CBDC and Regulation discussion | Bitcointalksearch.org

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Quote from: justdimin on March 12, 2023, 03:21:09 AM

That is true, people are so much against CBDC that they are forgetting the alternative is fiat. They think that CBDC is alternative to crypto, but in reality it is government issued which means that it will be alternative to fiat and that is why it is such a great project.

I like it very much and I believe that we should be focusing on it as much as we possibly could, and support it a lot as well. Why did we disliked fiat? Because it was centralized and basically controlled by government and dated method, nowadays we can get it a better way with CBDC, still government controlled but at least not outdated and it could be something much better for the future our nations.

Don't get too excited about CBDCs, since they will give governments and central banks more power than usual. What they can't do with paper money (trace or freeze transactions), they will be able to do with a full-fledged digital currency. You can bet stablecoins will get regulated "down to the bone" once CBDCs are launched. They will probably even cease to exist as governments will restrict private companies from issuing their own Fiat-backed digital currencies. What will survive would be decentralized cryptocurrencies such as Bitcoin and Ethereum. But there will be a lot of restrictions in place, that would make it difficult for the average person to access them with CBDCs.

This is just getting started, so we can't tell what the future holds for our society. We need to defend decentralization and privacy for people to get true financial freedom in a "surveillance state". Otherwise, we'll be doomed for good. Who knows how long will it take before CBDCs take the world by storm? Just my thoughts Grin

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Quote from: Ozero on March 11, 2023, 05:41:55 AM

You simply cited the negative experience of creating and using CBDC in one country. But in general, CBDCs are more efficient non-cash forms of payment for the state compared to the current existing ones and therefore will be successfully developed. But state CBDCs will also change for a long time until they acquire the most acceptable form and user functions for everyone. It is important that people have the choice of using currencies and their types. Cash is also necessary for us. The best option is to circulate all types of state currencies, including cryptocurrencies.

That is true, people are so much against CBDC that they are forgetting the alternative is fiat. They think that CBDC is alternative to crypto, but in reality it is government issued which means that it will be alternative to fiat and that is why it is such a great project.

I like it very much and I believe that we should be focusing on it as much as we possibly could, and support it a lot as well. Why did we disliked fiat? Because it was centralized and basically controlled by government and dated method, nowadays we can get it a better way with CBDC, still government controlled but at least not outdated and it could be something much better for the future our nations.

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it seems that for now it hasn't happened, because there's really no one to regulate it and I think the main purpose of crypto is not for that, but more towards something bigger, maybe there is something negative about it, but I think the positive thing is bigger when seen globaly.

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Quote from: tvplus006 on March 11, 2023, 08:15:54 AM

Quote from: Wiwo on March 11, 2023, 08:07:05 AM

For the fact that most CBDCs have fallen short to meet the minimum success level with most of them not being built on the blockchain but just a digital form of their traditional currency they will certainly face the same problems as the fiat currency which are bad networks, and delayed transactions...

CBDC is not a stablecoin, so it is not necessary to use blockchain to create them. It should be understood that CBDC is one of the forms of money and is in circulation on a par with non-cash and cash. Accordingly, all the disadvantages of fiat will be automatically transferred to CBDC, including inflation.

Exactly thanks for this understanding, but some country central banks make public anouncement that the CBDC vs cryptocurrency because they the saw CBDC as an exit from their present traditional banking problems such as inflation and the rest of the other economic problems.

-Most of the CBDCs have faced a hard rock due to a lack of appropriate implementation and developments.

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Quote from: Wiwo on March 11, 2023, 08:07:05 AM

For the fact that most CBDCs have fallen short to meet the minimum success level with most of them not being built on the blockchain but just a digital form of their traditional currency they will certainly face the same problems as the fiat currency which are bad networks, and delayed transactions...

CBDC is not a stablecoin, so it is not necessary to use blockchain to create them. It should be understood that CBDC is one of the forms of money and is in circulation on a par with non-cash and cash money. Accordingly, all the disadvantages of fiat will be automatically transferred to CBDC, including inflation.

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Quote from: Ozero on March 11, 2023, 05:41:55 AM

You simply cited the negative experience of creating and using CBDC in one country. But in general, CBDCs are more efficient non-cash forms of payment for the state compared to the current existing ones and therefore will be successfully developed. But state CBDCs will also change for a long time until they acquire the most acceptable form and user functions for everyone. People must have the choice of using currencies and their types. Cash is also necessary for us. The best option is to circulate all types of state currencies, including cryptocurrencies.

For the fact that most CBDCs have fallen short to meet the minimum success level with most of them not being built on the blockchain but just a digital form of their traditional currency they will certainly face the same problems as the fiat currency which are bad networks, and delayed transactions.

-take Nigeria's experience for example, the unavailability of the speed wallet and the issues of setting up the wallet is quite frustrating and at that many Nigerians avoid using it as an alternative.

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Quote from: Wiwo on February 21, 2023, 05:37:04 PM

Quote from: zasad@ on January 26, 2023, 07:43:40 AM

Even in Africa, people understand that CBDC is complete crap. If you haven't read the news then run the request: CBDCS FAILING IN NIGERIA.
CBDC is complete total control over the population, so a decentralized cryptocurrency will be the only way to prevent the implementation of CBDC. Relatedly, thanks to CBDC, people are starting to use cryptocurrencies.

Nigeria's E-naira can not be classified as a total CBDC since it does not run on the blockchain and there is nothing different between the e-naira and the normal naira in the bank account, and the only thing I see in the development of CBDC is the fact that the government want to digitalized income tax and with the E-naira or becomes very easy for them to achieve that tax regime which is not to the favour of the masses.
-If you have made any attempt to use any of the CBDCs you will discover that there are high fees and multiple charges on transactions compared to regular bank charges on transactions and this has made many citizens abounded their e-Naira wallets and embraces the traditional banking system.

You simply cited the negative experience of creating and using CBDC in one country. But in general, CBDCs are more efficient non-cash forms of payment for the state compared to the current existing ones and therefore will be successfully developed. But state CBDCs will also change for a long time until they acquire the most acceptable form and user functions for everyone. It is important that people have the choice of using currencies and their types. Cash is also necessary for us. The best option is to circulate all types of state currencies, including cryptocurrencies.

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Quote from: beerlover on February 23, 2023, 04:15:55 PM

Regulation of crypto after CBDC is created will be a hot topic, and will cause a lot of trouble for many people and raise a lot of questions. I think governments who finally manage to do it, will put a big strain on crypto and its movements and make CBDC a lot more relaxed so that everyone would go towards that instead of trying to work and make the current system better.

I know that CBDC will not be available for many governments for at least years, it is something that they are considering, but governments are slow, they are very large entities which makes them slow so even if they are considering, it will take years for them to do it finally.

Most countries are considering the switch from analog Fiat to digital, so it's likely we'll live in a world dominated by CBDCs in the future. Regulation is inevitable, especially when governments don't want crypto to achieve its full potential. They will force the use of CBDCs among their citizens. After all, CBDCs will enable both governments and central banks to have a full scope over a person's financial activity. It will mark the beginning of the end for privacy with Fiat as we know it.

When CBDCs come in, crypto will be there to save the day. Who knows if the launch of CBDCs will result in higher adoption for decentralized cryptocurrencies in the long run? Just my thoughts Grin

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I decided to talk about Nigeria's experience in implementing CBDC
https://bitcointalksearch.org/topic/new-world-order-or-cbdc-against-cryptocurrencies-5440827

Central Bank Digital Currency tracker
https://www.atlanticcouncil.org/cbdctracker/

In the next 2 years there will be a very difficult battle between banks and the population of countries. I hope that people will interfere with this process as much as possible.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Regulation of crypto after CBDC is created will be a hot topic, and will cause a lot of trouble for many people and raise a lot of questions. I think governments who finally manage to do it, will put a big strain on crypto and its movements and make CBDC a lot more relaxed so that everyone would go towards that instead of trying to work and make the current system better.

I know that CBDC will not be available for many governments for at least years, it is something that they are considering, but governments are slow, they are very large entities which makes them slow so even if they are considering, it will take years for them to do it finally.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

You are mixing multiple things with no co-relation. First try to understand what CBDC is and what's it's purpose. 8t has no relation with cryptos. Also it doesn't guarantee that situation like FTX will never arise again.

CBDC is just a digital representation of your fiat money. So if a crypto company claims that they are backed by USD, there's no way to validate the claim just because of CBDC. Get your concept corrected first!

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Quote from: o48o on February 21, 2023, 05:26:36 PM

Yeah they definitely are coming, there's not question about that. But i don't see them "better" in a sense that they are not comparable and build for different reasons in mind. Stablecoins are a way to go if you are into DeFi.

But if you want just to hodl fiat money, it's not like it will be optional to go back to current fiat money system after CBDC has taken the whole system over. So i don't see it as better than stablecoins, but better then current fiat-money transferring system in general.

CBDCs will remove the need for paper money, so our only options would be to use stablecoins if we still want to enjoy some level of privacy in our day-to-day transactions. For better privacy, decentralized cryptocurrencies like Bitcoin and Ethereum would be the way to go (especially privacy-oriented ones like Monero and Zcash). The fact that stablecoins can be used in "De-Fi", should be more than enough for them to stand the test of time. Unless, governments make CBDCs programmable and widely accessible to the public (which is very unlikely they'll do that anytime soon), stablecoins will solidify their position in the crypto/Blockchain space for years to come.

You can rest assured there will be more pain ahead for stablecoins after the Terra UST crash. The SEC is now going after Binance USD, so only time will tell us where regulations will lead the stablecoins industry. Who cares about centralized Fiat (either as a CBDC or a stablecoin) when we can have freedom by using a decentralized cryptocurrency like Bitcoin? Just my thoughts Grin

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

So you are asking will CBDC become a killer threat for USDT like tokens?

First of all government doesn't want any coins or tokens to have monetary value apart from issued by themselves so we xan never expect that CBDC will be available for trading on exchange's particularly with a decentralized coin and digital money we are using and CBDC has no difference at all so I don't have any valid reason for using CBDC in the first sense.

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Quote from: zasad@ on January 26, 2023, 07:43:40 AM

Even in Africa, people understand that CBDC is complete crap. If you haven't read the news then run the request: CBDCS FAILING IN NIGERIA.
CBDC is complete total control over the population, so a decentralized cryptocurrency will be the only way to prevent the implementation of CBDC. Relatedly, thanks to CBDC, people are starting to use cryptocurrencies.

Nigeria's E-naira can not be classified as a total CBDC since it does not run on the blockchain and there is nothing different between the e-naira and the normal naira in the bank account, and the only thing I see in the development of CBDC is the fact that the government want to digitalized income tax and with the E-naira or becomes very easy for them to achieve that tax regime which is not to the favour of the masses.
-If you have made any attempt to use any of the CBDCs you will discover that there are high fees and multiple charges on transactions compared to regular bank charges on transactions and this has made many citizens abounded their e-Naira wallets and embraces the traditional banking system.

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Quote from: Abiky on February 21, 2023, 06:33:56 AM

Quote from: o48o on February 17, 2023, 08:39:26 AM

CBDCs will be much more restricted than a stablecoin. As you've said before, they cannot be used in "De-Fi" protocols or even decentralized blockchain networks. Stablecoins would be a much better option in this regard. They may not go away after CBDCs are launched, but they will certainly be regulated "down to the bone". Regulations are inevitable, especially when governments want a piece of the pie.

People will trust a CBDC more than a stablecoin, just because it's backed by the government. But that doesn't mean stablecoins will die in the long run. Each type of currency will have its own respective advantages/disadvantages. It'll be up to you to decide which one to use for your own benefit. Who cares about centralized digital Fiat currencies anyways? As long as we have decentralized alternatives like Bitcoin and Ethereum, nothing else matters. Just my opinion

Yeah they definitely are coming, there's not question about that. But i don't see them "better" in a sense that they are not comparable and build for different reasons in mind. Stablecoins are a way to go if you are into DeFi.

But if you want just to hodl fiat money, it's not like it will be optional to go back to current fiat money system after CBDC has taken the whole system over. So i don't see it as better than stablecoins, but better then current fiat-money transferring system in general.

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Quote from: Abiky on February 21, 2023, 06:33:56 AM

CBDCs will be much more restricted than a stablecoin. As you've said before, they cannot be used in "De-Fi" protocols or even decentralized blockchain networks. Stablecoins would be a much better option in this regard. They may not go away after CBDCs are launched, but they will certainly be regulated "down to the bone". Regulations are inevitable, especially when governments want a piece of the pie.

People will trust a CBDC more than a stablecoin, just because it's backed by the government. But that doesn't mean stablecoins will die in the long run. Each type of currency will have its own respective advantages/disadvantages. It'll be up to you to decide which one to use for your own benefit. Who cares about centralized digital Fiat currencies anyways? As long as we have decentralized alternatives like Bitcoin and Ethereum, nothing else matters. Just my opinion

They are unlikely to disappear because there will always be demand for such coins and they will be less problematic to use than CBDC. There will be increased regulation around CBDC. It will be the same difference as trying to trade bitcoin with USDT or fiat. Where there is fiat, there will be mandatory KYC, there is no way without it. So people who prefer to trade without KYC will still need stablecoins.

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Quote from: o48o on February 17, 2023, 08:39:26 AM

I don't see CBDC killing stable coins unless they they would be adopted on chains that allow DEXes etc and we need stable coins for that exact reason..

And DBDC is most likely not being adopted on any chain that's currently available as they are not capable for L1 confidentiality with auditability, Build in KYC etc.

CBDCs will be much more restricted than a stablecoin. As you've said before, they cannot be used in "De-Fi" protocols or even decentralized blockchain networks. Stablecoins would be a much better option in this regard. They may not go away after CBDCs are launched, but they will certainly be regulated "down to the bone". Regulations are inevitable, especially when governments want a piece of the pie.

People will trust a CBDC more than a stablecoin, just because it's backed by the government. But that doesn't mean stablecoins will die in the long run. Each type of currency will have its own respective advantages/disadvantages. It'll be up to you to decide which one to use for your own benefit. Who cares about centralized digital Fiat currencies anyways? As long as we have decentralized alternatives like Bitcoin and Ethereum, nothing else matters. Just my opinion

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Quote from: tvplus006 on February 18, 2023, 09:56:13 AM

Quote from: fzkto on February 17, 2023, 08:48:49 AM

...So if governments start issuing CBDCs in the near future, we will surely be in for more shocks. But I hope that cryptocurrency will survive in the meantime.

Based on the experience of China and Nigeria, where CBDC is already being introduced, such an introduction entails a ban cryptocurrencies in the country, including stablecoins. Thus, the government excludes any possibility of stablecoin competition with CBDC. Other countries may follow this did path.

Other countries will certainly choose the same path once CBDC has been successfully tested. I think China is following its own path of development and will not share its experience with anyone else. We have to wait for CBDC to appear in the States or Europe. I agree about stablecoins, but CBDC is also introduced for control, so cryptocurrencies will also be excluded from interaction with it, or necessarily through verification.

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Quote from: fzkto on February 17, 2023, 08:48:49 AM

...So if governments start issuing CBDCs in the near future, we will surely be in for more shocks. But I hope that cryptocurrency will survive in the meantime.

Based on the experience of China and Nigeria, where CBDC is already being introduced, such an introduction entails a ban cryptocurrencies in the country, including stablecoins. Thus, the government excludes any possibility of stablecoin competition with CBDC. Other countries may follow this did path.

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Quote from: zasad@ on January 26, 2023, 07:43:40 AM

Even in Africa, people understand that CBDC is complete crap. If you haven't read the news then run the request: CBDCS FAILING IN NIGERIA.
CBDC is a complete total control over the population, so a decentralized cryptocurrency will be the only way to prevent the implementation of CBDC. Relatedly, thanks to CBDC, people are starting to use cryptocurrencies.

With the massive failure in the e-naira development and management, its obviously clear that CBDC will not be the answer to stability especially when most CBDCs are not ruined on the blockchain just like the e-naria e.t.c.
Regulations cant solve the issue of fake fraud and exit scams in cryptocurrencies project and the only we I think we can minimize the activities of scam projects in the ecosystem is to trust less and be our own custodial and never to risk leaving our assets on any of the third party exchange even if they're licenced.

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Quote from: Captain Corporate on January 29, 2023, 01:20:52 PM

The only good news for me is that our nation and government is so far behind about anything technologically developed that there is absolutely no way that we would be in the first 10-20 governments that could make a CBDC, which is why I believe that we will end up with nothing to worry about just yet. Its good because crypto is allowed and that means we are going to end up with a good result in crypto world without getting any interruptions in the long run. Thats good because without CBDC or anything like that, its just pure crypto, mainly bitcoin and ethereum, that people buy into and that's much better than some shitty CBDC people may get involved with.

Once CBDC becomes widespread, it will quickly roll out to the rest of the world. This will probably be a tough time for cryptocurrency because there will be a lot of pressure on cryptocurrency because of CBDC implementation. So if governments start issuing CBDCs in the near future, we will surely be in for more shocks. But I hope that cryptocurrency will survive in the meantime.

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Quote from: Abiky on February 06, 2023, 10:16:36 AM

CBDCs will "kill" stablecoins, especially when both serve exactly the same purpose.
-cut-

I don't see CBDC killing stable coins unless they they would be adopted on chains that allow DEXes etc and we need stable coins for that exact reason..

And DBDC is most likely not being adopted on any chain that's currently available as they are not capable for L1 confidentiality with auditability, Build in KYC etc.

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I am not sure about such topics exist for a long time in the Altcoin section or not as regulations of the Altcoins haha it's near to impossible as Regulations of Bitcoin can be discussed but there are those of Altcoins and their regulation sounds weird TBH.

Anyway 😉 wishing you better luck with the topic timeline as i am not confident with it. Altcoins pump crazy and dump crazy always because Altcoins are not used to off-hype management (in terms of sudden Volume increase).

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

Wouldn't CBDC fixed this issue of fake USD backed stable coins?

The possibility of corruption cannot be easily avoided even with the use of blockchain technology, especially if the blockchain is centralized with some validators still having connections with the government.
It seems like there is no end to thinking about the wrongdoings committed by the government. However, with the emergence of CBDCs, the public financial system will shift towards cryptocurrencies and blockchain technology. Not too shabby, huh?
But that's not all, the existence of CBDCs is actually a massive government project aimed at making the national currency more than just a payment tool.

Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

I will try to utilize it according to the available services and those that are suitable for me. I will never purchase it for speculation, of course.

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Quote from: tvplus006 on February 04, 2023, 12:02:47 PM

CBDC is not a stablecoin, so this comparison is identical to comparing the dollar with a stablecoin. CBDC is issued by the national bank and is another, high-tech form of money that will function alongside cash and non-cash forms of money. Accordingly, I will have more confidence in CBDC than in any existing stablecoin.

CBDCs will "kill" stablecoins, especially when both serve exactly the same purpose. People will trust CBDCs more than stablecoins because they will be backed by the government. Private companies issuing stablecoins will be forced to close up shop or face serious consequences in the long run. Only decentralized stablecoins will survive because of the way they're designed. I don't think cash will live alongside CBDCs for generations, especially if governments are focused on reducing waste and putting an end to privacy for good.

Why should we care about centralized Fiat currencies (either CBDCs or stablecoins) when we already have decentralized cryptocurrencies such as Bitcoin and Ethereum? The whole point about crypto was removing the need for trust. Not to go back towards the past failures of banks. Someday people will recognize this when governments ramp up their surveillance efforts. As long as decentralization prevails, nothing else matters. Just my thoughts Grin

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Asking how you would be able to know to prevent a catastrophe like what FTX has done something out of the ordinary and wouldn’t be easy to figure out. There are a lot of people who have a different agenda with why they are doing what they are doing so definitely it’s hard but the regulations could probably help that.

Being regulated would mean that everything that you do would be accounted for, and make sure that are accountable for what they are doing behind the scenes and would prevent manipulations of some sort.

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Quote from: uneng on February 02, 2023, 11:44:49 AM

Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Well, between the currently stablecoins we have disponible which are issued by private companies (which have already been under the center of a lot of polemics) and CBDCs which are going to be issued by governments, I think the second is still more reliable, right? Both are centralized and not 100% to be trusted, but at least the government can give some extra insurance those shady companies don't.

However, I'm not sure yet if the CBDC of a determined country will be disponible for citizens of foreigner countries, what would forbid most of us from using dollar CDBC.

Yes, they are both not secure and centralized. But it should be understood that with CBDC, you will get additional KYC and regulation, that is, it will not be as easy to use in the cryptosphere as regular stablecoin, which can be added to exchanges without any KYC. CBDC is the same fiat, only in digital form, and to deposit fiat on a centralized exchange, you must always pass KYC, just like with CBDC. Therefore, to work with cryptocurrencies, it is more reliable to choose stablecoins to protect yourself from additional checks and blocking.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

...my concern is the CBDC, I think it will work better as the real Stable coin...
You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

CBDC is not a stablecoin, so this comparison is identical to comparing the dollar with a stablecoin. CBDC is issued by the national bank and is another, high-tech form of money that will function alongside cash and non-cash forms of money. Accordingly, I will have more confidence in CBDC than in any existing stablecoin.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

They can't, simple as that. If they were able to I reckon they would've been able to stop any sort of scam possible after a short while. Even asking them to be perfectly public about their transactions can simply be solved by bribing whoever receives it and checks said transactions, that's just politics.

As for CBDC, well, thing is, that's just fiat but online. I don't see anything it can actually fix whatsoever since it's just that. Pretty sure if they ever roll over CBDC, we'd be pretty much forced to use it in the end since it'd basically replace fiat.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

I want you ask you something do you really think the USD or any other fiat backed up gold and reserves like the government claims?

The fact is no, its no different than stable coin from Luna and others so it won't make any difference and the only thing is its from government but what will happen to cross border transactions it will be more convenient if we go with USDT than CBDC.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Well, between the currently stablecoins we have disponible which are issued by private companies (which have already been under the center of a lot of polemics) and CBDCs which are going to be issued by governments, I think the second is still more reliable, right? Both are centralized and not 100% to be trusted, but at least the government can give some extra insurance those shady companies don't.

However, I'm not sure yet if the CBDC of a determined country will be disponible for citizens of foreigner countries, what would forbid most of us from using dollar CDBC.

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Quote from: bitgolden on January 27, 2023, 04:08:29 PM

That won't happen, there is no way they would get rid of cash, paper money will stay as long as possible. I mean we could get rid of them even right now, even the oldest people can use credit cards and banks, and yet we still have cash and we still use it. Why do we use them? Because we are talking about something much easier with the amount of work required to use, it's a lot better.

I am not saying that it's the best method, but it's a method that we can't get rid of just yet, and if we ever did, debit/credit cards would be something a lot more used than CBDC. The only reason they are making this is the fact that they will give you something fake, and take your money, that's all they want.

Credit/debit cards didn't replace cash, probably because governments didn't force people to use them. But I think this time will be different, especially when decentralized cryptocurrencies are rising to power. Governments wouldn't want to lose control over people's finances, so they will make digital payments mandatory through the use of CBDCs. I believe cash will co-exist with CBDCs during the initial days of launch, but it will be slowly phased out until it becomes history. The only alternative people will have to preserve their privacy would be Bitcoin and its variants.

Regulations on the crypto industry will tighten over time, but that doesn't mean it's the end of the world. What matters is that crypto/Blockchain tech remains decentralized so that it could stand the test of time. As long as it stays that way, we should have nothing to worry about. Just my thoughts Grin

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Better than algorithmic stablecoins, but worse than stablecoins. CBDC is the same as fiat, only in digital form. CBDCs will be the same assets, subject to high inflation, strong censorship and regulation. Wallets can be blocked for any reason and there will always be a good explanation. For example, countering terrorist financing or money laundering. In general, CBDC should be avoided in the same way as algorithmic stablecoins.

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The only good news for me is that our nation and government is so far behind about anything technologically developed that there is absolutely no way that we would be in the first 10-20 governments that could make a CBDC, which is why I believe that we will end up with nothing to worry about just yet. Its good because crypto is allowed and that means we are going to end up with a good result in crypto world without getting any interruptions in the long run. Thats good because without CBDC or anything like that, its just pure crypto, mainly bitcoin and ethereum, that people buy into and that's much better than some shitty CBDC people may get involved with.

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Quote from: OcTradism on January 28, 2023, 09:44:03 PM

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You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

It will take me months to see how CBDCs work, how secure it is before I use CBDCs as a replacement for fiat currencies.

More like years. In the UK they are currently looking for a specialist in the field. It's going to be hard to find someone who can do it since there was no successful CBDC experiment yet, but there was a number of unsuccessful ones like the one in Zimbabwe.

I can't believe there are people willing to use these surveillance coins. If you want to trade, use a stable coin. CBDC is going to be like a stable coin just with some added features like controlling your spending habits and carbon footprint.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again?

Governments follow their citizens to submit proposals for regulations and approve some of them, apply them in their nations. They don't go ahead with regulations first so their regulations won't be able to prevent future scam types.

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Crypto is presently not regulated and I don't see how regulation will fix this issue

Cryptocurrency is regulated now but it does not have strict regulations like in other traditional and older markets like gold, stocks, real estate.

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my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

They are not stable coins, but another version of fiat currencies which are launched and controlled by governments and central banks.

[GUIDE] All About Central Bank Digital Currency (CBDC)

Quote

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

It will take me months to see how CBDCs work, how secure it is before I use CBDCs as a replacement for fiat currencies.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Even with regulation, it is not possible to prevent collapses and scams like FTX. The government cannot prevent their internal corruption, how can they guarantee other things? If you can't accept such collapse then you should not enter this market, you want to make high profit without taking risks then cryptocurrency is not for you.

The only difference between CBDC and stablecoin is the issuer, CBDC is issued by the government while stablecoin is issued by private companies. But it's all centralized, so it doesn't matter which one to use because everyone here invests in bitcoin, and altcoins, no one hold stable coins for a long time.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue,

More oversight. More forced transparency from exchanges. This is just a matter of time and will happen in a whole different scale. Only thing prevented it happening until now was lack of interested to fund manpower for it.

Quote from: Z390 on January 26, 2023, 04:40:35 AM

my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

This is whole another issue. Would i like to use isn't really the issue. When CBDC takes over fully, there's no other option to transfer fiat money. Or if there is, it will be so much more unreliable, slow and expensive compared to it. Like writing checks compered to current system. When CBDC comes. It isn't really up to you if you want to adopt it. You will. Just like you did wireless transactions and visa.

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Quote from: Abiky on January 27, 2023, 09:35:18 AM

Some people may not like CBDCs, especially when governments use them as a means to spy on their finances. They will have no other choice but to accept them, if they want to participate in the mainstream economy. Governments could easily force the use of CBDCs by eliminating paper money for good. For people who don't have Internet or access to a smartphone or PC, governments will find a way to get them to use the new digital cash system. The number of countries using CBDCs may be small, but that's bound to change in the future as the world shifts to the digital era.

I think CBDCs will eventually replace stablecoins, as they serve nearly the exact same purpose. The only difference is that CBDCs will be backed by mainstream governments, while stablecoins will be backed by a private entity. People will trust CBDCs more than stablecoins just because it's backed by the government. Expect further scrutiny into stablecoins, after the downfall of UST. At least, decentralized cryptocurrencies (eg: Bitcoin, Ethereum) won't be going anywhere. Just my opinion

That won't happen, there is no way they would get rid of cash, paper money will stay as long as possible. I mean we could get rid of them even right now, even the oldest people can use credit cards and banks, and yet we still have cash and we still use it. Why do we use them? Because we are talking about something much easier with the amount of work required to use, it's a lot better.

I am not saying that it's the best method, but it's a method that we can't get rid of just yet, and if we ever did, debit/credit cards would be something a lot more used than CBDC. The only reason they are making this is the fact that they will give you something fake, and take your money, that's all they want.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue,

They can never make sure that it won't happen again. Because if they can, then they were able to stop the new projects scamming people because in the past there were tons of them and they're able to reach out and chase the cons and owners of those projects and even the endorsers of those projects.

Quote from: Z390 on January 26, 2023, 04:40:35 AM

my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

You can't be sure with it and there will be arguments that where these CBDCs will be made off? Just like the fiat money where aside from being made through gold reserves, we know that they can just print it out of thin air.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue

FTX is a centralized entity, surely government or authority regulation will be able to touch it. It will take time, it is known that regulation tends to lag behind technological progress. The recent fiasco gives the public the awareness of how crazy crypto has become. Governments also will take their part to "protect" the citizen, so that kinds of issues will be minimized in the foreseeable future.

Quote from: Z390 on January 26, 2023, 04:40:35 AM

my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

In order for CBDC acts as a stablecoin, it requires to exist within the currently existing network, which is not fully centralized. That is a big no from the government and bankers' standpoint, there is no reason for them to build a platform without their control. The term itself defines it is an central bank currency, so by creating a token on cryptocurrency coin, there isn't any "centralization" at all.

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Maybe only partially fixed. Total stable coin caps (including fake reserves) are not always traded on regulated exchanges. They also added a lot to almost all DEXs as they purposely added support for some of the most used crypto networks.
While CBDC is not a single fiat that can only be made on one network basis. Some say CBDC is not crypto at all, so it is clear that this type of currency is actually not compatible with the crypto space industry.

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Quote from: zasad@ on January 26, 2023, 07:43:40 AM

Even in Africa, people understand that CBDC is complete crap. If you haven't read the news then run the request: CBDCS FAILING IN NIGERIA.
CBDC is a complete total control over the population, so a decentralized cryptocurrency will be the only way to prevent the implementation of CBDC. Relatedly, thanks to CBDC, people are starting to use cryptocurrencies.

Some people may not like CBDCs, especially when governments use them as a means to spy on their finances. They will have no other choice but to accept them, if they want to participate in the mainstream economy. Governments could easily force the use of CBDCs by eliminating paper money for good. For people who don't have Internet or access to a smartphone or PC, governments will find a way to get them to use the new digital cash system. The number of countries using CBDCs may be small, but that's bound to change in the future as the world shifts to the digital era.

I think CBDCs will eventually replace stablecoins, as they serve nearly the exact same purpose. The only difference is that CBDCs will be backed by mainstream governments, while stablecoins will be backed by a private entity. People will trust CBDCs more than stablecoins just because it's backed by the government. Expect further scrutiny into stablecoins, after the downfall of UST. At least, decentralized cryptocurrencies (eg: Bitcoin, Ethereum) won't be going anywhere. Just my opinion

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

I don't see any government can stop what happened to FTX, as you have said, it's not regulated, no one has control.

CBDC and stable coins are very different, they have their own uses, obviously CBDC is going to be used by government so I don't think we can correlate it to stable coins or any other crypto in general.

Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

I will only used it if there are no choices, like government mandated their people to used CBDC to transaction with them.

And I doubt that there are exchanges willing to store CBDC or work with governments.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Scammers will always find a way to conduct their operations regardless of the regulations which are in place so no one can stop another fraud like FTX from happening again.

And CBDCs are not going to be a solution either, after all tell me are fiat currencies backed by anything? Do you think CBDCs will be backed by anything? Just as a reminder the only fiat currencies which have not crashed to zero are the ones currently in use by governments, every single other fiat currency which ever existed is worth zero as a currency and at most they have value as a museum item, compare this to gold which has kept its purchasing power for thousands of years and the difference between the two should be obvious, so if I were given the chance to use CBDCs I will refuse as I am not interested on using an even worse version of fiat.

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It depends on the CBDC regulation itself, does the government will have a reserve funds as an insurance for their CBDC? if CBDC regulation is same with fiat, well CBDC is better than the other centralized stable coin then. There's no reason to hold less and unregulated centralized stable coin since there's no any benefit and advantage than CBDC.

After all any centralized stable coin is controlled by the developer, they can be frozen in your non custodial wallet, the smart contract can be hacked, the price will stick with real fiat price. But unregulated and less regulated stable coin can't offer any insurance, while CBDC they can.

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The untold truth is that traditional banking institutions work the same way FTX did but with slightly less corruption. Banks do not hold cash -- if every single client at a local bank withdrew the digital balance they have on their accounts at once, the bank would run into the same liquidity issue FTX did. I suppose it would be possible for CBDC's to create new digital tokens if there was a problem with liquidity but the central banks already have the power to control the money supply anyways and most of it's digital. It's not as if they're physically printing cash.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

I'm yet to see the benefit of CBDC at the moment. It is a centralised system that is not free from government interference and manipulation. Well if it is a way to get some US Dollar in exchange like converting or outright sale in exchange for dollar, I would go for that but if not and if there are other alternatives then I will go for the next option.

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Quote from: cabron on January 26, 2023, 12:27:09 PM

CBDC stablecoin to replace the stablecoin on the Defi platform is what he means. It could work at least it won't be devalued like the UST.

We already see the algorithmic stablecoin didn't work on many DEFI systems not just in LUNA. But there will be regulators that will require the teams to make it not a DEFI anymore.

But why would you need CBDC knowing it works against you. I see no reason for a person to ever need a CBDC.
Assuming you want fast payments, you can use your card or a phone app connected to your bank.
If you're a fan of decentralization you'll choose a decentralized cryptocurrency.
Not a fan of crypto, but want some anonymity - cash.

CBDC is a spying version of bank payments with no real benefits.

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CBDC stablecoin to replace the stablecoin on the Defi platform is what he means. It could work at least it won't be devalued like the UST.

We already see the algorithmic stablecoin didn't work on many DEFI systems not just in LUNA. But there will be regulators that will require the teams to make it not a DEFI anymore.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

I don't think CBDCs will be able to solve the problem of stablecoins being listed by trading platforms. It would not be a problem if the activity of the platforms is monitored including enough safeguards about the coins of the projects that are listed on the platform. The biggest problem is that the activity of these platforms is hidden, and the authorities do not have sufficient information about the policies of managing each platform, and they cannot claim that without a legal requirement. This is what makes us not know anything about the breaches in the management of these platforms until they collapse.

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The op is right that crypto regulation won't fix the FTX issue, but I don't see how CBDC has got to do with anything. It can be a more of less stable coin, sure, but that won't stop exchanges from declaring bankrupcy, customers from losing money. It also won't kill the market of stable coins that already exists. Cryptos should be allowed to exist, and I guess banning CBDCs isn't going to happen either. What's needed is oversight of centralized crypto services. Better regulations to monitor what the exchanges are doing, whether they are faking volumes or not, whether they are using the money of their customers for personal purposes or not. But, given how banks also go bankrupt sometimes, it's not the only thing that needs better oversight, and I repeat that the oversight should be not of what customers do but what the CEO and other key people of the company do.

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Even in Africa, people understand that CBDC is complete crap. If you haven't read the news then run the request: CBDCS FAILING IN NIGERIA.
CBDC is a complete total control over the population, so a decentralized cryptocurrency will be the only way to prevent the implementation of CBDC. Relatedly, thanks to CBDC, people are starting to use cryptocurrencies.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again?

We'll definitely see another one like that in the future. Government can't stop business bankruptcy. They cannot stop owner's malpractice despite having strict rules and regulations. They can only sue and penalize these owners after the crime is done.

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...You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

It doesn't really matter if it's a USDT pairing or CBDC. Just different issuer but the same function or utility.

It's better to just choose fiat if you plan on using stable coins for long-term.

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Quote from: Z390 on January 26, 2023, 04:40:35 AM

How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again?

I had to laugh, so hard when I read this.

Are there any more corrupt organizations in this world that the very Governments or politicians we seem to always blindly trust?
Ooh, well some politicians even in the US gladly received "donations" from SBF

Quote from: Z390 on January 26, 2023, 04:40:35 AM

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

No, thank you.

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How can the government make sure that something like FTX (cooperate finance enriching themselves) never happened again? Crypto is presently not regulated and I don't see how regulation will fix this issue, my concern is the CBDC, I think it will work better as the real Stable coin, unlike Luna UST that team claimed was back by dollar but was not backed by anything... Wouldn't CBDC fixed this issue of fake USD backed stable coins?

You as a crypto adopter would you like to use CBDC if the pairs are available on all crypto exchanges as a way to store yourself some digital US Dollar?

Topic: CBDC and Regulation discussion (Read 451 times)