Topic: CBDCs really worth it? - page 3. (Read 357 times)

The government approach is not excellent at all, or maybe of how I see CBDCs, my country created one already and I see no good need for it than to use our fiat, the CBDC created by the government in my country has its own digital wallet but not on multicoin crypto wallet, it was said that it was not even a cryptocurrency, it can not be used on exchanges ornbenstored using keys generated on crypto wallets. Government suppose to create a kind of CBDCs that can compete with USDT and other stable coins on crypto exchanges which is what the governments should do, not CBDCs that are not cryptocurrencies that have no way to compete with stable coins. Assuming the governments have their own stable coin that are cryptocurrencies, people will prefer to use it compared to using USDT and others that are just created by private companies. As USDT dominates stable coins, it can even still be freezed on noncustododial wallet. The government are taking a wrong approach in my opinion as CBDCs are just totally fiat and nothing specially added.

Governments will obviously advocate CBDCs as per them it is gem of a thing, it's cryptocurrency but obviously it gives them complete control to regulate the supply of the currency and at the same time know who is making what transactions. But for someone who is into cryptos CBDCs make zero sense, they actually spoil the fun of Cryptocurrencies and are just like Fiat upgraded versions. So to be honest they are not really worth it.

It is not at all disputed that Bitcoin is something that the ruling elites are certainly afraid of, as well as anything else that they cannot control. However, from what could be learned from the statements of various EU bureaucrats and the statements of the ECB leaders, they are still much more afraid of stablecoins, which are in fact in some ways much more competition to the fiat.

We all know that stablecoins are basically pegged with fiat currency in a 1:1 ratio, and we also know that stablecoins are extremely popular when trading cryptocurrencies because their transactions are cheap and fast, and bypass banks. This means that governments want to become competitive with their fiat in the sense of turning it into a CBDC, otherwise they could lose the race with stablecoins and Bitcoin.

Even there is nothing like supply about CBDCs, or maybe I am not getting you right, just like you said that it is not at all different from fiat, it only just has the price of fiat and nothing more. But the central banks are saying it is built using blockchain technology but it is not just transparent like those of bitcoin that we know how it works, I have not even believed it is built using blockchain technology.

I think you are almost doing a comparison of fiat/CBDC and cryptocurrency. You are making a statement of why fiat is not used after all having internet wallet etc but I will just touch on that to say that bitcoin is freedom and uncontrollable by any government but fiat or CBDC is under the control of government. This is the difference and glaring truth about the situation.

I don't really see any difference between a digital currency issued by the governments and fiat. There are two big problems with fiat. 1. It's centralized and the governments have full control over people money.  2. It can be printed.
A digital currency issued by a government still have both problems. I am sure they will design the so called digital currency in a way so they can increase the total supply whenever they want.


Yes. There is no need to such currencies.
Governments believe that bitcoin is a threat to the control they have over people's money and think that with introducing such a digital currency can decrease that threat. That's the only reason they think of creating such a currency.
After launching their CBDC, some governments may say that "why do you want bitcoin? Our CBDC is better than that and bitcoin is illegal".
They don't really know how bitcoin works and think they can prevent people from using bitcoin is this way.

This news is some days passed but I remembered it when I was checking the crypto news about the French president, how he supports digital Euro:


I clicked on the news in my quote: ‘There are already digital means of payment’: EU Commission gets 11,000 public comments on CBDC project

It is about European Commission which opened digital Euro for the EU initiative up to the public consultation, over 110000 individuals and organizations left their feedback. The consultation process predates legislative consideration of the digital euro, which is expected to be scheduled in 2023. To know more about this, click on the above link.


I am not talking about the Emmanuel Macron which is the French president, people will have different opinion about CBDCs, just how I got the news and brought it here for discussion.

Countries want to create their own CBDC, some piloted and created theirs already. But the consultation about the creation of digital Euro is on the down side, people and organizations do not support it. I have been thinking like this before, what is important about CBDCs that traditional local currency (fiat) can not be used for? Fiat has electronic wallet, can be used for electronic (online) payment, it has the same value as the fiat of the country that created it, it is even the fiat, it is completely controlled by the central bank and the government, CBDCs are just fiat. Why creating CBDCs, it is not necessary in my opinion.