Topic: Central bank and it ignorance on Bitcoin - page 2. (Read 656 times)

The central bank certainly feels threatened by this digital currency, Bitcoin is extremely valuable and as time goes by it gains more strength, which causes concern to these financial entities that try to maintain a certain control over inflation in their country, adopting them in your system could bring certain complications and stability problems, as it is despite being quite popular and showing security is extremely volatile. But not accepting them and trying to prevent their regulation would not be a reliable option either, the BTC is globalizing and is being approved by governments that see its potential, consider that the best option is not to go against this situation, which is inevitable , it is better to look for alternatives so that everything works in harmony and thus can work together.

we all know that government always wants full control when it comes to their financial system. and with the rise of crypto market, they are finding it like a disturbance in their system. so as much as possible, they don't want to accept this market. however, no matter how they ban crypto, their people will always find a way how to participate in this market. they can't totally get a hold of their people's crypto transactions. that's a fact though!

one way to think of it is that the government is known for control and here they can control bitcoin. this among others is one reasons why they will always play it down. another thing is the issue of easy scams and rugs in the crypto space generally. its a major issue to be solved if global and massive adoption will come faster.

The central bank would always mention several reasons why bitcoin should not be adopted. Some of them say it is too volatile but you sometimes ask yourself if fiat does not suffer the same faith. We have seen most fiat loose value overnight. Sometimes they say that it is very easy to use it to perpetuate crime such as money laundering, but the word money laundering has been existing before bitcoin. Like in my country the government claim that it is used for advance fee frauds but it is glaring that the bank is the biggest partners of fraudsters. I am not saying that bitcoin is perfect but its a good substitute. Everybody likes freedom and privacy and bitcoin has such characteristics. Hence, you can't stop its use. Bitcoin has empowered so many individuals financially through job creation more than even most government.

Most central banks are managed by archaic and ignorant economist that are not willing to embrace a positive change. They are not willing to learn, rather they depend on hearsay and conspiracy theories. Currently, countries like America are beginning to understand the inevitability of bitcoin because they are now willing to study and learn that workings of bitcoin. Different policies are being made and implemented to limit the negativity of bitcoin and utilize that good part of it in the US. My advice to other nations is that they should set a bitcoin committee and mandate them to understudy the operations of bitcoin and come up with recommendations that would protect their citizen without limiting the uniqueness of bitcoin.

Any war waged against Bitcoin at the moment is like medication after death. Bitcoin has already gotten massive adoption in diverse wallets. No matter how much restriction and ban Bitcoin recieve it will only limit the use of centralized exchange to avoid frozen coins but it can't stop the global usage on defi apps.

Bitcoin has proven in recent times that people can work, share resources, data and funds on a network without knowing each other using a p2p network and still maintain trust on the network. Banning Bitcoin mining and it's usage might be one of those numerous empty threats.

@Dunamisx you get the point right Bitcoin is an economic revolutionary tool and that is why the government most especially the central bank sees Bitcoin as an enemy for the fact that Bitcoin gives its user the freedom to carry out financial transactions without the involvement of the third party make the bank vulnerable and useless to some point, and this elimination of the third party in Bitcoin also reduce the autocratic power of the government over it citizens most especially those who have adopted Bitcoin as a secondary currency aside from the traditional currency.

Bitcoin is not only creating financial opportunities on youths but rather changing the entire operations of the economy system and giving the general public bit deserved freedom towards handling their finances, government failed to realize their laps in delivering to the society it immediate need which is freedom and trust, they have been enemity with bitcoin because bitcoin is coming to cease away that power of rule over individual's financial access, they also as well thought about a way out which is what birth to CBDC, the economy is already failing now and no any role has CBDC played in this regard as against inflation.

Their was a time i was feeling that government is naive of understanding the usefulness of bitcoin until i understand that Bitcoin government suspend the transaction in some of the country because some of countries top head's are using it stealing. Bitcoin no adoption in a country can not cause poverty for country because no country is living or surviving with cryptocurrency, the adds bitcoin will help in a country is youths relief of financial crisis's

Russia would have been smart to adopt Bitcoin some number of years ago when they began clearing out USD from their reserves, but as I've long said, they were too late in their execution.

Putin knew he was going to invade Ukraine presumably for some number of years and was waiting for an opportunity. I don't think he anticipated so much economic isolation in response to his invasion but he knew the U.S. would try to freeze assets in their sanction attempts against Russia, hence emptying out their USD reserves. They swapped it out for Yuan, but the Chinese economy is facing some issues of their own. Doesn't seem like any fiat currency is safe anymore.

It doesn't make sense if they don't understand Bitcoin. Until now I think it has not been able to destroy Bitcoin. A state bank can only make rules outside of Bitcoin. This is because some countries have dared to legalize Bitcoin as a means of payment and it is the right of every country. I think countries, central banks and bitcoin should go together because they will be mutually beneficial. Just look at the country bahakan has started collecting taxes from crypto transactions in my country in May.

The political body and the central bank are much aware of the important of bitcoin in global economy. I don’t think this people are ignorant about bitcoin being used as a legal tender globally. Most of them are after the political gain and benefits being acquired illegally from working with the government financial bodies. Who knows how many of them who are still trading bitcoin secretly.

The central bank and its ignorance about bitcoin, but I think the central bank wants to destroy bitcoin, but the central bank can't do all that, but if they want to ban bitcoin, I personally think they can't. do it again, because bitcoin is now known by all countries, and bitcoin has also been adopted by all countries, so the central bank can no longer do anything, the only way is mutual respect.

I think the fact that the Central Banks of the respective countries globally does not affect any strict regulation or implementation says a lot about the ongoing effect of cryptocurrencies in their country.

Like what you guys mentioned, we cannot deny the fact that cryptocurrencies may be the future of our transactions. These banks recognize its potential effects on the masses; that is why they remain silent up to this point of creating strict regulations controlling cryptocurrencies. I really think that they are just waiting for the perfect opportunity for a wide-scale production.

Bitcoin seems to be ready if one day it will be used as a world currency, the drawback until now is still the same, namely its unstable value so that there are still many people who don't believe in Bitcoin. Surely many people are afraid if BItcoin suddenly disappears just like that, especially with a fairly large value it will certainly be very detrimental to the holder. But if we look at it from the past until now Bitcoin continues to show its strength with better performance and is able to survive until now amid the many new coins that keep popping up.

The thing is I don't know the game those in government are playing while the political players are busy using Bitcoin and other cryptocurrencies to carry out their transactions the institutions such as the central bank are busy working out policy as to undermine Bitcoin's existence and with this moves there is confusion between the politicians and the institutions of government as regards Bitcoin and the crypto industry.

The major issue is see is that the government has a good idea that they could not control the cryptocurrency space like they wanted because it is a global decentralized space but if they want to come out with regulations then they can have some control over how we trade and which exchanges we use and the best bet will be to regulate the space rather than coming out with theories to ban innovation and a trillion dollar market.

I have to agree with your opinion here. Central Banks do not jump easily on whatever is suggested to them, because they are like the financial caretakers of their government. So they need to have a sound judgment of what they are implementing when it comes to financial aspect. I don't understand why many people want to replace the traditional fiat. Why not just be grateful that btc has achieved this status and adoption? There are so many considerations why Central Bank is hesitant to fully accept bitcoin. They are not ignorant because for sure, they have their own researchers and they know what crypto is doing to the economy. Bitcoin has many advantages but it is not yet a good replacement to traditional fiat system. One major bottleneck is it is decentralized. Why would a government favor a decentralized network? Just think about it.

It seems you don't understand the point of a central bank. They are there to maintain the financial stability of a country, for the long term wellbeing of their citizens and will use as much historical evidence to evaluate what they believe is the correct course of action. They are not there to jump on the latest bandwagon just because a certain group of people think it is the future. Quite frankly, Bitcoin is not fit to be a world currency because it simply does not have the capacity to handle the amount of transactions required without a third party system layered on top - creating wasteful duplication that is inefficient compared to existing networks. It's a special kind of ignorance to think that crypto is a competitor, rather than a possible alternative form of payment, to existing fiat currencies and this sort of attitude does no favors to getting wider adoption. Bitcoin has many useful purposes but should not be considered the only possibility.

Sounds easy but it wont really be that simple as mentioned even though they might really be having  that kind of influence but governing bodies would be still have the last word.
But somehow if they would really be imposing some ideas then it might really be affecting government overall view and impression but still they are the ones who would really be
making out rules and orders in regards to their vicinity.

Problems related to banking cannot be easily ruled out.
A bank is an institution under an official government and will usually be supported by various government regulations, both state banks and private banks.
In addition, the bank is also under the World Bank, which we know is a great power that until now we have not been able to avoid it.

This may be related to competition?
Or fears of their further declining dominance and Bitcoin rising?
Whereas they can not control and manage the Bitcoin?