CBDC is more likely to kill banks than it is to kill cryptocurrencies. A CBDC is going to be centralized, and more importantly, can be trivially reversed by the issuer (the central bank). The appeal of bitcoin, and other cryptocurrencies is that transactions are “final” once confirmed on the blockchain, and only those with the private key has the ability to spend your coin.
A CBDC would act very similar to a bank account, but without any counter-party risk, however minimal, that is associated with a bank account.
Topic: Can Central Bank Digital Currencies Kill Cryptocurrencies ? - page 6. (Read 900 times)
So, Bitcoin is a currency that was created to not be controlled by the government, and the government plans it to kill it with a currency controlled by the government? They really don't understand what crypto is about. People with a basic understand of it (which sadly is not everyone in crypto community) know that blockchain alone doesn't make a coin fundamentally valuable. It's the decentralization, robustness, security against potential attacks. Bitcoin is miles ahead of both altcoins and CBDC here, and those things can't become better than Bitcoin due to their fundamental flaws.
The claims in the article would apply to majority of the coins available, but not to Bitcoin, so making the headline about Bitcoin is a bit wrong and misleading.
Can CBDCs kill Bitcoin? No.
A blockchain version of a centralized system would not undermine a decentralized one. Of anything, imitating cryptocurrencies would give them more legitimacy.
Quote
Sankar detailed: “A currency needs an issuer or it needs intrinsic value. Many cryptocurrencies which have neither are still being accepted at face value – not just by gullible investors but also by expert policymakers and academicians.” The official elaborated:
Fiat can be arbitrarily printed and have no intrinsic value, but is yet accepted at face value, the government does not want users to come to this realization, hence they try to talk down on alternative currencies.Can CBDCs kill Bitcoin? No.
A blockchain version of a centralized system would not undermine a decentralized one. Of anything, imitating cryptocurrencies would give them more legitimacy.
https://news.bitcoin.com/rbi-official-central-bank-digital-currencies-could-kill-cryptocurrencies/
Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether.
RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether.
I know IMF are huge critics of Bitcoin and any country that adopts Bitcoin as a legal tender, they're also involved one way or the other innit . As I don't blame RBI much, only scared of dollarization https://news.bitcoin.com/indias-central-bank-rbi-warns-crypto-could-lead-to-dollarization-of-economy/ which they say are not of them countries interest. Asides that, drug abuse and money laundering has been a norm over there.
IMF are chiefly responsible and Championing the move against Crypto Currencies and Bitcoin all for them selfish interest... But do you see any possibility of Central Bank's Cryptocurrencies killing Bitcoin, Crypto Currencies ?, although China imposed huges bans of any other digital currencies except there's and are doing quite well ( Economy ) correct me if I'm not!
What you think?!
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