies long before but it is still unclear did central banks of some countries really prepare full adoption of digital cryptocurrencies or they suppose to apply fiat money at the same time. Nevertheless those two assets are similar because both of them are centralized and operated by banks. So, probably, for an ordinary person that will be the same as using of standard card with PayPass or like that.

[wxa7115]

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

Yes they have been talking about it like seriously, but all the central banks digital currencies I have seen so far were never a success. And to be sincere if the central bank in my country should release a digital currency I don’t think I am ready to be making use of any of those, because first of all they are not really cryptocurrencies, they are not any different form of asset, because they are for sure going to be the same fiat or pegged to the same fiat, maybe we should call them stablecoins I guess.

I can make the same transaction that I would do with these CBDCs by using my bank app or my card, so why all the stress of buying it and still using it for the same transactions? Bitcoin and other cryptocurrencies are different , because there are ways that they are different and they are pegged to nothing.

They are trying to deceive people that is why they are doing this, we know that we have no need for those coins at all but since governments have realized they cannot kill bitcoin then they are going the next best thing, they are trying to put imitations out there and then claim their coins are better than bitcoin, something similar to what we see in the altcoin market with the difference those coins are backed by central banks.

The plan is simple they will try to get people to adopt their coins instead of bitcoin and when we add that a coin owned by a government can be even more oppressive than the fiat system we have in place then it is easy to understand their motivations, but from our point of view it does not make sense to adopt those coins, but that is us, people with a decent amount of knowledge about the economy and bitcoin, but the rest of the people are not like us, so I expect in the future those coins to have decent success if they keep up the charade.

[Kelvinid]

It is the pandemic situation that pushes banks and any establishments to offer such a cashless payment option. I absolutely agree that it will be suitable this time and people are happy with that. Digital transformations are known already and this also leads people to know about cryptocurrency particularly Bitcoin that even drag them into investing it. But somehow, many were still in doubts about Bitcoin, and instead of moving into digitalization, they were still sticking to fiat money.

[Rengga Jati]

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

This pandemic may be one of the reasons why many countries want to issue their own CBDC. Getting digitalized has good reasons to avoid this kind of condition in the future. And it also fits the development of technology.
And moreover, the government knows that many more people around the world are now also interested in cryptocurrency. And now, the government is trying to follow the development of technology based on digital currency although it is not similar to cryptocurrency, at least, it may use the technology of blockchain or other things similarly.
And I am wondering what is the impact directly to the cryptocurrency in the future since many more countries issue their CBDC.

[MUHAMMAD NUR AMANAH]

If the matter is true and clear, bring crypto does indeed have a powerful influence on our lives what else in the pandemic situation and a lot of people who would like to learn to invest in this crypto, what else the bank's class would be, they would make a coin crypto and make control of their own coin, and I don't know if it would affect any other crypto Certain Banks I am less aware that this would have a better effect on crypto with the economic climate sweeping across the country for the better and that what the central bank does leads to crypto's progress and greater progress

[uneng]

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

Yes they have been talking about it like seriously, but all the central banks digital currencies I have seen so far were never a success. And to be sincere if the central bank in my country should release a digital currency I don’t think I am ready to be making use of any of those, because first of all they are not really cryptocurrencies, they are not any different form of asset, because they are for sure going to be the same fiat or pegged to the same fiat, maybe we should call them stablecoins I guess.

I can make the same transaction that I would do with these CBDCs by using my bank app or my card, so why all the stress of buying it and still using it for the same transactions? Bitcoin and other cryptocurrencies are different , because there are ways that they are different and they are pegged to nothing.

They are trying to deceive people that is why they are doing this, we know that we have no need for those coins at all but since governments have realized they cannot kill bitcoin then they are going the next best thing, they are trying to put imitations out there and then claim their coins are better than bitcoin, something similar to what we see in the altcoin market with the difference those coins are backed by central banks.

The plan is simple they will try to get people to adopt their coins instead of bitcoin and when we add that a coin owned by a government can be even more oppressive than the fiat system we have in place then it is easy to understand their motivations, but from our point of view it does not make sense to adopt those coins, but that is us, people with a decent amount of knowledge about the economy and bitcoin, but the rest of the people are not like us, so I expect in the future those coins to have decent success if they keep up the charade.

The worse part if that they can force people to use only their centralized digital currencies, forbidding bitcoin and other decentralized crypto currencies. What I most fear is a bitcoin confiscation ordered by authoritarian governments towards btcs held in centralized exchanges. If something like this happened, I believe exchanges would deliver all the coins to governments without chances of reverting the decision.

[oHnK]

The worse part if that they can force people to use only their centralized digital currencies, forbidding bitcoin and other decentralized crypto currencies. What I most fear is a bitcoin confiscation ordered by authoritarian governments towards btcs held in centralized exchanges. If something like this happened, I believe exchanges would deliver all the coins to governments without chances of reverting the decision.

If that happens then surely Bitcoin and other cryptos that are currently very high in price could return to like in 2018. But seeing this, it is not that easy for governments around the world to jointly ban and confiscate their people's Bitcoin and force to use a centralized one.  Although India has taken that policy in advance.  The US and many other countries are already open to developing technology.  They also need a competitor that is as equal as Bitcoin, does it already exist?