[2018-12-20]Central Banks of 15 Diverse Countries are Ready to Embrace Cryptocur

timerland

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A report published by the International Monetary Fund (IMF) outlines that 15 different countries are considering joining the global fintech trend and adopting central bank digital currencies (CBDC) as a method of payment. The IMF has emphasized two main reasons for such a decision in the report.

This seems like a glorified digital fiat token.

Central banks aren't interested in adopting decentralized cryptocurrencies which is what this article is trying to make it sound like, but rather, they are interested in issuing their own fiat currencies digitally, perhaps using blockchain technology.

That's very different to countries adopting bitcoin as a reserve currency, or whatnot.

To be honest, it's bound to happen given the trend of going cashless that every country seems to follow these days. Cash will be replaced eventually by something virtual that can be directly controlled by the central bank. But that has little to no affect on bitcoin. It's still fiat, it's just in a different form.

btyco

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It's an interesting mix of countries, not just the small or troubled economies and not just the top end like China and Canada. It has all sorts which shows that crypto can be adopted by everyone

cryptofonia

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CBDC is Troyan idea.

veleten

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how is this good news for crypto?
fifteen countries to slide further into central bank's slavery pit by effectively substituting truly decentralized and anonymous existing coins like Monero
with their stillborn digital currencies
central banks want to have this "counterfeit" centralized coins to be used by the countries instead of regulating crypto

Snaic

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Even the fact that these 15 states want to create their own centralized cryptocurrencies, that is, in fact, their national money in the digital shell, is vseravno good news. At the same time, people will be interested in decentralized cryptocurrency, because they will see that their states are also switching to its use.
In this list, I was especially surprised by China. There is still a very specific approach to cryptocurrency.

hatshepsut93

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Quote from: Carlton Banks on December 20, 2018, 04:41:02 PM

Quote from: Vladdirescu87 on December 20, 2018, 04:14:19 PM

It is interesting to notice that the interest in crypto sphere has increased proportionally to the decrease in the volume of transactions on the crypto market.

wut?

So... seeing as network transaction volumes haven't changed much for maybe 18 months or more, and exchange volumes have increased over the same time period, what is this supposed to actually mean?

coinidol.com is so terrible that it always seems as if they couldn't get any worse, yet they always manage to get worse somehow Roll Eyes

I guess they meant "Central bank interest in government-owned cryptocurrencies", although it's still unclear whether there is any truth to that statement. Coinidol has some really bad writers who often tend to present their own opinions as facts.

Quote from: suzanne5223 on December 21, 2018, 05:04:46 PM

This is a wonderful news for the crypto currencies community and I'm not surprised about the decision make by the 15 countries which are ready to embrace cryptocurrency because the IMF boss make alot of wonderful statement this days which woo the governments of the mentioned countries. But, is the only country I dont really trust among the mentioned countries due to their act of using power.

Did you read the article? They are not embracing cryptocurrencies, they allegedly want to create their own coins akin to Venezuela's Petro. Nothing wonderful here.

suzanne5223

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This is a wonderful news for the crypto currencies community and I'm not surprised about the decision make by the 15 countries which are ready to embrace cryptocurrency because the IMF boss make alot of wonderful statement this days which woo the governments of the mentioned countries. But, is the only country I dont really trust among the mentioned countries due to their act of using power.

buwaytress

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Yeah, nah. Embracing CBDC is absolutely everything short of embracing cryptocurrency. Banks weren't keen on digital currencies before, and they only are now because it still leaves them firmly in control.

The only CBDC I can think of in existence now is Venezuela's Petro and while that's the joke of the decade so far, that's just a sign of things to come for any future state-backed, state-controlled crypto - it'll be a shadow of Bitcoin, with perhaps a private blockchain the only thing resembling a proper cryptocurrency. As cr1776 says, they're just better of following North Europe's cashless society. Keep your digital versions on a private database and be done with it. Why the need for a cumbersome blockchain that rigs could potentially 51% attack every day?

Slow death

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Quote from: Vladdirescu87 on December 20, 2018, 04:14:19 PM

The IMF report revealed the names of 15 countries interested in the implementation of digital currencies, namely the Bahamas, Canada, China, Central Bank of Curaçao and Sint Maarten, Eastern Caribbean, Ecuador, Norway, Senegal, Sweden, Tunisia, and Uruguay.

this article that is saying that China the country that since last year has tried to end bitcoin now want to create their own digital currency? so their problem is not the coin being digital, but because bitcoin is not controlled by any government, I wonder who will use those digital coins that these countries want to create? because it already exists digital coins and that are much more advantageous. These governments must stop being shit and start thinking about the people and freedoms of the people

Quote from: rodskee on December 20, 2018, 05:38:17 PM

This pretty much good news from crypto currency

This is not good news, it would be a cancer.

rodskee

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This pretty much good news from crypto currency
This news could help for the new beginning of c ypto currency stablility
Sooner mass adoption of digital currency worldwide increase until people of every republic understand well the crypto importance

cr1776

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"Central bank digital currencies" and crypto to use a blockchain is pretty much worthless. They can do that with a database. If you only have 1 or even 15 participants you gain nothing except the ability to use buzzwords and muddy the water about the advantages of a blockchain and crypto.

I think that is probably the main point: muddy the water so they'll be able to keep control of money so that they can keep control of everyone using the money that they control.

With only a few participants it isn't a question about trust and they will be able to inflate the value of the currency away if they control it. Anyone who buys into this gets no benefits over state controlled money and as has been proven over centuries, the control-freaks who get in power are at some point willing to devalue the currency to obtain power, see, e.g. Venezuela now, Germany 80-90 years ago, Argentina etc.

As far as the article itself goes, it is pretty much a poorly written summary of the IMF info without any analysis.

The "two reasons" are pretty worthless smokescreens for the real reasons.

Carlton Banks

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Quote from: Vladdirescu87 on December 20, 2018, 04:14:19 PM

It is interesting to notice that the interest in crypto sphere has increased proportionally to the decrease in the volume of transactions on the crypto market.

wut?

So... seeing as network transaction volumes haven't changed much for maybe 18 months or more, and exchange volumes have increased over the same time period, what is this supposed to actually mean?

coinidol.com is so terrible that it always seems as if they couldn't get any worse, yet they always manage to get worse somehow Roll Eyes

Vladdirescu87

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A report published by the International Monetary Fund (IMF) outlines that 15 different countries are considering joining the global fintech trend and adopting central bank digital currencies (CBDC) as a method of payment. The IMF has emphasized two main reasons for such a decision in the report.

The IMF report revealed the names of 15 countries interested in the implementation of digital currencies, namely the Bahamas, Canada, China, Central Bank of Curaçao and Sint Maarten, Eastern Caribbean, Ecuador, Norway, Senegal, Sweden, Tunisia, and Uruguay. It is interesting to notice that the interest in crypto sphere has increased proportionally to the decrease in the volume of transactions on the crypto market.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/countries-are-ready-to-embrace-cryptocurrency/

Topic: [2018-12-20]Central Banks of 15 Diverse Countries are Ready to Embrace Cryptocur (Read 243 times)