Abiky (OP)
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April 08, 2022, 09:32:18 PM |
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With the advent of Tether (USDT), the stablecoin industry has advanced at a very fast pace. There are now many stablecoins on the market aiming to bring the stability of traditional Fiat currencies with the security and reliability of crypto/Blockchain tech. Traders can use stablecoins as an alternative to existing Fiat without having to cash out directly to a bank. To say the least, stablecoins are the new digital Fiat system where companies hold all of the power (instead of the government). Yet, central banks have announced their intentions to launch CBDCs (Central Bank Digital Currencies) of their own. If stablecoins are already proven to be successful, why re-invent the wheel with the launch of a new government-backed digital currency? Can't just governments back stablecoins themselves and avoid all of the hassle of creating new digital Fiat currencies from scratch? What do you think the future of stablecoins will look like after CBDCs are launched? Will they die in the end or will they co-exist with CBDCs? Your input will be greatly appreciated. Thanks. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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tabas
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April 08, 2022, 11:27:34 PM |
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They can't back the current stable coins because they have no power over it. They don't control it so that means to them that they have to rely on the central authority of whoever is behind that stable coins. That's one major reason why they have been making these cbdcs and since they've got a powerful back up which is the government, that's how it should go. Well if there's a choice, personally, I'll head over the decentralized stable coins.
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asriloni
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April 09, 2022, 12:27:32 AM |
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What do you think the future of stablecoins will look like after CBDCs are launched? Will they die in the end or will they co-exist with CBDCs? Your input will be greatly appreciated. Thanks. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) A very strict competition will be happening. People have more choice to pick which was stable token that will be used by them whether it would be CBDC or stable token issued by a company like tether. It's just the matter of time until there will be a very strict regulation about who can use CBDC and let's see how CBDC will be integrated with the crypto community. The implementation of CBDC is still so far to be real just like when you are seeing if china CBDC is not yet used for the digital purpose like crypto. The regulation may strict CBDC
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southerngentuk
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April 09, 2022, 12:39:25 AM |
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What do you think the future of stablecoins will look like after CBDCs are launched? Will they die in the end or will they co-exist with CBDCs? Your input will be greatly appreciated. Thanks. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I don't know what people think, but I feel with the advent of CBDC we will enter a market with wider acceptance in many countries. And it will not affect stablecoins too much. When things are not clear, I think we can hardly appreciate their true nature. CBDC is a term I've been hearing since about 2017, but maybe we're getting closer to understanding it.
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magneto
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April 09, 2022, 01:41:18 AM |
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I think that they will coexist.
Personally, CBDCs aren't going to be used on a day-to-day basis for most international or online transactions simply because of the fact that it is traceable and the government is likely going to have control over the ledger.
There is still going to be a need for stablecoins, especially algorithmic ones, to ensure that governmental pressures do not result in loss of funds. Although for centralised stablecoins this is going to be increasingly difficult anyway.
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Fundamentals Of
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April 09, 2022, 03:11:38 AM |
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Why can't governments back stablecoins instead? Obviously because it is unimaginable for governments to forget about their issued currency in favor of a currency issued by a private company. That will never happen. I don't think any government for that matter will simply accept a subservient role to private individuals issuing centralized currencies of which they have full control.
I think the stablecoins' role will be greatly reduced as soon as CBDCs become a thing. But I don't think they will be totally erased out of existence. Exchanges for example would have a hard time offering fiat services to their clients, so they might still prefer stablecoins.
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dansus021
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April 09, 2022, 03:33:17 AM |
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if CBDC launched i will use it especially if launch in my country but the current stablecoin wont go away in my opinion. CBDC launch by government so is less wory but like other said that highly regulated and maybe only happen in single country like china right know i mean is only on government private chain
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JeffBrad12
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April 09, 2022, 04:57:15 AM |
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If the regulators will be making CBDC will be available to all of parties just like the fiat money and im sure that the trend of stable token will be eaten by CNDC. This caused by the regulators give more guarantee rather than company who issued the stable token that have not yet fully audited. That's pretty interesting to see that about how this will be going on. Im waiting for the CBDC will be launched by some big countries and this will become a serious competitor for the stable token although stable tokens already dominated the cryptocurrency.
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PX-Z
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April 09, 2022, 05:07:35 AM |
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Can't just governments back stablecoins themselves and avoid all of the hassle of creating new digital Fiat currencies from scratch?
The existing ones? No, they will not, they have their own local currency. CBDC is pegged on their local currencies, most existing stablecoins are pegged on USD with the fund backed by the companies behind. So how can they back it. Most probably this CBDC will not be tradable on any cryptocurrency exchanges like the existing ones, it will only be used as a tender or can be traded on specific platforms only.
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Renampun
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April 09, 2022, 11:57:10 AM |
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... What do you think the future of stablecoins will look like after CBDCs are launched? Will they die in the end or will they co-exist with CBDCs? Your input will be greatly appreciated. Thanks. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) One thing for sure is that CBDC will not be able to compete with stable coins... the current majority of stable coins like USDT and BUSD are backed up by other crypto assets such as BUSD which is backed up by binance and engages the crypto community, while CBDC is an asset that is backed up by the government but doesn't want to involve the crypto community (in fact their goal of creating it is to fight currency existing cryptocurrency), even though the government is free to issue regulations, people believe in stable coins more than CBDC.
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DeathAngel
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April 09, 2022, 12:39:52 PM |
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People will continue to use stablecoins because there is at least the perception of some kind of privacy. You can self custody & control your own funds. CBDC’s are a horrible creation, the government/bank can freeze your accounts at any one point. I will avoid CBDC’s as best as I can.
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lobo13hf
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April 10, 2022, 03:06:47 PM |
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Stable token will be co exist with CBDC but the different result when the government wanna try to ban all of the stable token and making the CBDC will be mandatory to be used in all of crypto exchange sites. This will be making CBDC to be used by the whole of crypto market and it may become the end for the stable token. The question is whether the government from any countries will be taking an action against the stable token. This will become a disaster for the stable token creator once the countries will be starting to against them. So as an ordinary people and i can't say a lot about that caused by the future of the stable tokens totally depend with the government statement.
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vv181
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April 10, 2022, 09:17:11 PM |
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CBDC’s are a horrible creation, the government/bank can freeze your accounts at any one point.
Well, some stable coins have proven that they are able to freeze some accounts. I don't see any difference about it. Yet, central banks have announced their intentions to launch CBDCs (Central Bank Digital Currencies) of their own. If stablecoins are already proven to be successful, why re-invent the wheel with the launch of a new government-backed digital currency? Can't just governments back stablecoins themselves and avoid all of the hassle of creating new digital Fiat currencies from scratch?
I don't think it can be said to reinvent the wheel. AFAIK, CBDC will surely have a significant difference with stable coins, technically. A few reasons CBDC is being built are to maintain control, and to have direct access to the currency itself, with that being said I don't see they will be built using blockchain like XRP, Stellar or even EVM-based tokens. What do you think the future of stablecoins will look like after CBDCs are launched? Will they die in the end or will they co-exist with CBDCs?
If governments will strictly control and regulate stable coins, I don't see what is the point of stable coins themselves. People will move to their own acceptable CBDC to deal with everything including cryptocurrency-related things.
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KingsDen
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April 10, 2022, 09:34:48 PM |
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If stablecoins are already proven to be successful, why re-invent the wheel with the launch of a new government-backed digital currency? Can't just governments back stablecoins themselves and avoid all of the hassle of creating new digital Fiat currencies from scratch?
Government cannot back what it didn't create or does not control. CBDC will co-exist with Stable coins, the people will hardly trust any creation of the government in this crypto and blockchain world. CBDCs could only be mandated by the government for international trading and exchanges, but for traders, they will stick to stable coins like usdt they know. People will continue to use stablecoins because there is at least the perception of some kind of privacy.
This is correct, atleast you will have the sense that you control your money yourself. Then, government will not over push the CBDC project because it will affect the banks, unless they allow banks to manage them.
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KennyR
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April 10, 2022, 10:14:07 PM |
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People prefer stable coins against the CBDCs. A central bank backed digital currency is just a new form of traditional fiat. This can ease the transaction of large scale funds between governments if the CBDC is created and integrated. The existence of these kind of cryptocurrencies will diminish the real value of decentralised money.
Recently read about a project on CBDC where few countries like Malaysia, Korea and few more involved. Here this will support multiple country transaction. This helps cross border transaction for minimal transaction cost.
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Jating
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April 10, 2022, 11:36:07 PM |
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It depends, if you want to hedge your funds against the declining price then go with stablecoins and then play along as the market bounce back.
For me stable coins can't be traded right? as far as I understand, they won't be in an exchange. But it has its own purpose obviously for the government and for the people to make transactions smooth in their country. But still they are very different as compare to stable coins that is being used for crypto trading.
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24Kt
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April 10, 2022, 11:40:20 PM |
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People prefer stable coins against the CBDCs. A central bank backed digital currency is just a new form of traditional fiat. This can ease the transaction of large scale funds between governments if the CBDC is created and integrated. The existence of these kind of cryptocurrencies will diminish the real value of decentralised money.
Recently read about a project on CBDC where few countries like Malaysia, Korea and few more involved. Here this will support multiple country transaction. This helps cross border transaction for minimal transaction cost.
Every government wants full control of their own CBDC so they won't patronize the existing stablecoins. Because CBDC as you mentioned already that it is just the digital form of their traditional fiat currency. So every country has their own fiat, hence, they would want to have their own CBDC rather than use the existing stablecoin, in which, they don't have the control of its existence.
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Teraboy
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April 11, 2022, 01:42:52 PM |
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There will be a very strict competition between both and i was feeling curious which was one was better from both. I meant the companies will be competing with the regulators. If this competition will be real and this can be a very good thing for sure. People have more choice to pick which was stable token that is worthy to be used as a safe heaven for their assets during the bearish market. I would like to see that if both will be co exist and people will have more choice rather than only focusing into the one choice. This is good for the ecosytem as people can also save their assets into the CBDC as well even if that was fully monitored by the government.
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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April 11, 2022, 05:31:57 PM |
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I think that they will coexist.
Personally, CBDCs aren't going to be used on a day-to-day basis for most international or online transactions simply because of the fact that it is traceable and the government is likely going to have control over the ledger.
There is still going to be a need for stablecoins, especially algorithmic ones, to ensure that governmental pressures do not result in loss of funds. Although for centralised stablecoins this is going to be increasingly difficult anyway.
Algorithmic-based (decentralized) stablecoins might co-exist with CBDCs, but centralized stablecoins backed by real world reserves will eventually die in the long run. That's because governments will increase pressure on centralized stablecoin issuers to close up shop. After all, they don't want to lose dominance over their newly-launched digital currencies. Existing stablecoins such as Tether (USDT) and USD Coin (USDC) are just experiments for what's coming in the future. Once the US Digital Dollar is born, there will be no reason for such coins to exist anymore. Things are developing rapidly in the crypto/Blockchain space, so it's hard to predict what will happen in the future. I don't mind about stablecoins and CBDCs as long as decentralization prevails in the long run. Just my thoughts ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Bitstar_coin
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April 11, 2022, 07:10:48 PM |
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If people suddenly jump from using stablecoins to government cbdc then yeah there is a possibility the stablecoins era will end but if nobody uses cbdc and no government of any country forces their citizens to use it, I think stablecoins will just be fine and operate as usual. It all depends on the end users.
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