Do people actually want CBDC?

[Abiky]

Cbdc is central bank digital currency so its basically a stablecoin from the gov or central bank that also issued by them with their own blockchain maybe.

The good side is transparency but cbdc like any other stablecoin can also freezes your money without any reason because the gov can pretty much do anything. To be honest i would like cbcd be implemented but with public Blockchain like etherum or solana but only with government spending so we as regular people could see where the money goes

Good luck with that. CBDCs built on public blockchain networks? That will never happen. Governments want full control over their currency. And what better way to do this than creating a whole new chain from scratch? It would be a private (permissioned) blockchain network, only they have full access to. Or governments can simply use a centralized database system, and "ditch" crypto/Blockchain tech altogether.

People will simply use what's most convenient for them. I'm sure they will prefer CBDCs on top of stablecoins or even crypto itself. Don't think just because CBDCs will have no privacy or freedom, people are going to avoid them. It's not like they have a choice. Without cash, they will be forced to use a CBDC to participate in the mainstream economy. At least, decentralized cryptocurrencies will still be around. What more can we expect?

[TastyChillySauce00]

Cbdc is central bank digital currency so its basically a stablecoin from the gov or central bank that also issued by them with their own blockchain maybe.

The good side is transparency but cbdc like any other stablecoin can also freezes your money without any reason because the gov can pretty much do anything. To be honest i would like cbcd be implemented but with public Blockchain like etherum or solana but only with government spending so we as regular people could see where the money goes

Good luck with that. CBDCs built on public blockchain networks? That will never happen. Governments want full control over their currency. And what better way to do this than creating a whole new chain from scratch? It would be a private (permissioned) blockchain network, only they have full access to. Or governments can simply use a centralized database system, and "ditch" crypto/Blockchain tech altogether.

People will simply use what's most convenient for them. I'm sure they will prefer CBDCs on top of stablecoins or even crypto itself. Don't think just because CBDCs will have no privacy or freedom, people are going to avoid them. It's not like they have a choice. Without cash, they will be forced to use a CBDC to participate in the mainstream economy. At least, decentralized cryptocurrencies will still be around. What more can we expect?

Yes as you said it's even plausible that they might not use blockchain at all and simply issue a digital version of their currency with their own private system that doesn't resembles blockchain.

Anything could happen with CBDC but the vision is clear, they want control as much as they want because otherwise they would've been fine with stablecoin in existing blockchain. Thinking otherwise would be naive.
I bet they'd create another SWIFT system, connecting between banks with their CBDC and present it as stablecoin competitor.

[Emitdama]

Yeah, agreed. If people start using CBDC and realize how limited it is, maybe that pushes some of them towards real crypto instead

People waiting to embrace CBDC are just as good as them continue using their fiat currencies, because there is nothing so special about it and characteristics features that makes it want to compare with bitcoin or real crypto coins that values privacy. This is just another fiat in form of digital representation, so don’t fall for it and make sure that the hypes don’t make you rate it or want to subscribe to it other than the real digital currencies like bitcoin.

It's actually funny because CBDC is against the core idea of Bitcoin. The entire idea and thought of creating something like BTC was to take control away from banks and empower the people!

CBDC will be run and controlled by governments and fully governed. Nobody uses cryptocurrencies because we love the blockchain technology or transacting in crypto is easier; instead, we use crypto every day because it gives us freedom and anonymity. You can make a payment to a porn website without being embarrassed of your name being revealed. There are hundreds of such examples.

[WatChe]

Good luck with that. CBDCs built on public blockchain networks? That will never happen. Governments want full control over their currency. And what better way to do this than creating a whole new chain from scratch? It would be a private (permissioned) blockchain network, only they have full access to. Or governments can simply use a centralized database system, and "ditch" crypto/Blockchain tech altogether.

People will simply use what's most convenient for them. I'm sure they will prefer CBDCs on top of stablecoins or even crypto itself. Don't think just because CBDCs will have no privacy or freedom, people are going to avoid them. It's not like they have a choice. Without cash, they will be forced to use a CBDC to participate in the mainstream economy. At least, decentralized cryptocurrencies will still be around. What more can we expect?

Due to growing popularity of Bitcoin, governments and other centralised institutes are jumping in to get there share and thats how CBDC and stable coins are born. Using CBDC is just like using your debit/credit card issued by your bank. The core idea behind CBDC is to have full control over the financial ecosystem and thats possible only if central entity has access manipulate the blockchain. If government is doing anything then it will always be something that is fully under their control, government don't like to handover its financial control to any other party.   

[Alpen]

I keep seeing people talk about CBDC like it's some kind of "next step" for crypto, but honestly I don’t really get it.

To me it looks like the opposite of what crypto was created for.
No decentralization, no real privacy, everything tracked. Yeah, they say it’s about security and convenience, but if every transaction is visible and can be controlled, then what’s the point?

Feels like people are slowly getting used to this idea that full financial surveillance is just normal.

I don’t think CBDC will kill crypto, but it might split users into two groups:
those who don’t care much about privacy and those who actually do.

Curious what you guys think - is this really the future or am I missing something?

I think the claim that "people want CBDCs" is completely off the mark. Take China, for example. The PRC launched its retail CBDC back in 2018 and has pulled out all the stops to promote the digital yuan, ranging from free airdrops to paying interest just like traditional savings accounts.

The Chinese government throws around impressive turnover figures, but the reality is that after 8 years, the CBDC has failed to capture any meaningful share of everyday retail transactions.

Ultimately, it's the central banks that want CBDCs, not the public. This tech allows them to gather granular economic data and fine-tune monetary policy instead of relying on broad, blunt measures. To achieve this, they might even be willing to scale back on tracking individual spending and make digital fiat slightly less centralized to actually drive adoption.

[Taskford]

I keep seeing people talk about CBDC like it's some kind of "next step" for crypto, but honestly I don’t really get it.

To me it looks like the opposite of what crypto was created for.
No decentralization, no real privacy, everything tracked. Yeah, they say it’s about security and convenience, but if every transaction is visible and can be controlled, then what’s the point?

Feels like people are slowly getting used to this idea that full financial surveillance is just normal.

I don’t think CBDC will kill crypto, but it might split users into two groups:
those who don’t care much about privacy and those who actually do.

Curious what you guys think - is this really the future or am I missing something?

I think the claim that "people want CBDCs" is completely off the mark. Take China, for example. The PRC launched its retail CBDC back in 2018 and has pulled out all the stops to promote the digital yuan, ranging from free airdrops to paying interest just like traditional savings accounts.

The Chinese government throws around impressive turnover figures, but the reality is that after 8 years, the CBDC has failed to capture any meaningful share of everyday retail transactions.

Ultimately, it's the central banks that want CBDCs, not the public. This tech allows them to gather granular economic data and fine-tune monetary policy instead of relying on broad, blunt measures. To achieve this, they might even be willing to scale back on tracking individual spending and make digital fiat slightly less centralized to actually drive adoption.

Maybe OP just got limited information towards CBDC that's why he immediately drop those conclusion on which there are lots of people love CBDC's.

But for the fact that many are skeptical and now there are big government institution like US are blocking the creation of CBDC https://cointelegraph.com/news/us-lawmakers-permanent-cbdc-ban-housing-bill-debate

That one give us an idea that many people don't really like the existence of that country owned digital currency.

[Abiky]

Yes as you said it's even plausible that they might not use blockchain at all and simply issue a digital version of their currency with their own private system that doesn't resembles blockchain.

Anything could happen with CBDC but the vision is clear, they want control as much as they want because otherwise they would've been fine with stablecoin in existing blockchain. Thinking otherwise would be naive.
I bet they'd create another SWIFT system, connecting between banks with their CBDC and present it as stablecoin competitor.

Create another "SWIFT" system? Why re-invent the wheel? SWIFT can simply upgrade to Blockchain, and serve the needs/demands of mainstream governments. Some say Ripple's "RippleNet" system powered by XRP will go as far as replacing SWIFT in the future. Whatever happens, we know that CBDCs' rise will be imminent. It can be private chains, existing public chains, or simply a centralized database. It's not going to be good for our society in terms of privacy and freedom.

Governments and banks will become more powerful than ever with CBDCs. China is already in the game, with many more to follow. Even the US is at risk (despite the current administration being against CBDCs). At least, we have decentralized cryptocurrencies to back us out. Who needs Fiat, anyways?

[Kelward]

Frankly I'm yet to see the effectiveness of CBDC in any countries yet, it just happened during a phase and I can say that it is phasing out from my observation and good ridden to it because I would rather hold a traditional currency or cryptocurrency. I remember when Nigeria's former central bank chairman launched CBDC then and there was a very huge hype that followed it but it never lived up to expectations and everybody moved on from it.

With cryptocurrency as an alternative to fiat I don't think that CBDC have any relevance again, if you want to hold a government controlled currency you will hold your traditional currency and if you want to hold a decentralized digital currency you will hold Bitcoin. CBDC is a control tool for the government to conveniently monitor transactions and that is one of the reason why many people didn't key into it.  I would say that majority of people don't want CBDC and that is why it's not in demand.

[Abiky]

Frankly I'm yet to see the effectiveness of CBDC in any countries yet, it just happened during a phase and I can say that it is phasing out from my observation and good ridden to it because I would rather hold a traditional currency or cryptocurrency. I remember when Nigeria's former central bank chairman launched CBDC then and there was a very huge hype that followed it but it never lived up to expectations and everybody moved on from it.

With cryptocurrency as an alternative to fiat I don't think that CBDC have any relevance again, if you want to hold a government controlled currency you will hold your traditional currency and if you want to hold a decentralized digital currency you will hold Bitcoin. CBDC is a control tool for the government to conveniently monitor transactions and that is one of the reason why many people didn't key into it.  I would say that majority of people don't want CBDC and that is why it's not in demand.

It may have failed in Nigeria and some other countries. But that doesn't mean governments will completely forget about CBDCs. I mean, the new system promises to give governments greater control over our financial lives. It's perfect for a totalitarian state. This is the way of the future, considering how governments are increasing their surveillance efforts. It will be a combination of AI and CBDCs (via the implementation of private Blockchain networks).

Governments don't care whenever people like CBDCs or not. They'll just go full-speed ahead with their plans. Nothing we can do about it. China already has a working CBDC system, while the Eurozone is considering rolling out a "Digital Euro" of its own. It won't be long before cash is phased out for good. The question is: Are we ready for such drastic change?

[henmark]

Frankly I'm yet to see the effectiveness of CBDC in any countries yet, it just happened during a phase and I can say that it is phasing out from my observation and good ridden to it because I would rather hold a traditional currency or cryptocurrency. I remember when Nigeria's former central bank chairman launched CBDC then and there was a very huge hype that followed it but it never lived up to expectations and everybody moved on from it.

I think we have a CBDC now too in our or my country despite not witnessing its launched because it may not be as hyped as on yours there. It is because when I open the local crypto wallet I use, I can see that they now have a newly added local coin next to the existing local coin/currency. Then when I switched tab, there are also other stable coins. Plenty of them. So I don't really see the importance or the need of this one.

With cryptocurrency as an alternative to fiat I don't think that CBDC have any relevance again, if you want to hold a government controlled currency you will hold your traditional currency and if you want to hold a decentralized digital currency you will hold Bitcoin. CBDC is a control tool for the government to conveniently monitor transactions and that is one of the reason why many people didn't key into it. 

Other cryptos are still volatile mate, and then CBDC is your own local fiat. So there is no need for conversions anymore. CBDC is centralized. Everyone knows that fact already. Government didn't hide anything to us but isn't that sound better? Maybe this combats the shady deals that they are being rumoured with. We being monitored, can also sound better because that means that frauds or scams can be combated too.