CBDCs are not cryptocurrencies

[Charles-Tim]

CBDC is a digital version of cash—the physical money issued by central banks using blockchain technology
Source: https://kuenselonline.com/is-it-not-time-for-blockchain-based-cbdc/#:~:text=CBDC%20is%20a%20digital%20version,hack%2C%20or%20cheat%20the%20system.

Same as digital fiat but this one just attached that blockchain  technology which i dont see anything something different comparing
it on e-fiat.

Can you see the quote below, this people are changing what blockchain is, blockchain is not duplicated, there is only one blockchain to a coin, but if they like they can make it and called it duplicate and even replicate it. But what makes blockchain are blocks, the blocks contain some transactions, after the transactions of the a block are confirmed, then another block build on the previous confirmed block, as the blocks are building on one another and transactions getting confirmed, then it becomes a chain of blocks. That lead to what blockchain is, the bases of blockchain.

I do not know what government or people piloting CBDCs want to turn blockchain to, but I guess they are very wrong. Bitcoin and other decentralized cryptocurrencies are all having white paper in which how their blockchain will be is indicated, but how about digital Yuan, eNaira or other CBDCs that are existing now, what (any article) that provide the transparent information that indicate the blockchain they built their CBDCs on? I think this people needs interviewing for us to know if they are actually telling the truth, but if no information about this is available to the public, then we can not call those CBDCs as cryptocurrencies.

CBDC is a digital version of cash—the physical money issued by central banks using blockchain technology. A blockchain is basically a digital ledger of transactions that is duplicated and distributed in such a way that it makes it difficult or impossible to change, hack, or cheat the system.

This is not what blockchain is, you can read what I posted just above. Although, it is a digital ledger.

[Gorosden]

Yet they are running off blockchain? That makes them cryptocurrency, if you are trying to split them then we should do the same with usdt and usdc, even every other cex tokens too, CBDC don't have it's own separate engine they still runs on blockchain and yes they are cryptocurrencies to me

[DooMAD]

Yet they are running off blockchain?

I highly doubt it.  It makes no sense for them to use a blockchain.  Centralised systems don't really gain many tangible benefits from using one.  If anything, it actually introduces trade-offs they probably wouldn't want.  I don't think a blockchain is a suitable framework to meet their goals.  They can do absolutely everything they need with a regular, more efficient, database. 

People need to stop thinking of blockchains as some sort of magic cure-all that automatically makes everything better.  If you use them in the wrong way, you're likely just adding unnecessary complications.

[coupable]

I don't really see differences between CBDC and other called "stable coins". They represent another form of money (Digital one).
And while some stable coins claim to have a liquidity reserve in USD as well the digital Yuan from which they got its values , CBDC is just another form of scriptural money who isn't backed by a any store of value.
Furthermore, while stable coins are used to freeze balances within exchanges to avoid big dump loss, what's the advantages of CBDC but to interrupt the system with more centralized products.
Personally, i don't believe in those assets and always ignore them.

[oHnK]

In my country, CBDC is learned by the government. They don't explain how the CBDC work clearly, but based on what I read about CBDC It will not be decentralized so why it will be interesting for us? The government will not make any innovation and technology for the monetary system which disturbs their power. So, I don't have any optimist for CBDC can cover what society needs. They told us that CBDC can replace crypto with transaction fee which is cheaper and more efficient but they still control our asset with reason they wanna cover their society if there's trouble. Thats really full of shit.

[20kevin20]

I think they're trying to either change the definition of cryptocurrency or they're trying to deceive us into thinking CBDCs are cryptos. But I highly doubt CBDCs will be created the way Bitcoin or even other centralized cryptos have been created.

CBDigitalCurrencies are not called Cryptocurrencies for a reason many probably don't see right now. They're, as others pointed out before me, just digital versions of fiat - something quite similar in fact to what we today know as credit/debit card balance & transactions, probably just more convenient & portable.

I honestly hope they don't get to brainwash the majority into believing that investing in a CBDC is the same thing as investing in crypto. That's all I hope for. Their biggest advantage is that most people have no idea what a cryptocurrency even is, besides the idea that they're digital - and this is imo exactly why people get deceived easily.

[DooMAD]

I don't really see differences between CBDC and other called "stable coins". They represent another form of money (Digital one).
And while some stable coins claim to have a liquidity reserve in USD as well the digital Yuan from which they got its values , CBDC is just another form of scriptural money who isn't backed by a any store of value.
Furthermore, while stable coins are used to freeze balances within exchanges to avoid big dump loss, what's the advantages of CBDC but to interrupt the system with more centralized products.
Personally, i don't believe in those assets and always ignore them.

The differences are fairly stark:

Stablecoins involve placing trust in a company or individual to maintain funds in reserve to back the digital token (although most users of stablecoins aren't bothering to check if there's adequate backing or not).  Trust often seems completely misplaced in these shady corporations.

CBDCs won't have any physical backing, but are instead "backed" by belief in the nation state's overall productivity.  While they will sometimes be more reliable than stablecoins (depending on how untrustworthy or incompetent your government is), they have the obvious trade off of surveillance and censorship.

But yeah, I'll be ignoring both as well. 

[dezoel]

Some people are saying that because CBDC is not decentralized then that disqualifies it from being a cryptocurrency. Being centralized or decentralized does not really qualify a currency to be a cryptocurrency or not, it can still be a cryptocurrency and not be decentralized. We have already seen lots of cryptocurrencies that are  centralized and controlled by those that created it. Bitcoin is just a few of the cryptocurrencies that are truly decentralized and not controlled by any party at all.

Then as for CBDC, well the government has made us to believe that they are cryptocurrencies, but these ones to me are completely useless because they are tagged to the same Fiat. I don’t really see the need for having a CBDC because it’s just the same as making use of Fiat. And I also don’t see the need why the government would be creating a digital currency when we already have bank apps that is making everything go digital already,.

[coinfinger]

In short, a CBDC can be a cryptocurrency if it will be built on blockchain. Still, I am sure no government will be preferring to have open ledger based momentary system hence they may not prefer blockchain based currencies.

When governments are ready to declare bitcoin as legal tender then how we can say that they will not be ready to have their currency on open ledger? In my opinion it will be possible and might be happening in very near future.

I am expecting some government will be having their CBDC on blockchain because not all government are hating the latest technologies and revolutions. So, you can expect some government will be coming forward to to adopt blockchain for the purpose of issuing their CBDC.

[fullhdpixel]

I am expecting some government will be having their CBDC on blockchain because not all government are hating the latest technologies and revolutions. So, you can expect some government will be coming forward to to adopt blockchain for the purpose of issuing their CBDC.

I agree that not all the governments are hater of latest technologies but at the same time all the governments are preferring to have control on the momentary system. If they are able to have all the control over the blockchain-based CBDC then we can expect them to go for it. As of now I don't think it will be possible for any government to have control over the blockchain based momentary system.

Still, I agree anything like monitoring one's crypto addy's incoming and outgoing transactions will be possible then government may not have any more hesitations on adapting blockchain based CBDCs.

[DrBeer]

The implementation will be in the form of a high-level API, but what functions are implemented in it, how many of them, what internal processes this "pseudo-blockchain" has, we will probably never know. We don’t know for the reason that this functionality will be the “joker in the sleeve” that will give the state and its entourage an undeniable advantage. They will see in the palm of their hand who is transferring money to whom and how, at any time they will be able to block or "reset" an unwanted wallet.
But as the main goal and achievement, of course, will be put forward - speed, reduction of transaction overhead costs, simplification of many operations. It is very important that it will not be a cryptocurrency, in the broadest sense of the word. everything will be centralized and totally manageable.

[coupable]

I don't really see differences between CBDC and other called "stable coins". They represent another form of money (Digital one).
And while some stable coins claim to have a liquidity reserve in USD as well the digital Yuan from which they got its values , CBDC is just another form of scriptural money who isn't backed by a any store of value.
Furthermore, while stable coins are used to freeze balances within exchanges to avoid big dump loss, what's the advantages of CBDC but to interrupt the system with more centralized products.
Personally, i don't believe in those assets and always ignore them.

The differences are fairly stark:

Stablecoins involve placing trust in a company or individual to maintain funds in reserve to back the digital token (although most users of stablecoins aren't bothering to check if there's adequate backing or not).  Trust often seems completely misplaced in these shady corporations.

CBDCs won't have any physical backing, but are instead "backed" by belief in the nation state's overall productivity.  While they will sometimes be more reliable than stablecoins (depending on how untrustworthy or incompetent your government is), they have the obvious trade off of surveillance and censorship.

But yeah, I'll be ignoring both as well.  

In general, both of them can be considered as no more than trade instrument without being backed by any real value. And yes, they are wideely used because most of users don't really care about any of them being adequately backed. Sad but True .
As they don't have a seperate blockchain, this doesn't forbid them to be cryptocurrencies as they are running into other blockchains. However, they are not backed by real projects by which we can assist for updates (if any).
Personally, i consider CBDC to be another scriptural form of classic money. No, it's not a cruyptocurrency in my opinion .

[teosanru]

I read crypto news often until recently that I do not really have the time, all I thought before was that CBDCs are cryptocurrencies, crypto news are always giving updates about CBDCs, like the countries that are ready for CBDC pilot and other such related news. I was actually thinking CBDCs are actually cryptocurrencies before until eNaira was launched. All I can say that I know but will not actually change is that the crypto news are misleading people about CBDCs if what they are all about (I mean crypto news) is cryptocurrencies, CBDCs are not cryptocurrencies.

What are CBDCs
Without not going long about this, CBDCs are Central Bank Digital Currencies, not Central Bank Digital Cryptocurrencies. I am not a Chinese, so I did not know much about Digital Reminbi (Digital Yuan) neither do I know much about any country that had created its own CBDC. I am specifically using eNaira as an example while I believe all other CBDCs will be birds of the same feathers. (Correct me if I am wrong about this).

CBDCs are created by the Central Banks to benefit the commercial banks and all other banks controlled by the Central Banks, that is why you can be able to transfer fiat (like eNaira) from bank to CBDC wallet (like eNaira Speed wallet) with the help of your bank support, I can even see it new on my bank's online banking to transfer naira to eNaira wallet.

I have come to think of it, there is nothing different from e-wallets, online banking and the so called CBDCs other than sender's will not send to bank account but send to code (like an address or maybe called address on other CBDCs wallet). If I am wrong:

Are CBDCs built using blockchain technology?
Is it right CBDCs news are trending on crypto news sites while they are not actually cryptocurrencies?
Are CBDCs cryptocurrencies?

Finally someone speaks about this, the biggest flaw that these CBDC have is their unlimited supply which too is controlled by just on the direction of a single party, if you really want to create a CDBC it's okay to govern the development and running of the Currency but if you will get the control of mining as many coins as you want or removing from the system as many coins as you want it doesn't makes any sense, then why do you need CBDC in the very first place? Your Banks are already doing it just create another Digital IOUs using a special digital signature which cannot be forged, why naming it a CBDC?

[TheNineClub]

And here we have the issue of an uneducated population that wants to get into crypto as quickly as possible and get out of it as much as possible without spending any energy on it. Those types of people don't understand or know on what values crypto was based on and what the core principles are. The ONLY thing they know it is digital money. And then we get this.

[Silberman]

People's attitudes toward a lot of things bother me these days--from mask-wearing to giving up privacy to companies like Facebook-- and I see the world headed down a very dangerous path.  Something like a CBDC might easily catch on in China, but man....I hope it never becomes a reality in the West.

Most people have always been like that, they are unable to see the big picture, they cannot see how their freedoms are being eroded everywhere and instead of resisting by not using Facebook or at least reducing their usage of it they just do not care, the only way to wake them up is with something that affects them so profoundly that they have no other option but to rethink what they have been doing and then change their ways, and I think the only event big enough to do this is the collapse of the fiat system.

[Charles-Tim]

Yet they are running off blockchain? That makes them cryptocurrency, if you are trying to split them then we should do the same with usdt and usdc, even every other cex tokens too, CBDC don't have it's own separate engine they still runs on blockchain and yes they are cryptocurrencies to me

No, CBDCs are completely different from USDT, USDC and other decentralized coins pegged with fiat, USDT and other decentralized coins are built on decentralized blockchain like the Omini layer for the ones built on bitcoin blockchain, ERC20 tokens which was built on ethereum blockchain, and TRC20 tokens of such that was built on Tron blockchain, these coins are decentralized even if not completely decentralized but not centralized like CBDCs that people do not know much about.

[Ozero]

Yet they are running off blockchain? That makes them cryptocurrency, if you are trying to split them then we should do the same with usdt and usdc, even every other cex tokens too, CBDC don't have it's own separate engine they still runs on blockchain and yes they are cryptocurrencies to me

No, CBDCs cannot be classified as cryptocurrencies, even if they use blockchain technology. This is actually a new type of non-cash payments of state currencies. Only blockchain technology makes them much faster and more efficient in their work. But all the main indicators of CBDC indicate that these will be ordinary non-cash payments in the currencies of states and they will have practically nothing to do with cryptocurrency.
I also do not consider the current private and various commercial stablecoins to be cryptocurrencies. This is a special type of financial assets, which is a connecting link between the cryptocurrency and fiat of states.

[dbc23]

Investors are coming to know this by the day. Most government agencies tries to make their citizens believe it's better investing in their digital currency than crypto trying hard to discourage them from having crypto investment so as to promote their digital currency but it's actually nice seeing that the knowledge of how they two operates and that both represent two different things while crypto currency is majorly decentralized although bwe still have some centralized crypto. CBDCS is a clear picture of centralized entity.

[Fatunad]

Investors are coming to know this by the day. Most government agencies tries to make their citizens believe it's better investing in their digital currency than crypto trying hard to discourage them from having crypto investment so as to promote their digital currency but it's actually nice seeing that the knowledge of how they two operates and that both represent two different things while crypto currency is majorly decentralized although bwe still have some centralized crypto. CBDCS is a clear picture of centralized entity.

The community wouldnt really be blind on not to see everything on which sooner or later even though the government had forced them in to believe that it was actual crypto but people would be finding ways
to know the truth that decentralized things do exist without having that full control by some government or entity or institutions which would for sure it would really be getting more interest
sooner or later on years to come.For us people who have been here on this market then we know on what are CBDC's are which its just common sense
that it would be still falling into heavy centralized things.

[Charles-Tim]

Investors are coming to know this by the day. Most government agencies tries to make their citizens believe it's better investing in their digital currency than crypto trying hard to discourage them from having crypto investment so as to promote their digital currency but it's actually nice seeing that the knowledge of how they two operates and that both represent two different things while crypto currency is majorly decentralized although bwe still have some centralized crypto. CBDCS is a clear picture of centralized entity.

Bitcoin remain the most truly decentralized currency. Many altcoins are designed to be decentralized but are having some characteristics of centralization, but many are still better than fiat because they appreciate in value unlike fiat that depreciate in value. Fiat are completely centralized, subjected to government control, and not only that, it is not private at all, unlike bitcoin.