Do people actually want CBDC?

[2stout]

I prefer bank and digital money over this CBDC shit! Why would anyone want to use a coin that's controlled by the government but works slower than a digital bank? Let's be honest, it's more difficult to use in day-to-day activities. I don't want to pay with CBDC in restaurants LOL

It's a hilarious and baffling idea to begin with. I remember a quote now when I see CBDC 'First they ignore you, then they laugh at you, then they fight you, then you win'. The governments are trying to change the last part to 'They you get copied' haha

The same government calling crypto a scam, a bubble, a plague, is now interested in making one of their own? Interesting.

The only ones to benefits out of these CBDCs would be the government. I do not really think these coins can get mass support from the community.

Yes, some new people who want to explore blockchain space and want the government to be involved might go for these coins but a regular trader or an investor will avoid these coins at all costs. I would personally never go for these CBDCs and would stick to our traditional cryptos like bitcoins, etc. Government was against cryptos at the very initial stage but they can now sense the benefits. I guess they don't want to be left out and that is the reason why they are coming up with this CBDC.

I agree with you regarding the government being the main one to benefit and esp that these won't get mass support from the community as who want to be surveilled.  Banks may benefit some too as it could reduce expenses but that won't be trickled down to the consumer in the form of lower banking costs as they will basically eat all the profit margin.  The bigger play may be the surveillance, Trojan horsed by being presented as CBDC.  Should be more like Central Bank Surveillance Currency (CBSC)/ Central Bank Surveillance Fiat (CBSF).

[lixer]

I have never been a fan of CBDC because they kill the fun. Cryptos are meant to be decentralized which keeps them transparent. Centralizing these assets will only eradicate transparency and anyone holding majority of that coin would be able to manipulate the markets for their own good. I don't even trust the government for this and think they themselves can manipulate the price of this so called CBDC to gain profits. Let's not forget about the corrupt officials any regulatory body might have.

CBDC is not really appreciated by us but government are thriving on it. They want to centralize the entire space as quick as possible and they would do whatever possible to achieve this. People might have different opinions here but I personally would never trust these CBDCs.

[Abiky]

So true! We don't want CBDC because stable coin is already enough. Don't wanna see crypto market to be floded with so called digital fiat issued by the bank. Nevertheless, the good part is that Senate is hearing our wish, and they're passing the bill to ban FED from issuing CBDC.

So this bill is likely prevent CBDC to exist.

The bill only prevents a US CBDC from happening until 2030. After that, nothing should stop the FED from doing this. Unless, the next administration decides to extend the deadline even further. There are predictions that Democrats will win back both chambers of Congress, so it's likely the US will succumb to the same globalist agenda as other countries. The EU is not being left behind.

Eventually, the whole world will switch to CBDCs until we end up living in a totalitarian era. That's why Bitcoin was invented in the first place. To bring freedom and privacy (sort of) to everyone. People are missing the true point of crypto. Hopefully, they'll understand once this nightmare (CBDCs) becomes a reality. We've all been warned...

[bitgolden]

The bill only prevents a US CBDC from happening until 2030. After that, nothing should stop the FED from doing this. Unless, the next administration decides to extend the deadline even further. There are predictions that Democrats will win back both chambers of Congress, so it's likely the US will succumb to the same globalist agenda as other countries. The EU is not being left behind.

Eventually, the whole world will switch to CBDCs until we end up living in a totalitarian era. That's why Bitcoin was invented in the first place. To bring freedom and privacy (sort of) to everyone. People are missing the true point of crypto. Hopefully, they'll understand once this nightmare (CBDCs) becomes a reality. We've all been warned...

Which is very possible, do you remember how long it took for ETF to pass? It was on the floor for many years before it got approved.

Blackrock got interested in it and that's how it got made, not sure if it would happen if they weren't involved, but when a company with over a trillion tells you to do something, even a government has to listen. This is why there is a chance that we would not see this very easily, and we should try to hope for the best and maybe we can do something with it.

[asriloni]

So true! We don't want CBDC because stable coin is already enough. Don't wanna see crypto market to be floded with so called digital fiat issued by the bank. Nevertheless, the good part is that Senate is hearing our wish, and they're passing the bill to ban FED from issuing CBDC.

So this bill is likely prevent CBDC to exist.

The bill only prevents a US CBDC from happening until 2030. After that, nothing should stop the FED from doing this. Unless, the next administration decides to extend the deadline even further. There are predictions that Democrats will win back both chambers of Congress, so it's likely the US will succumb to the same globalist agenda as other countries. The EU is not being left behind.

Eventually, the whole world will switch to CBDCs until we end up living in a totalitarian era. That's why Bitcoin was invented in the first place. To bring freedom and privacy (sort of) to everyone. People are missing the true point of crypto. Hopefully, they'll understand once this nightmare (CBDCs) becomes a reality. We've all been warned...

At least, we're safe for now. It's also being marked with the launch of OUSD, which is backing by plenties of US companies. So if OUSD will be success, then there's no need to issued CBDC. Hopefully, the next administration will be also extending the ban for CBDC.

We have enough stable coin for now. So CBDC is no longer needed btw. Issuing CBDC will only disrupt the existence of stable coin ecosystem build by so many US companies.

[Orpichukwu]

Yes, we do need CBDC. And those CBDCs must be minted like crazy to cover state budget deficits.

I don’t see a need for CBDC; instead, people should just stick with fiat-pegged stablecoins. They are already the same. Looking at it from the centralised perspective, what’s the difference when they can wake up to increase the number and add more into circulation anytime they feel like there is a need for such?

[Abiky]

I don’t see a need for CBDC; instead, people should just stick with fiat-pegged stablecoins. They are already the same. Looking at it from the centralised perspective, what’s the difference when they can wake up to increase the number and add more into circulation anytime they feel like there is a need for such?

They're almost the same. One is backed by corporations, while other is backed by the central bank and the government. People would choose the latter, simply out of convenience. Stablecoins are great and all, but they're subject to many failures tied to companies including (but not limited to) bankruptcy, hacks, or government crackdowns. They aren't insured, either. CBDCs are just a "digitized" version of Fiat. Everything is handled by the central bank itself.

Either way, both are centralized. That's why Bitcoin and other cryptocurrencies were invented. To bring freedom and privacy to all. Even if their value in Fiat terms fluctuates. This will be an on-going issue, since Fiat is the world's standard unit of account. The day crypto (particularly Bitcoin) becomes a standard unit of account, will be the day when things will change for the better. Won't happen now or in another century. At least, it's better something than nothing.

[DanWalker]

They're almost the same. One is backed by corporations, while other is backed by the central bank and the government. People would choose the latter, simply out of convenience. Stablecoins are great and all, but they're subject to many failures tied to companies including (but not limited to) bankruptcy, hacks, or government crackdowns. They aren't insured, either. CBDCs are just a "digitized" version of Fiat. Everything is handled by the central bank itself.

If forced to choose between the two, I would also choose CBDC over stablecoin. CBDC remain safer because they are issued by a central bank and backed by the government. Unlike stablecoin, which are issued only by private institutions, they still carry the risks associated with the organization behind them, no matter how well regulated they are.

I can easily file a complaint and request that the competent authority protect my rights if any issues arise related to CBDC. But with stablecoin, Im not sure how I'll be protected if the issuer suddenly freezes the asset or experiences operational problems.

[el kaka22]

From what I have seen, not a lot of people want to use CBDC because it's government backed and government made. And to be fair, I have no clue where anyone is from here, but I bet you that you dislike your government. Even if the person who you voted for gets elected, you still dislike the government, that's just the thing about people. So that means, if government does something then you are not going to use it, and you will end up with avoiding it as much as you could.

This means that if CBDC is made by lets say USA government, then we are not going to use it because we dislike them. And at the same time, if they do make it, they are going to find ways to make sure other competition like USDT and USDC is gone too.

[Webetcoins]

Which is very possible, do you remember how long it took for ETF to pass? It was on the floor for many years before it got approved.

Blackrock got interested in it and that's how it got made, not sure if it would happen if they weren't involved, but when a company with over a trillion tells you to do something, even a government has to listen. This is why there is a chance that we would not see this very easily, and we should try to hope for the best and maybe we can do something with it.

And that is true, just like ETF, it is going to get postponed after postponed. We are talking about basically a stablecoin for the government and that is going to mean a lot of changes and we should be careful about it.

I understand it is not really mean much in the end, since we are dealing with something that is going to be very tough to handle. I understand, it will take time, but at the same time it is good that it takes time, if they rushed into it, then it would have a lot of problems.

[WatChe]

I have never been a fan of CBDC because they kill the fun. Cryptos are meant to be decentralized which keeps them transparent. Centralizing these assets will only eradicate transparency and anyone holding majority of that coin would be able to manipulate the markets for their own good. I don't even trust the government for this and think they themselves can manipulate the price of this so called CBDC to gain profits. Let's not forget about the corrupt officials any regulatory body might have.

CBDC is not really appreciated by us but government are thriving on it. They want to centralize the entire space as quick as possible and they would do whatever possible to achieve this. People might have different opinions here but I personally would never trust these CBDCs.

Its mainly a battle between centralisation and decentralisation. In crypto market, apart from Bitcoin there is no coin that we can say is purely decentralised. Almost all alts are centralised because there is team behind every coin that has the ability to control its blockchain. Due to this ability to control the blockchain, we saw Eth migrating from PoW to PoS in 2022. Now CBDCs have nothing to do with the concept of decentralisation moved by satoshi rather they are just digital form of fiat currency.

[2stout]

So it appears the soonest there could possibly be a CBDC is sometime in 2031.  Tucked away in the 21st Century ROAD to Housing Act that became law since the president didn't take any action during the 10 days it sat on his desk is a CBDC ban until December 31, 2030.  "It stops the Fed from issuing a digital dollar either directly to the public or indirectly through banks and other intermediaries. Any future attempt would require Congress to authorize it first."  https://www.thestreet.com/crypto/markets/donald-trumps-unsigned-housing-bill-just-banned-the-u-s-digital-dollar

[asriloni]

From what I have seen, not a lot of people want to use CBDC because it's government backed and government made. And to be fair, I have no clue where anyone is from here, but I bet you that you dislike your government. Even if the person who you voted for gets elected, you still dislike the government, that's just the thing about people. So that means, if government does something then you are not going to use it, and you will end up with avoiding it as much as you could.

This means that if CBDC is made by lets say USA government, then we are not going to use it because we dislike them. And at the same time, if they do make it, they are going to find ways to make sure other competition like USDT and USDC is gone too.

How can you come with such assumption. CBDC has not even being introduced, and you can't assume we hate it because it's being introduced by USA. The fact that stable coins companies such as circle(USA based) is holding majority of volume in the stable coin. Millions of people are using it now.

So thjs hate sentiment to the USA makes no sense.

[Kelward]

From what I have seen, not a lot of people want to use CBDC because it's government backed and government made. And to be fair, I have no clue where anyone is from here, but I bet you that you dislike your government. Even if the person who you voted for gets elected, you still dislike the government, that's just the thing about people. So that means, if government does something then you are not going to use it, and you will end up with avoiding it as much as you could.

This means that if CBDC is made by lets say USA government, then we are not going to use it because we dislike them. And at the same time, if they do make it, they are going to find ways to make sure other competition like USDT and USDC is gone too.

I understand what you mean although government in itself is not the problem but the corrupt politicians that occupies government structures and since we know what they are capable of we hardly trust anything that they have a total control to monitor us. Years back CBDC was hyped in Nigeria, and our central bank made a lot of noise about it but the hype died down eventually because a lot of Nigerians didn't key into it for various reasons. Today we have moved on from CBDC era and I know that it has a lot to do with the lack of trust that we have of the government. But since cryptocurrency became popular in the country the adoption has been massive without any government endorsement, it shows that people cannot be deceived to accept what they don't want.

[Kavelj22]

So it appears the soonest there could possibly be a CBDC is sometime in 2031.  Tucked away in the 21st Century ROAD to Housing Act that became law since the president didn't take any action during the 10 days it sat on his desk is a CBDC ban until December 31, 2030.  

From am objective perspective, I guess people would adapt CBDC once they realized it is just like fiat money as they realized the transaction are centralized, like they could just go to their banks and download their application like the same thing as banking system. It is already the case today when we see how much stablecoins are widely used despite all the risks that come with.

[2stout]

So it appears the soonest there could possibly be a CBDC is sometime in 2031.  Tucked away in the 21st Century ROAD to Housing Act that became law since the president didn't take any action during the 10 days it sat on his desk is a CBDC ban until December 31, 2030.  

From am objective perspective, I guess people would adapt CBDC once they realized it is just like fiat money as they realized the transaction are centralized, like they could just go to their banks and download their application like the same thing as banking system. It is already the case today when we see how much stablecoins are widely used despite all the risks that come with.

Good point.  However, I believe there will be much regret when the surveillance piece kicks in along with tracking, much more so than with stablecoins.  If anything, I could see the CBDC having an opposite, unintended consequence- folks flocking away from it and into or back into crypto because they don't want to provide the government with extra easy access to surveille.

[Kavelj22]

So it appears the soonest there could possibly be a CBDC is sometime in 2031.  Tucked away in the 21st Century ROAD to Housing Act that became law since the president didn't take any action during the 10 days it sat on his desk is a CBDC ban until December 31, 2030.  

From am objective perspective, I guess people would adapt CBDC once they realized it is just like fiat money as they realized the transaction are centralized, like they could just go to their banks and download their application like the same thing as banking system. It is already the case today when we see how much stablecoins are widely used despite all the risks that come with.

Good point.  However, I believe there will be much regret when the surveillance piece kicks in along with tracking, much more so than with stablecoins.  If anything, I could see the CBDC having an opposite, unintended consequence- folks flocking away from it and into or back into crypto because they don't want to provide the government with extra easy access to surveille.

It is just another form of fiat money as we know it and as we used to use it. This is a cryptographic form using the blockchain but far from the decentralization principle. People won't hesitate to use it just like they use their digital cards or virtual accounts. This is the consequence of the banking culture in the modern age.

One last note about those who think CBDC is a good start for people to adopt and use cryptocurrencies. I don't agree with them.

[2stout]

So it appears the soonest there could possibly be a CBDC is sometime in 2031.  Tucked away in the 21st Century ROAD to Housing Act that became law since the president didn't take any action during the 10 days it sat on his desk is a CBDC ban until December 31, 2030.  

From am objective perspective, I guess people would adapt CBDC once they realized it is just like fiat money as they realized the transaction are centralized, like they could just go to their banks and download their application like the same thing as banking system. It is already the case today when we see how much stablecoins are widely used despite all the risks that come with.

Good point.  However, I believe there will be much regret when the surveillance piece kicks in along with tracking, much more so than with stablecoins.  If anything, I could see the CBDC having an opposite, unintended consequence- folks flocking away from it and into or back into crypto because they don't want to provide the government with extra easy access to surveille.

It is just another form of fiat money as we know it and as we used to use it. This is a cryptographic form using the blockchain but far from the decentralization principle. People won't hesitate to use it just like they use their digital cards or virtual accounts. This is the consequence of the banking culture in the modern age.

One last note about those who think CBDC is a good start for people to adopt and use cryptocurrencies. I don't agree with them.

People may not hesitate to use CBDC but that doesn't mean they won't have buyer's remorse once it bites them in the ass, and it will.  Also, I agree that CBDC is absolutely not a good start for adoption and use of crypto- that would be like being hoodwinked, swindled, and bamboozled.  However, some will be attracted to the "low risk" without considering the trade offs.

[Alonso_]

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

Yes, I believe they will be pushed to approach better cryptocurrencies like bitcoin, which can give them the tendency of a more secured decentralized market, investing in bitcoin with your discretionary income, would always help you to make a good choice of investments, instead of investing that in something that is very much risky and could get someone into distress.
Invest what you can afford to loose into cryptocurrency I think that would be something that can help with whatever cryptocurrency that you want to invest your money into.