Topic: Cbdc and new financial system and lobby (Read 227 times)

Countries that fail when implementing CBDC are mostly countries with weak economies, they deploy CBDC while their domestic currency is having serious problems, so it is no wonder they fail. Meanwhile, powers like the US or the European bloc do not even intend to deploy CBDC, so it is hard to say they will fail if they actually release CBDC.

I also thought that governments would deploy CBDCs soon, but if I remember correctly the Fed also stated that they have no intention of issuing CBDCs in the future. So I don't think we will see a world without fiat currency anytime soon.

Additionally, cryptocurrencies are not decentralized, only bitcoin is the only decentralized currency, the rest are centralized markets.

What makes you think that the government would be using a blockchain owned by a private entity let alone one on which they would issue their own money? What convinced you that a rich and powerful country capable of developing their own blockchain would be using one which they don't completely control?

This isn't a blockchain which would be used in small matters. This is a blockchain which would be used to issue trillions, a blockchain which would be used to support a powerful country's economy, to finance the country's armed forces, to engage in global trade, and so on and so forth.

I'm afraid your imagination is false.

if the government announces a newly launched CBDC, people will likely avoid using it just like the Nigerian avoiding its e-naira.

right now we are yet not used to using these stablecoins in paying casually our grocery stores and bills but once we do, we'll get used to it after using it for a decade.
if the government takes over USDC and USDT that we already are using, people will stay and use it for convenience. and it's too late not to use it, after all, you have already submitted KYC.

I don't know how you got the information that stablecoin holders will benefit more from the world economy. Stablecoin coins are just altcoins that are backed up by mainly fiat currency. The only way stablecoins will be profitable is when the value of the fit currency appreciates.

This was exactly what happened in my country. When the government saw that Bitcoin and other cryptocurrencies were becoming popular in my country. They made laws to restrict its operations and to turn people away from cryptocurrencies they introduced CBDC. There was enough publicity to promote the use of this centralized coin. However, the people were not attracted to the CBDC because they knew that it was fiat currency that was recorded in the blockchain.

What? A government Stable coin? Any government who issues a cbdc will increase the coins.
The system is geared like that. It needs growth. More people are born more money is needed.

Wait until North Korea does it, they'll force their people to use it and pretend that they just did the most successful "cryptocurrency" in the world, kidding aside though, I feel that there's no way that we're ever going to see any successful CBDC any time soon, most of them were made out of greed anyway, and we all know that greed isn't something that will go away anytime soon so I'm pretty sure that as long as that factor is present, CBDC will never see the intended success it's creator expected it to have, they'll just keep on lying to people.

There's no new financial system, CBDC is just a stable coin, similar to digital fiat or debit card where you don't have to carry physical cash. CBDC might kill stable coin because the government don't want to see other currency that can become their threat/competitor. People who use stable coins as a store of wealth need to be careful.

While volatile coins like Bitcoin, CBDC can't do anything since both of the coins are completely different.

Cbdc are nothing like Crypto. Basically it is electronically issued cash.
Most cash is already electronically.

And how did you come up with that?

Nobody is going to buy centralized shitcoins like the ones you listed and that includes governments.
As for Bitcoin, it is too volatile and also too small for them to use as a major portion of their reserves.

Again, they won't use centralized shitcoins. If anything such governments would create their own centralized shitcoin (called CBDC) and push that instead of using something created and controlled by a company so that they are forced to cooperate with that company!

Crypto has definitely contributed to a very innovative technology that can be used even beyond financial instruments. It is something that will definitely be utilized more in different fields in the future and central banks making use of blockchain technology is proof of that.

However if they think that they can replace cryptocurrencies then they are wrong. Cryptocurrency’s biggest feature is their decentralization and it is something that central banks can never replicate.

I feel like the op is mixing too many things together.
BlackRock is an investment company, not a currency, and they are open to Bitcoin as an investment. USDC is a stablecoin, meaning that its price is pegged to the USD, but that doesn't make it a central bank digital currency (CBDC). XRP is a more complicated project because it's not a CBDC but wants to cooperate with central banks, and Ripple as a firm is launching a USD stablecoin.
So all of these things are very different, and none are actually CBDCs. Maybe CBDCs will become popular and a part of a new financial system, but for now, it doesn't look this way.

When the government supports blockchain projects, it doesn't shout. Secretly picking winners and losers? That's their game. USDC, XRP, and BlackRock are the traditional suspects eyeing the future, but CNN won't report their ambitions. It doesn't matter if you like crypto. It's about what's coming, ready or not. These giant sharks are paving the way for central bank digital currencies. The crowd, the tiny men, cheers for our favourite teams without realising the game is rigged. The amusing part? Everyone worries about petrol prices, but they overlook the long-term chess match that will govern them. If people understood how this tech affects their money and choices... Man, we'd act smarter. However, maybe it's easier to follow the leaders' orders

CBDC's are centralized and issued by the Central Bank of the issuing country, thus they cannot use a decentralized bockchain like that of Bitcoin which is free & open source and run by different nodes all around the world, of which anyone can be a participant. CBDC's are going to run on a blockchain that is private and only accessible to the issuers, which is the government and the central Banks. The government already have all this planned out and there is no such lobby for this.

One major disadvantage of government control of a centralized digital financial system is that if a particular party is in control and you disagree with their policies and ideologies and express those disagreements on social media or in public the party in control could just shut down your accounts and you have no financial access whatsoever. Even if they are forced to give your access back it could take months or years and you have to pay and pay to fight those forces of tyranny with little or no remedies.

And they might not even utilize blockchain in the end for it, at least not in a way we define blockchain. I would be very surprised if they did use current models, as all platforms with transparency break EU:s GDPR laws and if chain transactions are untraceable, they are breaking AML laws for CASPs (Crypto Asset Service Providers). And then there are other regulations that kind of platform will most likely deal with more things then just money transactions. It wouldn't make any sense to not be used in multiple purposes like banks are now.

Imho private chain doesn't make any sense. Maybe some sort of private distributed governance could do it, but it may me too centralized for some and too unsecure for others. Not to mention it needs to be cheaper, faster and more secure than any existing solutions. And top of that it needs to be regulatory compliant platform.

I am yet to see any country that successfully implemented the CBDC. They usually lose momentum after about six months of launch and the die out. It's difficult for the CBDC to work because people know that they will no different from the paper currency.

And you are right there's a lot of lobbying that goes on but I see no advantage of it to the crypto and stable coin holders. They are both different entities. One is centralized controlled by the government while the other is decentralized.

CBDC and Crypto Separate CBDC operates on a secure transparent blockchain network and uses blockchain technology to create an immutable record of all transactions. A blockchain based CBDC enables central banks to regulate currencies and preserves the privacy and freedom of use of CBDC to end users. It will take time for central banks to get into crypto many banks are unaware of the use of crypto.

CBDCs are not cryptocurrencies. They are making use of blockchain but it is defined by the central banks that are making them that they are not cryptocurrencies. They can only be regraded more as modern day fiat. The cryptocurrencies that are similar to fiat are stable coins that are backed by fiat.

It’s no secret that some central banks are starting to get in on crypto. If you can’t beat them, join them right? That kind of thing. But the thing is a lot of them are interested in making their own blockchains which aren’t yet capable of earning trust and confidence from their users.

So it wouldn’t surprise me if some of them were using pre-existing blockchains already. I believe that the invention of blockchains have opened something in the tech world and that we will all surely be benefiting from it even outside the context of finance

Off course goverment want to use well known tested blockchains but they don't want you to think about it much.
You don't need to think about it and it Will be not on the news like: hey, we gona use eth xrp or solana and btc will be our ( reserve Global central blockchain collateral asset)
Anyways the new financial system is place where biggest lobby Will get the deal we might see circle USDC blackrock and xrp ripple Will have most of the capital.
Greatest wealth always is made out of great lobbies whoever pays most will win the contract.
But you not need to think about it you are interested about this or not it can not be changed from the outside but it all comes from inside you ( your DNA your soul and your brain) some people think about some not some people take the action and try to control situation as much they can and some people always wait for goverment to tell them what to do.
But it's not secret anymore the base central blockchains will be well known blockchains for new CBDC in otherwords crypto and stablecoins holders will reap the biggest benefits of the global economical movements trading and transactions i think we gona have ultimate winner of new digital USD the circle USDC and xrp Will be more out of USA.
But we gona see greatest maybe hidden lobby by private capital to goverments and even If you know who cares most of people don't even Understood it you tell them that's what you should know they tell you this not my problem i have a lot more problems like paying my bills but they don't Understood that more they will know the better ways they can earn and pay their bills.