Why are some government officials like saying what they don't understand

[Charles-Tim]

Title: CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

Source: “CBDC would be part of an effort to address the use of crypto in financial transactions,” Bank of Indonesia’s assistant governor Juda Agung said.
https://cointelegraph.com/news/cbdc-is-a-tool-to-combat-bitcoin-says-bank-of-indonesia-exec

I think I do not have to explain further as I did not even go deeper into details while reading the new because I know it will be a completely waste of my time.

How can CBDCs combat bitcoin? CBDCs are fiats and nothing more, what is special about CBDCs than being more privacy depriving? Bitcoin is an appropriative asset, a decentralized currency, a money. Bitcoin is not depreciative in value and not centrally controlled by any government or organization. The more people adopt it, the higher the price. This is making more people to buy it.

Now I can not believe some government officials in certain nation can be this so inaccurate (please pardon me to say that).

The official noted that cryptocurrencies like Bitcoin are currently traded alongside commodity futures and regulated by the trade ministry despite severe impacts on the financial system.

When it supposed to be celebrated how bitcoin and many cryptocurrencies made people rich, only what is talked about is condemnation. Who hold bitcoin for long and never sell while losing and yet still losing? No, long holders do not lose, they are making profit. Other than fiat that if not used for something good, its purchasing power is everyday decreasing.

[avikz]

That's hilarious! It seems government officials are same all over the world. It's no exception here in my country as well. I have a misfortune to work with the beaurocrats for two years and I have observed and that 99% of these officials are stupid and have sky high ego. Moreover they prefer to act as a puppet to the politicians.

CBDCs can't replace crypto in any way! If some officials are thinking that way, then they themselves need to wake up and face the reality. Unfortunately, that's what makes the difference between progressive and regressive nations.

[jrrsparkles]

Because they don't really understand what is Bitcoin or they understand the potential of decentralization in the money so trying to suppress it before fellow citizens realize it.

CBDC is a combat for Bitcoin for them because many people don't know what is actual bitcoin so they will go with what their government is guiding them instead of choosing decentralized money due to their ignorance.

And Bitcoin made some people rich and some as poor it really depends on their investment decision but what we have to prove is Bitcoin is more than a speculative asset, its going to be the future of money.

[cabron]

Anyone who says CBDC is a tool to fight against BTC didnt understand what BTC is. But they may have different meaning if the did understand what they are saying.

Basically, the adoption of BTC hasn't yet gone to a level where people can go out of the vending machine scan qr code and a pack of napkins come out. But with CBDC, they can fastforward things which we could use the CBDC app casually in any mart and buy thru the app.  So its the adoption of Bitcoin that they are combating.

[Wexnident]

Hey, they have to at least say something about Bitcoin and why they're trying to make cbdc, even if it was absolutely bs in the eyes of the learned. But hey, it's like bringing a bat to a gun fight, without the bat dude not really understanding the rules. Well ig for the government, it doesn't mean sht if they really understand it or not, as long as they believe that something is for a certain action, then they reckon it would work out. A forced argument so to speak, and hey, it's nothing different from the usual no?

[mu_enrico]

AFAIK, CBDC in Indonesia isn't because of internal policy, but because of an agreement between worldwide central banks (including Bank of Indonesia). So I believe Juda Agung only repeat what he's been told by the higher ups (global central bankers cabal). Anyway, central banks seem to ignore the need for hard money, such as Bitcoin (or they are just pretending?). As long as they (the gov) don't mark crypto as illegal, I believe Indonesian people still holding strong, even if it become illegal (like gambling), they won't be able to stop the people.

[fiulpro]

I do think that the government, might try to make people go towards CBDC'S by saying such things but I do think that people should understand the fact that these things are not just wrong but also is guiding people towards accepting something which is not even what they promised it to be. They are not cryptocurrencies, they are just another thing close to fiat. Which would not even be volatile, it would be backed as well, which means that they are not at all different from fiat itself.

Government should actually understand that people are not stupid and they literally have to stop trying to impose such things. Very irresponsible statement made by the government.

They are not a tool to fight against cryptocurrencies, they are not even close to them, let's just let it sink it for the moment, Especially for them.

[Silberman]

Title: CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

Source: “CBDC would be part of an effort to address the use of crypto in financial transactions,” Bank of Indonesia’s assistant governor Juda Agung said.
https://cointelegraph.com/news/cbdc-is-a-tool-to-combat-bitcoin-says-bank-of-indonesia-exec

I think I do not have to explain further as I did not even go deeper into details while reading the new because I know it will be a completely waste of my time.

How can CBDCs combat bitcoin? CBDCs are fiats and nothing more, what is special about CBDCs than being more privacy depriving? Bitcoin is an appropriative asset, a decentralized currency, a money. Bitcoin is not depreciative in value and not centrally controlled by any government or organization. The more people adopt it, the higher the price. This is making more people to buy it.

Now I can not believe some government officials in certain nation can be this so inaccurate (please pardon me to say that).

Politicians are in many ways a reflection of the societies that elected them, do you think the majority of the population understands what bitcoin does and why it is different than fiat? Do you think they understand fiat at all? And obviously the answer to those questions is no, so it is not odd that politicians do not know either and they believe they can just impose their will to their citizens as they have always done, not understanding that bitcoin was specifically designed to resist them, so am I surprised to read something like this? Not really, as to me it was to be expected.

[BIT-BENDER]

This is to me is elusive and I won't the saying of any government against crypto-currency. Don't know about you but whenever I hear a news about any government concerning crypto-currency either good or bad, it all feels like a game. Where their aim is having control in the end. El-salvador might have had a long lap in accepting crypto-currency, that's ok and I respect that. But is it politically inclined, I can't be certain. The government can either come with threats or enticement, which ever works for them just so as to fill up their hunger to control. My country made this sort of move they are trying to make and it hit rock bottom. Crypto-currency isn't manipulated.

[Upgrade00]

My country Nigeria recently launched their own CBDC, E-naira, this came few months after the ban on Bitcoin transactions as well as tracking and blocking of accounts believed to have been involved in cryptocurrency transactions. If you try to connect the dots, this would likely have been an attempt to draw people's attention away from Bitcoin, touting the national coin as an alternative. This plan however, was always going to fail as majority of the citizens have lost faith in the government and as such are looking for different ways to escape the grips of Banks and the likes.

However, in a fully developed country whose government is trusted and the citizens do not know much about Bitcoin, then a CBDC could actually become very popular, but again, it's not Bitcoin against the government or banks; Bitcoin is just another financial option one is allowed to have and use.

[Hydrogen]

Title: CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

I would interpret it to mean they intend to contrast bitcoin's decentralization with centralization. Bitcoin's deflation with inflation. Bitcoin's open ledger and transparency with zero transparency. And so on.

Indonesia's population is primarily islamic. Many muslims have teachings and ideology which trends against banks and institutions that lend at high rates. It could be interesting to know how muslims reconcile CBDCs with their own religion. It is possible bitcoin could be the more attractive option under the ideology of islam.

[Kemarit]

Well you can say that they don't understand Bitcoin, but I do believed they are, it's that they have to protect their own interest here and obviously they still want to have this sort of control from their population.

Just imagine if most of them are going to invest on Bitcoin, become wealthy but then go out of the country, it's capital flight and it will make their economy worst. Maybe that's one reason why government is against Bitcoin, they want to keep all the wealth inside their country.

[Darker45]

It speaks of how little knowledge they have about Bitcoin, or perhaps none at all. It is amusing how they seem to reduce Bitcoin into a simple fiat alternative devoid of anything special. They have a very shallow perception of what Bitcoin is. They underestimate Bitcoin so much so that they think a digital version of fiat is enough to compete, if not make Bitcoin entirely useless. These people are funny as they are clueless. The joke's on them. The joke is them.

[Obito]

To answer the title, I think the reason why these government officials don't understand is it's probably generation gap which means that they have no clear way to understand this technology because if I may say some of them think that we've hit technological advancements brick wall when CRT computers were made and they're from a generation that likes to feel what they have interest in physically so it's hard for them to grasp the concept of cryptocurrencies unless of course you are technology inclined person.

[noorman0]

-snip-

The official noted that cryptocurrencies like Bitcoin are currently traded alongside commodity futures and regulated by the trade ministry despite severe impacts on the financial system.

When it supposed to be celebrated how bitcoin and many cryptocurrencies made people rich, only what is talked about is condemnation. Who hold bitcoin for long and never sell while losing and yet still losing? No, long holders do not lose, they are making profit. Other than fiat that if not used for something good, its purchasing power is everyday decreasing.

This news feels exaggerated, I even see that crypto does not interfere with my country's financial system. And what they are trying to do to fight crypto in my country is like fighting a sleeping elephant (actually there is no need to fight it). Even though it has reached a fairly large circulation volume, crypto is only a passive asset that is illegal to use for buying and selling transactions.

In addition, I still can't imagine how well the government wants to pressure people to switch to bank versions of digital money. In fact, right now they haven't even identified and screened crypto users as a whole.

[AicecreaME]

That's hilarious! It seems government officials are same all over the world. It's no exception here in my country as well. I have a misfortune to work with the beaurocrats for two years and I have observed and that 99% of these officials are stupid and have sky high ego. Moreover they prefer to act as a puppet to the politicians.

CBDCs can't replace crypto in any way! If some officials are thinking that way, then they themselves need to wake up and face the reality. Unfortunately, that's what makes the difference between progressive and regressive nations.

I can't agree more. Most bureaucrats think so highly of themselves so much merely because they have a position in the government. They take that as leverage over other people mainly against ordinary ones. Maybe they think they have immunity because they are government officials since basically, the higher-ups are also tolerating them. Little did they know they are just being pawns in the chess game of the politicians with much power. The benefit goes to both parties still after all.

Also, can't really stand this kind of people who kept on saying that the CBDC will destroy bitcoin and crypto in general. Foremost, CBDC and crypto have their own purposes. They are existing for various reasons and there is no need to pit them against each other because they can coexist serving their own target markets and being an alternative for each other. Since you see, it would be a little too hard to some if the other vanishes away. It's just really the people that make things complicated than what originally is. Both have their uses and it can benefit people if they will just utilize its best to their advantage.

[dezoel]

You are absolutely right, I always say this same thing whenever CBDC is being talked about . It is nothing more than the same fiat with a change of name and nothing more. Take for example, there is the Yuan and the digital Yuan, they are still the same thing, a currency that keeps on depreciating in value and nothing more.

He might be right in a way, because if you look at the reasons behind some of the governments releasing their digital currency, it's usually because they want to combat Bitcoin. Some of them like China and Nigeria banned Bitcoin and other cryptocurrencies before releasing the heir own CBDC. But, CBDC is nothing more than just a joke.

[hugeblack]

AFAIK, There is a belief among many that the reason Bitcoin is attractive is that it is a new, completely digital asset and thus an evolution from traditional and slow payment methods in addition to the fees that can be very low. Thus, if banks create a digital currency, many will stop using Bitcoin.

The truth is the opposite. Commercial banks are the arteries that pump money into the financial system, and the creation of a digital currency will break the barrier for those banks, and thus the money will be direct to users, and the role of these banks is only financing, and thus the value of Bitcoin will increase.

[Ucy]

More like creating plastic or synthetic Orange to combat real Orange.
It's important to educate people to know that the real one is good for them while the fake  kills them slowly.
 Those eating in ignorance will probably survive... Tell them the truth and they would spit it out in disgust or be more careful next time.

[davis196]

What government officials say about BTC might sound hilarious and/or ignorant,if you are an experienced Bitcoiner.
However,if you are a total noob and you are not even aware about Bitcoin,you would mostly likely listen to the government officials and believe in their words.
Many people,who aren't inside the crypto/Bitcoin world might believe the BS about Bitcoin being a threat to the national security and/or the financial system.
CBDCs might attract many financially ignorant people,who don't know and don't care about Bitcoin.
After all,the CBDCs are guaranteed by the central banks and they are digital currencies.What's not to like?
The "average Joe" won't care about decentralization,deflationary nature,secure transactions and all that stuff.