Central banks around the world want to get into digital currencies

[Alert31]

Not surprising because central banks knows that huge number of countries population are using digital currencies and always do transaction through online. Also banks wants to get into digital currency of course to earn. They just ride on the flow of people in digital market. Maybe they also invest in digital currency like bitcoin to earn huge profit because they can't get tax from the people who are using digital currency.

[DrBeer]

To begin with, I'm not sure that banks are just shaking from fear from cryptocurrencies. While banks control fiat and national currencies, and the means of payment in the country is the national currency (+ possibly dollar / euro), they have nothing to fear. And this situation is unlikely to ever change.
Now about digital currencies. For starters - I hope everyone understands the difference between cryptocurrencies and government digital currencies? So - national digital currencies - yes, this is the future! Many countries are preparing, some have gone further, but everyone will go in this direction. This is logical - reducing the cost of servicing fiat money. So that you understand - the costs of servicing cash are huge! Secondly, security and control. As you understand, it is extremely difficult to control cash, digital currencies are already easier, and using certain technologies, the level of control can approach 100%. Primitive theft of money will turn into a useless event, fraud and manipulation - most likely too - an illegitimate operation and tokens are instantly marked and frozen for movement within the system!
In a word, crypto technologies will take digital fiat money to the next level. Cryptocurrency will not kill fiat, but will only strengthen it and help transform it into a better "product"

Undoubtedly, the future is in digital currencies, and all these government efforts will definitely lead to a real result. But it is this total control over the turnover of cash that is a little frightening, because economic activity is not expressed in black and white colors, and the line between fraud and normal economic activity is also not always strictly defined. There may be a situation where a small ordinary person will be unprotected in the face of a ruthless state machine in the person of its representatives. It can happen all the time now, and it's even stronger here.

Absolutely agree. There will always be risks, it is unlikely that an ideal system without flaws will ever be built.
On the other hand, the transition to a digital format of settlements can make ordinary operations safer for an ordinary resident. For example, the introduction of technologies similar to those of cryptocurrencies, such as labeled tokens, will reduce theft or fraud of buyers to almost zero. For example, an application is received for fraudulent actions, the tokens on the scammers' account are "tagged" and become unsuitable for payment, and the victim will be "credited" with new clean tokens.
There is another "side of the coin" - full control by the state of your income / expenses. It doesn't sound very nice, but I have a suspicion that to a greater extent this is a problem for those who have something to hide, and more often than not, this is not a very legitimate income ...

[Karartma1]

The way Central Bank Digital Currencies are being researched and developed scares me a bit if I've to be honest. Today we have some financial liberty outposts (cash, cryptos etc.) but if the world is going to switch to fully digital currencies our future wealth is in a big danger. Am I the only concerned?

[Argoo]

The way Central Bank Digital Currencies are being researched and developed scares me a bit if I've to be honest. Today we have some financial liberty outposts (cash, cryptos etc.) but if the world is going to switch to fully digital currencies our future wealth is in a big danger. Am I the only concerned?

The digitized currencies of the central banks of states should be regarded as more advanced non-cash forms of means of payment of these states, therefore, like all non-cash forms of payments of states, they will be tightly controlled by central banks and states in general. It could not have been otherwise. What exactly will be their characteristics will already be seen after their release. That is why cash must continue to circulate. They provide at least some lack of continuous financial control of the state over citizens.

[Coroline]

Not all of them will implement it because this requires careful planning

"If he is not careful in drafting this cryptocurrency concept, then he can cause significant disruption to the financial sector, especially in the financial sector, banking. Don't let cryptocurrencies appear, people are lazy to save money in banks. They immediately put their money in banks central" Statement by BI leader

quoted from : https://finansial.bisnis.com/read/20210322/11/1370795/bi-tak-buru-buru-rilis-mata-uang-digital-bank-sentral-ini-sebabnya

[Vishnu.Reang]

Whales are manipulating the market to make sure that such a situation doesn't arise. Just when everything was looking great for Bitcoin, we have the FUD from China which crashed the prices by 20%. One thing which I have noticed about the FUD from China is that it always occur immediately after some important milestone is achieved by Bitcoin in terms of global adoption. One thing that I don't understand is the panic selling from a certain section of users after each of these FUD episodes. Have they not learnt anything from the past?

[oHnK]

Whales are manipulating the market to make sure that such a situation doesn't arise. Just when everything was looking great for Bitcoin, we have the FUD from China which crashed the prices by 20%. One thing which I have noticed about the FUD from China is that it always occur immediately after some important milestone is achieved by Bitcoin in terms of global adoption. One thing that I don't understand is the panic selling from a certain section of users after each of these FUD episodes. Have they not learnt anything from the past?

Talking about CBDC is inseparable from China's initiation in it, after BTC became hype in the community, central banks began to create new strategies to counter the threat of fiat they manage. This condition is indeed being politicized by the Chinese government to raise the image of their CBDC so that the FUD that is spread is used by the whales to manipulate prices. Today was the lowest level for BTC after the bull market ended.

[justdimin]

Whales are manipulating the market to make sure that such a situation doesn't arise. Just when everything was looking great for Bitcoin, we have the FUD from China which crashed the prices by 20%. One thing which I have noticed about the FUD from China is that it always occur immediately after some important milestone is achieved by Bitcoin in terms of global adoption. One thing that I don't understand is the panic selling from a certain section of users after each of these FUD episodes. Have they not learnt anything from the past?

The funny thing about it is the fact that China always fuds crypto at all times and yet there are billions of dollars going into crypto from china every month, why would I be worried about the fud China makes right now when they do it like once every 6 months? It is obviously empty threat and nothing will come out of it, that is why it is a totally useless deal and I do not really feel like we should be worried about it.

I get that the price is down, some people got scared and sold, some sold after the price started to drop, the longs are broken and liquidated, some stop loss was hit and sold basically many things happened back to back and it lead to price going down, and that is upsetting I get it. However the reality is that there is nothing wrong with bitcoin fundamentally and that is fine, there is nothing you should be worried about and just sit back and watch the price go up eventually.