Are we entering the era of CBDCs? - page 2.

goldkingcoiner

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Quote from: pooya87 on April 13, 2022, 10:41:49 PM

Surprisingly enough the Chinese altcoin (digital yuan) seems to be doing fine as they reported a little less than $10 billion worth of transactions recorded on their chain (if we can call it a chain!). There are also at least 2 new ones coming out in the coming months.

Suddenly it seems like the central banks jumped on board of the Bitcoin train but only took the blockchain technology and ran away.

I personally don't care how many of them are created as long as they don't try to ban bitcoin or restrict its adoption in any way (like closing bank accounts of those who dump fiat for bitcoin).
There may even be some silver lining that these CBDCs could replace the stable-coins in the market in the near future and we end up even seeing Atomic Swap capabilities added where you could easily swap one CBDC for another or for bitcoin without the risk of centralized stablecoins (issued by shady companies). That would definitely simplify things for traders while significantly reducing the risks they take.

It doesn't matter. The true use for Blockchain technology is and always will be freedom from the government. With CBDC's the government going to be able to decide what you are allowed to buy, where you are allowed to buy and how you buy.

An absolute nightmare. Which is why Bitcoin will beat the CBDCs to the punch in terms of when it comes to becoming the one and only true global money. No more Oligarchs or shady politicians ruling us.

cabron

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Quote from: Abiky on April 28, 2022, 08:11:29 PM

Quote from: Vaskiy on April 26, 2022, 03:15:37 PM

It has become a trend among most of the countries to have their own CBDC. If we take the usage data of cryptocurrency or fiat over specific time period. Then the usage of fiat stands high against the cryptocurrency. This is the reality, but in the name of making themselves adoptive to the global market countries intend to have a common. So, analyse and understand the need before going for the development of CBDC for the country.

Governments don't want to lose a piece of the pie, so they're rushing themselves to launch their own CBDCs in order to reduce crypto's influence worldwide. I'm afraid they will be successful at the task as most people use Fiat as a medium of exchange. With CBDCs, governments and central banks will become much more powerful than they were before. Full-scale surveillance on a digital monetary system controlled by the government will mean the end of an era for privacy. Decentralized cryptocurrencies will still exist, but not many people will use them.

I believe China did what it did (full crypto ban) in order to force the use of its digital Yuan. If other countries start doing the same, then everything we've achieved in crypto/Blockchain land will go downhill in an instant. There are a lot of things that need to happen before CBDCs take over the world, so we should enjoy crypto while it lasts. Just my opinion

China's decision to ban BTC can be reverted. China seeing that governments are mining BTC then, their government will also do it while preventing any Chinese citizen/company from doing it.

If one day CBDC coins will be added and paired on the big exchanges, it may be easy for anyone to trade coins in cryptocurrency market. They can't just leave the institutions that owns stablecoins to make money, the government will not regulate crypto but jump into this market. It will be good for the regulation but it may also result to government able to see what everyone is doing with their money which is also another purpose of CBDC.

Abiky

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Quote from: Vaskiy on April 26, 2022, 03:15:37 PM

It has become a trend among most of the countries to have their own CBDC. If we take the usage data of cryptocurrency or fiat over specific time period. Then the usage of fiat stands high against the cryptocurrency. This is the reality, but in the name of making themselves adoptive to the global market countries intend to have a common. So, analyse and understand the need before going for the development of CBDC for the country.

Governments don't want to lose a piece of the pie, so they're rushing themselves to launch their own CBDCs in order to reduce crypto's influence worldwide. I'm afraid they will be successful at the task as most people use Fiat as a medium of exchange. With CBDCs, governments and central banks will become much more powerful than they were before. Full-scale surveillance on a digital monetary system controlled by the government will mean the end of an era for privacy. Decentralized cryptocurrencies will still exist, but not many people will use them.

I believe China did what it did (full crypto ban) in order to force the use of its digital Yuan. If other countries start doing the same, then everything we've achieved in crypto/Blockchain land will go downhill in an instant. There are a lot of things that need to happen before CBDCs take over the world, so we should enjoy crypto while it lasts. Just my opinion

Smartvirus

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CBDC seems to be making a new wave on the shores of cryptos.
This did hit me a few weeks ago when I was doing a review on the Livecasino.io platform and amongst there accepted means of deposit and withdrawal was the digital yuan. It was shocking to me to have seen it future among the currencies run on a supposed crypto innovative platform but on second thought, I felt it was a Chinese based platform and gave no attention to the later.

This thread actually called me to it but, the truth is; cryptos and fiat's were meant to run side by side (Centralisation and decentralisation). It doesn't matter what nature it would take, either as a digital currency or not. Non was to displace the other as they could serves purposes that are exclusive. With Cryptos not needing a swap to be accepted across border, it's speedy transfer and confirmation which is exclusive to cryptos. They've got there uniqueness and the lack of the other is compensated in the next. We could only hope that they evolve together and not for one to diminish the other.

Argoo

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Quote from: Bushdark on April 26, 2022, 04:07:19 PM

The era of CBDC is coming and I know that is not going to be now even though the bank of China already has their own digital currency that is mostly used in China. The stable currency that are spurring out of the market are going to flood the market for a while before nations will seat together and form their own CBDCs. It's going to take a while before that is going to happen even though China had taken the bold step to come up with their own.

The era of the CBDC is going to turn the market to something else. It is going to have a bigger effects other cryptocurrency market market the government to look for every single opportunity to force people to adopt their own digital currency by enforcing laws that will make us embrace what we don't want.

CBDC will soon indeed be one of the most common forms of fiat, as the digitized currency of the states will be more efficient compared to the current non-cash fiat of the states. But nothing much will change. Fiat will simply move to a higher form of existence. Moreover, the population will quickly switch to CBDC, people will even need to be forced to do this.
Cash is already gradually being replaced by non-cash, however, both the state and society still need these two forms of fiat.
But whether the current private and other non-state stablecoins will remain will depend on the states whose currency these stablecoins are backed by.

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The era of CBDC is coming and I know that is not going to be now even though the bank of China already has their own digital currency that is mostly used in China. The stable currency that are spurring out of the market are going to flood the market for a while before nations will seat together and form their own CBDCs. It's going to take a while before that is going to happen even though China had taken the bold step to come up with their own.

The era of the CBDC is going to turn the market to something else. It is going to have a bigger effects other cryptocurrency market market the government to look for every single opportunity to force people to adopt their own digital currency by enforcing laws that will make us embrace what we don't want.

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It has become a trend among most of the countries to have their own CBDC. If we take the usage data of cryptocurrency or fiat over specific time period. Then the usage of fiat stands high against the cryptocurrency. This is the reality, but in the name of making themselves adoptive to the global market countries intend to have a common. So, analyse and understand the need before going for the development of CBDC for the country.

MinMan

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Quote from: Wind_FURY on April 22, 2022, 04:58:58 AM

There's a fat guy in the Bank of International Settlements who would be very satisfied once all 100 countries in that IMF's report builds and launches their CBDCs. I don't debate the fact that we are entering the era of CBDCs, but as Bitcoiners, we shouldn't be bullish about the "coming era". It will stand for everything opposite of Bitcoin.

I do not know who he is, but I know for sure that if all the nations end up building their own CBDC then there will be plenty of people who are happy. First of all governments really prefer something like this because they know that there are 100+ Billion dollars to be collected.

Look at USDT, just that alone has like 100 billion, with all stablecoins collected we must be somewhere near 200 billion dollars right now total, and that means instead of going to some companies who would make money with it, this will be going to governments and they would love that. They could pay so much with that type of money and they could basically profit, or if they can't, print more money to pay to people.

mildmanneredsuffering

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the federal reserve has total control of bicoin. bitcoin is a cbdc dumbass. they rob people with it and use it as a tool to inflate and deflate right along with stocks. it has become just another tool for the fed to make or destroy money at will. fuck bitcoin it is just a piece of shit kike tool for misery and suffering and taking even more control of earth. until the jews are eliminated from earth there can be no freedom for anyone or anything

Fundamentals Of

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There is now obviously a growing bandwagon on this CBDC thing. Several countries are already making studies about the issuance of CBDCs. Some are already in the advanced stage while others have yet to start making actual implementations for the roll out.

But I think the transition of the form of fiat is overdue. The use of cash will have to be considered obsolete and central banks will have to embrace the digital way of doing things. CBDCs are the new way of doing fiat.

Abiky

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Quote from: RealMalatesta on April 22, 2022, 03:38:05 PM

I am not 100% sure that we could go digital that much right away. There are still some people who use paper money let alone their cards and certainly not use digital transactions to wire each other money. If there are people who fail to do that, then how could we expect them to start using CBDC?

Maybe in the distant future when we are all old, and our families are no longer with us, that could happen, I mean when the X generation is the 70+ years old generation, then we could consider something like that but we have decades for that. This is why I think that CBDC taking over the system we have right now is not something that could happen anytime soon.

Exactly. There are still people that won't use anything else other than paper money or plastic cards due to mistrust (or possibly fear) of the "new stuff". For CBDCs to take over the world, the old generation needs to pass out in order to pave the way for the new generation. Kids are already quite fond of technology in today's world, so it's probable they will become the new generation of a full-fledged cashless society. One thing for sure is that change doesn't happen overnight. It's a process that could take decades before the full transformation is seen before our very eyes. What matters is that crypto stays decentralized so people can have an alternative from the existing banking system. As long as it stays that way, there should be nothing to worry about. Just my opinion

StarKay

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The proliferation of CBDCs should be a matter of urgent concern to freedom loving people because it is the exact opposite of what cryptocurrencies are supposed to be.

No more privacy for the individual as records of your transactions are readily available to the prying eyes of the government. And China has shown intolerance to BTC and I am afraid that other countries issuing CBDC might be following in their footsteps.

Marvelman

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Quote from: Wind_FURY on April 22, 2022, 04:58:58 AM

Quote from: Marvelman on April 20, 2022, 03:42:05 AM

CBDC is essentially electronic cash. Like traditional fiat currencies. Central banks are increasingly concerned about losing control of money supply and payment systems, as cryptocurrencies are becoming more prevalent in payment transactions. Since CBDCs are issued by a central bank, they can achieve the benefits of central bank issued currency without the problems of the unregulated decentralized currency.

The IMF reports that almost 100 countries are analyzing the possibility of introducing central bank digital currency (CBDC), and some of these countries have already begun the implementation process. So, yes, we may be entering an era where these digital currencies will become more common. But I don't believe they will replace national currencies anytime soon. In fact, most likely, they will co-exist with national currencies for the foreseeable future, complementing them rather than replacing them.

There's a fat guy in the Bank of International Settlements who would be very satisfied once all 100 countries in that IMF's report builds and launches their CBDCs. I don't debate the fact that we are entering the era of CBDCs, but as Bitcoiners, we shouldn't be bullish about the "coming era". It will stand for everything opposite of Bitcoin.

OK, so maybe that's a bit harsh. I generally agree with you, just trying to find the silver lining in everything. As I see it, CBDCs won't be much different from the digital fiat we already use when paying bills and transferring money online. The difference will be that CBDCs will be based on blockchain technology, which could ultimately be good for greater adoption of Bitcoin and cryptocurrencies. Maybe if the new currencies succeed, Bitcoin would be more important than ever.

RealMalatesta

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Quote from: Cryptmuster on April 20, 2022, 04:46:28 AM

I think that all this will happen very quickly, everything will coincide with a big crisis, the fall of all markets and CBDC will come to replace fiat money. For governments/banks, this will be very convenient, because they will be able to control absolutely all financial transactions, each person. I do not like this model at all, because I love cash and I make almost all my payments in cash. So yes I think we will see a world with CBDC, and total control.

I am not 100% sure that we could go digital that much right away. There are still some people who use paper money let alone their cards and certainly not use digital transactions to wire each other money. If there are people who fail to do that, then how could we expect them to start using CBDC?

Maybe in the distant future when we are all old, and our families are no longer with us, that could happen, I mean when the X generation is the 70+ years old generation, then we could consider something like that but we have decades for that. This is why I think that CBDC taking over the system we have right now is not something that could happen anytime soon.

Wind_FURY

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Quote from: Marvelman on April 20, 2022, 03:42:05 AM

CBDC is essentially electronic cash. Like traditional fiat currencies. Central banks are increasingly concerned about losing control of money supply and payment systems, as cryptocurrencies are becoming more prevalent in payment transactions. Since CBDCs are issued by a central bank, they can achieve the benefits of central bank issued currency without the problems of the unregulated decentralized currency.

The IMF reports that almost 100 countries are analyzing the possibility of introducing central bank digital currency (CBDC), and some of these countries have already begun the implementation process. So, yes, we may be entering an era where these digital currencies will become more common. But I don't believe they will replace national currencies anytime soon. In fact, most likely, they will co-exist with national currencies for the foreseeable future, complementing them rather than replacing them.

There's a fat guy in the Bank of International Settlements who would be very satisfied once all 100 countries in that IMF's report builds and launches their CBDCs. I don't debate the fact that we are entering the era of CBDCs, but as Bitcoiners, we shouldn't be bullish about the "coming era". It will stand for everything opposite of Bitcoin.

Smack That Ace

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Quote from: Marvelman on April 20, 2022, 03:42:05 AM

CBDC is essentially electronic cash. Like traditional fiat currencies. Central banks are increasingly concerned about losing control of money supply and payment systems, as cryptocurrencies are becoming more prevalent in payment transactions. Since CBDCs are issued by a central bank, they can achieve the benefits of central bank issued currency without the problems of the unregulated decentralized currency.

The IMF reports that almost 100 countries are analyzing the possibility of introducing central bank digital currency (CBDC), and some of these countries have already begun the implementation process. So, yes, we may be entering an era where these digital currencies will become more common. But I don't believe they will replace national currencies anytime soon. In fact, most likely, they will co-exist with national currencies for the foreseeable future, complementing them rather than replacing them.

It's correct. The government is afraid that they will lose control of the currency, once they lose control of the currency they will lose control of us so CBCD is something we won't be able to avoid. Using CBCD would give the government more control over fiat usage.

Basically CBCD is digital fiat and the value will not be different. They will not eliminate fiat completely, maybe we will use both in parallel to suit each situation.

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Quote from: Quickset on April 21, 2022, 02:31:01 AM

After China launched their CBDC, Russia and India have also launched their pilot CBDC which is being tested. Blockchain technology is being adopted world wide. The only difference between CBDC and cryptocurrencies is their regulations. CBDC is regulated by an authority whereas cryptos are not.
With this, we can say that we are entering the era of CBDC.

Not only China or Russia or India, there are more countries are planing to launch their CBDCs. You can see the list of countries potentially will launch their own CBDCs with CBDC tracker: https://cbdctracker.org/

From Research, Proof of Concept, Pilot, Cancelled and Launched, you can see in the map and list as well as can get more information of countries in the list. I consider CBDC launches as a good support for Bitcoin and crypto market but for world economy, it would be bad. It will worsen the inflation rate globally.

Quickset

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After China launched their CBDC, Russia and India have also launched their pilot CBDC which is being tested. Blockchain technology is being adopted world wide. The only difference between CBDC and cryptocurrencies is their regulations. CBDC is regulated by an authority whereas cryptos are not.
With this, we can say that we are entering the era of CBDC.

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Quote from: Marvelman on April 20, 2022, 03:42:05 AM

CBDC is essentially electronic cash. Like traditional fiat currencies. Central banks are increasingly concerned about losing control of money supply and payment systems, as cryptocurrencies are becoming more prevalent in payment transactions. Since CBDCs are issued by a central bank, they can achieve the benefits of central bank issued currency without the problems of the unregulated decentralized currency.

The IMF reports that almost 100 countries are analyzing the possibility of introducing central bank digital currency (CBDC), and some of these countries have already begun the implementation process. So, yes, we may be entering an era where these digital currencies will become more common. But I don't believe they will replace national currencies anytime soon. In fact, most likely, they will co-exist with national currencies for the foreseeable future, complementing them rather than replacing them.

I think that all this will happen very quickly, everything will coincide with a big crisis, the fall of all markets and CBDC will come to replace fiat money. For governments/banks, this will be very convenient, because they will be able to control absolutely all financial transactions, each person. I do not like this model at all, because I love cash and I make almost all my payments in cash. So yes I think we will see a world with CBDC, and total control.

Dunamisx

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Quote from: ?? on ??

CBDC’s are coming because governments love the thought of them. They embrace the new tech age, they actually love the thought of bitcoin but they hate the fact they can’t control it so for thus reason they love CBDC’s. It’s just a matter of time until we live in a cashless society. I will continue to use bitcoin & in the future, shun any banking product.

That's exactly what is happening already, governments want a digital currency they can create and be acceptable by everyone in other to erase the role of bitcoin or crypto but forgetting that what the people get from crypto can not be offered by government, should we talk about privacy, trust, accuracy, independency, security among others which government cannot afford, that is what geared their intentions towards creating their own CBDC and many countries seems to begin the adoption of same CBDC so as to shutdown cryptocurrency but i wonder how a decentralized currency can be stopped.

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