CBDC in Russia - page 2. | Bitcointalksearch.org

m2017

legendary

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keep walking, Johnnie

Quote from: virasog on July 26, 2023, 01:57:40 PM

Quote from: zasad@ on July 26, 2023, 07:23:13 AM

From August 1, the law will come into force, but CBDC won't work everywhere and it is not yet clear how this will work in practice.

I do not understand the idea of CBDC. The country does not want bitcoin to be legalized but since they see the people's interest in crypto coins, they decide to launch their own CBDCs. The government control CBDC with no control over the supply is a no threat to bitcoin.

The launch is completely unrelated to people's interest in crypto currencies and the implementation of CBDC is carried out for completely different purposes.

Quote from: virasog on July 26, 2023, 01:57:40 PM

Also when all the countries do not have their CBDC, how will they operate within the countries? One contury want to trade in fiat while other in CBDC Huh

Or will the people be allowed to buy bitcoin through CBDC ?

Within countries, CBDC will work just like the domestic currency of any country. I doubt people will be allowed to buy (and own) bitcoin, even for CBDC. Where CBDC dominates, there will be no room for Bicoin.

Quote from: virasog on July 26, 2023, 01:57:40 PM

I don't see this model working well as of the developments till now Huh

It seems to me that they themselves don't properly understand how it will work and exactly how it will be implemented, but they can't resist the temptation to use the CBDC opportunities . As you can see, CBDC is progressively moving towards implementation in "not calm" countries.

zasad@

legendary

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Quote from: virasog on July 26, 2023, 01:57:40 PM

Quote from: zasad@ on July 26, 2023, 07:23:13 AM

From August 1, the law will come into force, but CBDC won't work everywhere and it is not yet clear how this will work in practice.

I do not understand the idea of CBDC. The country does not want bitcoin to be legalized but since they see the people's interest in crypto coins, they decide to launch their own CBDCs. The government control CBDC with no control over the supply is a no threat to bitcoin.
Also when all the countries do not have their CBDC, how will they operate within the countries? One contury want to trade in fiat while other in CBDC Huh

Or will the people be allowed to buy bitcoin through CBDC ?

I don't see this model working well as of the developments till now Huh

I'm sure the CBDCs have more global missions because they start around the same time. In Russia, the system of bans has never worked, so they don’t ban cryptocurrencies there and don’t even try to make legislation. In Russia, there are still no laws on cryptocurrencies. If the goals of the CBDC are total control of the population, then it will be necessary to reduce the number of banks and reduce the amount of cash.

UmerIdrees

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Quote from: virasog on July 26, 2023, 01:57:40 PM

I don't see this model working well as of the developments till now Huh

You need to wait as countries are looking to introduce their own CBDC and sooner or later every country will have its own CBDC. Even in my country, Pakistan launches new laws to expedite CBDC launch by 2025, where the crypto is not legal but CBDC will be part of CBDC.

I guess they would plan to keep Bitcoin and crypto illegal but promote and legalize the self-developed CBDC so the power still remains with the government and big financial institutions.

How come Bitcoin / Crypto promotes money laundering and this CBDC is anti-money laundering, Ridiculous !!!

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jc01480

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Nope..

Quote from: virasog on July 26, 2023, 01:57:40 PM

Quote from: zasad@ on July 26, 2023, 07:23:13 AM

From August 1, the law will come into force, but CBDC won't work everywhere and it is not yet clear how this will work in practice.

I do not understand the idea of CBDC. The country does not want bitcoin to be legalized but since they see the people's interest in crypto coins, they decide to launch their own CBDCs. The government control CBDC with no control over the supply is a no threat to bitcoin.
Also when all the countries do not have their CBDC, how will they operate within the countries? One contury want to trade in fiat while other in CBDC Huh

Or will the people be allowed to buy bitcoin through CBDC ?

I don't see this model working well as of the developments till now Huh

The government doesn't want private individuals (corporations) to control a cryptocurrency as it could undermine the national currency control schemes (e.g., avoid sanctions, controls, and legal obligations). As long as the government controls it, it can impose a much broader swath of restrictions, albeit digitally. For example, they don't have to issue sanctions. They can quietly prohibit cryptocurrency exchange by any party that is deemed whatever. Dissidents, thieves, political figures, you name it. They control the entirety of the pocketbook. Credit and debit cards are a highly loose form of this digital control. With CBDC, they can do it instantaneously. You can only spend on what they say you can spend with whoever they say. Don't want anyone buying guns? Ban the exchange addresses of all gun dealers. No legislation or negotiation is needed. This is an autocrat or dictator's dream.

virasog

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Quote from: zasad@ on July 26, 2023, 07:23:13 AM

From August 1, the law will come into force, but CBDC won't work everywhere and it is not yet clear how this will work in practice.

I do not understand the idea of CBDC. The country does not want bitcoin to be legalized but since they see the people's interest in crypto coins, they decide to launch their own CBDCs. The government control CBDC with no control over the supply is a no threat to bitcoin.
Also when all the countries do not have their CBDC, how will they operate within the countries? One contury want to trade in fiat while other in CBDC Huh

Or will the people be allowed to buy bitcoin through CBDC ?

I don't see this model working well as of the developments till now Huh

zasad@

legendary

Activity: 1736

Merit: 4270

https://finance.yahoo.com/news/putin-signs-digital-ruble-bill-224312972.html?

"Russian President Vladimir Putin has signed into law a bill that will grant legal tender to a “digital ruble” amid severe Western sanctions and rising inflation brought on by the war in Ukraine.

Under the bill, Putin has granted legal authority to the Bank of Russia—the country's central bank—to serve as the platform operator for the central bank digital currency (CBDC). The bill also provides legal definitions for users and specifies how banks will operate under the new framework.

Although the bill now has Putin’s green light, Russian officials have said they do not expect the digital ruble to be widely adopted for years. In an interview with Forbes, Olga Skorobogatova, the deputy chair of the central bank, said most citizens will only begin receiving access to online wallets by 2025 at the earliest."
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From August 1, the law will come into force, but CBDC won't work everywhere and it is not yet clear how this will work in practice.

I ask you to refrain from politics, only economics and laws will be involved.
I wrote about the implementation of CBDC in Nigeria, and now I want to describe this process in Russia in detail
https://bitcointalksearch.org/topic/new-world-order-or-cbdc-against-cryptocurrencies-5440827

Topic: CBDC in Russia - page 2. (Read 260 times)