Topic: Central bank and it ignorance on Bitcoin (Read 656 times)

I sort of understand the logic as well, if I was head of any central bank in any nation of the world, I wouldn't want people to invest into something that I had absolutely no control over neither. Even in a nation that is poor, if people invest heavily into dollar because they know that their fiat will get weaker against dollar, that is a bad thing and the central bank usually increases the interest rates a lot to keep interest towards their own fiat.

So if they do this, then how could they not be disliking bitcoin? That is not even like dollar, that is decentralized currency that the nation could not go into at all and would make their fiat weaker and central banks purpose is to keep their own coin strong.

Yes, you’re right. I think they were afraid of making their active involvement in cryptocurrency investment public. I don’t see why they should be afraid of bitcoin, I believe cryptocurrency and traditional money system can coexist. Financial institutions are all about profits, and in the last decade bitcoin has been the most profitable asset in business. It will be to think the banks and financial institutions didn’t cash in on the hype.

You dont know if they are actually doing something which would oppose into its utility yet we know that government doesnt really like decentralization or anonymous which means that it is really going against their

preference even though they arent that knowledgeable or fully aware on what it is all about but knowing it wont really be that hard for them to do so which is something not surprising.

We cant call them ignorant but once they do say something which is out of the context then its normal to have these kind of reactions.

The cryptocurrencies that we are seeing today are not decentralized neither unfortunately. This is why I am behind all the things that the governments are willing to do. Because, I would prefer bitcoin and even eth, but after that there aren't many that would be able to call itself a decentralized one, most others are centralized and heavily at that as well and the team could change some stuff on it, which means it is not going to be something I favor.

If I am going to trust my money into something centralized, I would prefer the USA government to centralize it over some guy doing it, because that is what we do right now, some random guy creates a centralized coin and we invest into that, makes no sense.

The truth is we can separate Bitcoin from the centralized currency, that is to say, Bitcoin must co-exist with the bank to make it more effective and its transaction solidifies, but the central bank doesn't seem to understand this spoint and are always quit to move against Bitcoin there giving it a blanket view.

The fact is most of the bank's executives have little knowledge about Bitcoin's peaceful coexistence with the traditional currencies.

I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients.  tellculvers com survey taco bell breakfast hours

Maybe they are not afraid on its potential but rather they are just been alerted with so many scams happened around in this scene and most provably this is what make government feel alerted when it comes on bitcoins adoption so maybe we need more time for it for us to see some good adoption to happen because for now maybe we can expect that they will give  things which we don't like to hear.

That's the bitter truth to be honest.
Due to the decentralised nature of Bitcoins, government is not showing any support to it.
And all the central banks follow the rules and regulations imposed by government, therefore they are also helpless, and doesn't show any interest in this digital currency.
I have also heard that, as the government is unable to control cryptos, and seeing many people are joining the crypto world, therefore planning to launch it's own digital coin.
Nevertheless, this will continue forever, and we will continue to use Bitcoins as a digital asset.
Neither the bank nor the government will show any interest in the coin. And they will continue ignoring it.

Central banks are not ignorant but are simply afraid of the potential of cryptocurrency to eliminate their existence, so the passive digital currency is a threat since the digital currency is out of their control. Must the bank executives and staff invest in Bitcoin so we can push their hate to ignorance rather than a deliberate action aimed at undermining the existence of cryptocurrency just for control's sake.

I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients. Well, that does make sense since majority of the users of banks are more than using the Bitcoin. They just want to stay in business but secretly investing in Bitcoin that's kinda funny but who cares as long as the adoption of Bitcoin expand that does a thing and it helps.

The banks tried to stay ignorant. Now this has changed and slowly banks were getting on the track. Even in the past it looks like banks and financial institutions have made investments on Cryptocurrencies indirectly fearing their involvement could ruin the banking system. Anyhow this is the time where the cryptomarket needs to coexist with the banking sector. As a beginning many banks have started to support trading of specific crypto. Hope this will get widen around.

or they are just hard-headed on educating themselves about crypto and blockchain technology. but i think, it is the skepticism on this market because in some ways, it will be another financial option to the banking users. i don't think Bank people are not searching or reading about crypto. before you can go against a specific technology, at least educate yourself what's in it for you. they may know the benefits and advantages but of course there will always the factor of uncertainty in this market esp the volatility factor. also, as this is proliferated by scammers, they will think that this is not a tangible market to get involved with.

Once they do have taken a right grasps of everything then prepared for countermeasures.  
Its not ignorance but rather missing out on whats new today just like on what other members been saying above.
They might had missed up but learning wont be that hard yet they do have the resources and the capacity on doing so.
Central banks is automatically go against with Bitcoin yet it totally opposes centralization which is something that normal.

The banks are no longer ignorant on bitcoin. I doubt they ever were, the financial institutions are not naive of bitcoin. They know the potentials of bitcoin, they just don’t want to lose their clients that’s why they never supported bitcoin publicly.  JPMorgan is shifting towards crypto investments in the last year.

This is not new. We know how the mechanism and system in the bank. Their centralized system doesn't like a decentralized system. They want to control all financial sectors in the world, They want all people in the world only to use those centralized systems offered by banks. it is different with the basic concept of Bitcoin. That is why banks will never be in line with Bitcoin.
And their ignorance is real enough. Many countries still ban Bitcoin as whatever, as the currency, or even only as a digital asset. This is actually so sad enough, But we can see how the future will be. We know that the technology keeps going on, and Bitcoin is always becomes the future product and development. Let's see what will be in the future

That's true central banks treat bitcoin as their competiton only so it's for sure they will never advocate it they will always continue to ignore it. I don't know if such a war would take place or not but if it's a diplomacy fight with world leaders involved they will always favour the fiat world and will never favour the decentralised finance so I am sure bitcoin will never become a global currency in this manner only adoption is a way it can become a global currency.

No one is perfect even they are on the top position of said institution but there are things which cant be known because it is something new or out of their awareness.We dont have that all-knowing ability that only exist on animes. LOL!
They might able to missed out those basic information about bitcoin or crypto as a whole but doesnt mean that they couldnt easily adapt which we know that they are on upperhand since they are been long to finance division
which understanding something would be easy as pie but dont expect that they would go along considering these big guys do came from traditional fiat system so anticipate on what would be their primary impression.

It feels like you underestimate the intelligence of the people who hold senior positions in central banks around the world, while they are still liable to making mistakes or not understanding new technology, they are some of the most intelligent people you'll find. Part of that intelligence is constantly being able to review and revise your opinions on things like disruptive technologies - they are capable of changing their opinions as time goes on. We're starting to hear talk of different central banks trialing out digital currencies, but they will not be bound to Bitcoin or any existing currency in order to achieve that aim. In fact, they will want to be able to show that they have full control over a currency which may require inflationary abilities and a much larger amount in circulation.

Absolutely right. At the same time, I am almost sure that the intention to control the cryptocurrency will lead to a fall in the exchange rate, and as a result, a fall in the popularity of this currency.

Though the idea for central bank digital currencies stems from cryptocurrencies and blockchain technology, CBDCs are not cryptocurrencies. CBDCs are controlled by a central bank, whereas cryptocurrencies are almost always decentralized, meaning they cannot be regulated by a single authority.

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?

For one, Central Bank along with the government don't want a decentralized currency, where they have no full grasp about its circulation. And that is why most Central Banks around the world won't favor bitcoin as their main currency. They will stick to their local fiat as it is also their national identity to begin with. I believe, we should not aim to make bitcoin as the main currency but just increase its adoption in the global stage is more than enough for btc market.

Very accurate and on point @milewilda The central bank and its political actors which are the government is working hand in hand and if the central bank kick against any financial asset the government automatically follows in the same direction too, I know the war against Bitcoin adoption may persist for long but we are going to witness mainstream adoption in the future were Bitcoin become a global currency.

If there is a war against Bitcoin, it's not the central bank, it's rather between the government of some countries and Bitcoin, I am not the most learned, but I strongly believe I'm the central bank of a country works together with crypto-currency they can really do great things in terms of improving their country economy, finances and make financial issues less for their citizens, but what do I know, and also the government are interested in things that gives them power.

Bitcoin as a global currency? It wont happen and its better not to stress out yourself on thinking about these probabilities or assumptions because it wouldnt happen no matter what.
Central banks and government is commonly attached and nothing surprises on whenever they do make out such decisions which would mainly against on something which is
decentralized which it isnt surprising.They arent that ignorant on whats happening around and its just a common reaction that they would really be having that kind of
view and impressions whatever things that would oppose centralization.

The game of centralization and decentralization will remain the same, both sounds are conflicts. You know the business of the centralized bank, so there is the possibility of shutting down the centralized bank if they adapt decentralized Bitcoin. Yea, some banks allow Bitcoin and support it, but a major part of the centralized bank do not support it. Even some central banks like my country ban Bitcoin as an illegal asset. Bank will never allow you the become your own bank through Bitcoin. But they couldn't stop Bitcoin adaption ever.

Bitcoin has become much stronger and more valuable now that there are many more problems, including the central bank's ban. Bitcoin will be banned in one end of the world, but will be legalized in the other end. That's the way it is. Today's Bitcoin has come to this position after overcoming hundreds of obstacles. Everyone hopes that the bitcoin community will improve day by day.

What surprises me most about bitcoin is that with all the threat of banning bitcoin and making bitcoin illegal in some region bitcoin is still doing well and getting more popular. The government are only wasting their time if they feel bitcoin is a threat to them, at this point where bitcoin is right now I don't think if there is anything that can stop the existence of bitcoin, Government don't have any option than to accept bitcoin like it is been done in some region.

This might not be a new thing for Bitcoins and other cryptocurrencies because just like Central Bank there gave been countries which were not really making bitcoins illegal but at the same time they were not allowing people to trade in using their bank accounts. I remember when I had a local indian account, they banned my account because I had transactions coming to and fro from Zebpay. But at the same time I had other international banks as well which helped me through it. Considering Central Banks they are just scared of the power that bitcoins might have over everything making things a bit too easy for people, they don't wanna loose their dominance and that's about it.

Central Bank are not ignorant of BTC the government are the ones who seem like they are ignorant of BTC but they are not because they are likely into it.

The most reason why it seem like Bitcoin is ignored by the government and not the central bank is because Bitcoin is discentralized and not centralized in the sense that it can't be block or trace by the government.

Further more Bitcoin can not be stop in any country because most top busines men/ women and also the politicians trade on btc secretly.

Taking for example, the Nigerian government, they simply don't want the betterment of the nation and the citizens.
This is why they have made rules and regulations to stop citizens and civilians using the cryptocurrency sphere in Nigeria.
Despite all of this, Thay have failed in many ways as bitcoin and other Crypto Currencies can't be stopped.

The central bank governors are political appointees of the president and will act accordingly to the president's discretion, but another fact is that most of the central bank chiefs do not know the capacity of Bitcoin and are all out just to stop it from growing.

The central bank is looking for all possible means to regulate and control Bitcoin but that is not possible in a decentralized system such as Bitcoin

when you are working so hard to appreciate your pay master, you will want to do anything to satisfy them including their ego so that the check will keep piling up and you wouldn't do anything that will affect their growth and system, they brought him (central governors) and he will want to properly(foolishly) satisfy them even when he is sight-seeing the truth in his head.


War? Ironically right! I have never seen a bitcoiner wanting a war with the central bank, all we are asking is to let them allow us to use bitcoin as the true currency but I guess they are afraid because of the energy that surrounded Bitcoin, it will overtake them because they fear revolution.

Well, except this time that it is not the ones in the developing countries, rather it is the ones in the so-called developed countries that are making such a move to ban Bitcoin. So, it is not something that has to do with whether it is a developing or a developed country, everywhere around the world there are people who do not understand Bitcoin and cryptocurrency in general, they just don’t like it and most of them even till now are still saying that it is a Ponzi or some sort of scam. So, that clearly shows that they don’t even know what decentralized currency is all about. Let’s just hope that as time goes on they will get to learn, or be replaced by people who are knowledgeable in this area.

These financial organizations and bankers who had been patronizing our finance will always stand against the crypto currency and especially Bitcoin, they are no saint but focus of flaws or gaps which we have in crypto to capitalise of the same and somehow try to ban crypto trading and if they fail in banning crypto trading they will try to ban the mining claiming environmental factor when they themselve loan out the industries which damages the environment.

Bitcoin cannot be controlled by bankers but at the same time it cannot replace any national currency or become global currency.

Central bank say that bitcoin is not backed by any company. My favorite argument I hear is fiat money is backed by taxes, business revenue, etc.  What these folks seem to be forgetting is that taxes, business revenue, notes, EVERYTHING is in the form of fiat.  They are saying fiat backs fiat plain and simple.  They can get as micro and macro-economic as they want.  I’ve heard some people argue that corporate America backs fiat.  In the end, it all boils down to fiat backing fiat, which can’t happen

In my view, it's simple. Banks don't like bitcoin because they can't manage it, for example by printing more bitcoins or blocking bitcoin wallets. And if they don't like something, they try to block it because it doesn't work in their interests. But bitcoin is now deeply integrated into the finance system, so banks can't ignore it.

The Central Banks could care less about decentralized technologies, because they make the rules with the help of the government to determine what are allowed and what are not allowed to be used as legal tender.

The only way to make a difference ..is for the voters in a democracy, to use their vote to change the government into a government that supports Crypto currencies. (The problem is, most politicians are funded by large financial institutions that support Central Banks)  

Central bank ignorance does not necessarily mean they are ignoring Bitcoin no but failing to adopt the many potentialities of Bitcoin in the economy and not being a monopoly of the financial sector Bitcoin is a global currency that should be left the way it is.

That's the point as banks are not ignoring it but take it on a very serious note because it possesses threat to the banking system of the nation ending up monopol chain of authority from them.Although they also know that fiat can't be outlawed so easily but as they say bankers will never say good about Bitcoin seeing their business in threat.But you could also see vast majority of banks providing btc service to clients which tells us they know they can't run from it so it's better to go hand on hand with it.

Central banks were against Bitcoin, cryptocurrency and blockchain technology years ago but now they have to accept it.

First, they accept to apply blockchain technology into central bank systems by creating CBDCs.
Second, they make allowance for Bitcoin exchanges via central bank systems, credit card, etc.
Lastly, they will make Bitcoin and cryptocurrency legal tender. We witnessed the first nation makes it, El Salvador.
More nations will follow them and I believe we will witness the Bitcoin legal tender expansion from small and medium to big nations.

CBDC tracker: https://cbdctracker.org/

Well, I think that the problem is that the central banks governors are misunderstanding decentralized cryptocurrency. I did see the news about the Hungary’s central bank governor who was calling on the EU to ban crypto mining and everything cryptocurrency. Most of them have been like this right from time and they are always making moves that would make leaders to ban cryptocurrency, but over the years cryptocurrency especially Bitcoin has stood strong, and even being accepted in a lot of countries.

I believe that their plan of trying to stop Bitcoin and banning it in their countries is not going to workout. Bitcoin will still continue its growth, because I believe that there are people who truly acknowledge it and as time goes on those who don’t understand what it is all about will also get to know it.

I think using the word ignorance doesn't explain the reason why any government will ban Bitcoin mining and trading despite all the thousands of jobs create through Bitcoin, other activities it generates, and the trend it posed during the total lockdown. I believe the only reason any government will truly ban Bitcoin is because it is decentralized, autonomous, and consensus aspect.

I think a lot of people will need a third party to control their money, even if Bitcoin becomes truly mainstream.

Central banks will continue to exist in our lifetime, but Bitcoin will continue to grow each year and eventually will establish itself as a third way of payment: Cash, Card, Bitcoin.

There will be pros and cons for each method, some people will prefer different ones at different times.

They want to ban bitcoin because they don't like it. Bitcoin threatens them. If bitcoin becomes mainstream, why would anyone would want to use the bank when everyone can be their own bank? No third parties involved and you can do whatever you want with your own coins. You don't have to answer to anyone when you will want to spend or move your coins. The central banks won't ban bitcoin but they will eventually integrate crypto currencies to their system (which will make crypto currencies centralized if people choses to take their service).

A fear that Bitcoin becomes their threat to the financial system, that's is normal for those countries that didn't understand what is Bitcoin and how it is useful and not become a threat.  Yes, that's a challenge for them on how to enforce regulation since we know that this technology isn't regulated or can't be regulated.  That's the point of view of the central banks towards Bitcoin but when they understand, it will surely change their mind, look at those big giant companies who criticized Bitcoin before, Google, Facebook, and even Youtube but now, they are fully accepted Bitcoin.

Possible from time to time, if their people keep using it without knowing them and knowing the fact that controlling Bitcoin is only foolishness might change their mind towards adoption.

if it is, maybe only some countries have unqualified economists and don't know about how Bitcoin operates. Developing countries have now entered a new era and have begun to enforce strict regulations on bitcoin. The regulation gives little room for bitcoin or cryptocurrency to be accepted as a commodity. the product of ignorance or poverty occurs in several countries and that too has found some solutions.

They can keep on what they're doing about discrediting bitcoin. That's all they can do for now but just as the other financial institutions that are wisely adopting.
They've realized that it's not going to be a wise solution while bitcoin is thriving. The best solution for them is to just adopt and accept it, there's no need for them to think of such matters against bitcoin since everyone is starting to learn and know more about it.

Many countries', especially in in developing nations are managed by unqualified and highly ignorant economist. They were appointed just for political patronage or tribal sentiments. Most of them are parochial and archaic and are not willing to learn.

They lack understanding of how BTC operates, hence to cover-up their ignorance they make decisions based on sentiments and hear says. Until they allow refined, informed and globally connected mind to run their economy these nations would keep wallowing in the product of ignorance which is poverty.     

Winning the war against Decentralized Finance (DeFi) and Bitcoin are two different things.

I don't think the banks have anything against DeFi on Ethereum. Its far more easier to regulate and bring to the mainstream as it is already pretty centralized. There are a few top API providers that serve as the backbone infrastructure for every product out there. They can easily get particpants' information from those centralized services. So they would in fact be hailing DeFi rather than fighting against it.

When it comes to Bitcoin, that is definitely a pain point. Bitcoin is "money" that they have zero control over in terms of issuance and interest rates. Bitcoin doesn't treat the central bank any differently than it does you and me. That is scary for organizations, institutions and whole academician/ economist communities who have built decades worth of careers and make millions in consultation fee to keep the current system aligned towards high growth (at the expense of those at the bottom) as well as provide a sense of policy stability to the highly sentimental markets that are run by a great many number of players.

I don't think anybody can blame them for being extremely cautious or wary of it. Bitcoin threatens to provide an alternative as well as a disruption. Thus, then banks will never adopt Bitcoin or give it acceptance. Its the people who have to start saving their share of "Digital" gold and then wait for the banks to grow themselves around this new phenomena rather than run scared due to its novelty.

You can't compare Russia with other free countries. Russia's economy is a closer one and their only major import is weapons. So they way Russia manages their wealth, can be very different than many other countries.

Also when it comes to Central Bank's views on cryptocurrency, it was never positive. I didn't see a single Central Bank till date, which spoke positively about bitcoin. Because they know bitcoin attacks the very foundation of centralized banking system. So in terms of innovation and adaptability, they will loose relevancy for sure!

The confrontation between the central banks of states and decentralized cryptocurrencies will be for a long time. Cryptocurrency, of course, is not liked by banks, because they lose their complete dominance over citizens in the financial sector, and also lose part of their earnings. Therefore, they will continue to discredit the cryptocurrency. However, the cryptocurrency is spreading relatively quickly around the world and therefore it is becoming increasingly difficult to ban it. After all, very smart and influential people also invest in cryptocurrency. But on the other hand, central banks also have nothing to fear. They, being actually a part of the state, are under its reliable protection. Therefore, it will be better if banks and cryptocurrencies learn to coexist peacefully.

The central banks' employees are usually prominent names from the commercial banking system, usually older ones. They have proven in many occasions that they don't understand bitcoin and see it as an enemy.

There are too few who have understood the potential of Bitcoin.
There are too few who have understood that Bitcoin can be traced, hence the risks aren't so big.
There are too few who have understood that they can earn big if they embrace Bitcoin instead of fighting it.

Most have the old/obsolete thinking in a Warren Buffett style. They don't understand technology, they are afraid of technology, they will most probably advise against it.


Bitcoin is young, while these decision makers won't get younger. The views will change, if not with this generation of heads of central banks, then with the next one. But we need a little more patience.

In the case of Russia, it was a bluff: Russian government to legalize its crypto economy

Bitcoin has come in handy for them now that the US is threatening to take them out of the SWIFT system.

As for the rest of the central banks, I think they will eventually even buy Bitcoin for their reserves. It won't be soon, but they will. When the Bitcoin was born, they didn't even give it any importance. When Bitcoin became bigger they realized the competition it posed and associated it with fraud and scams but they realized they could not stop it and in the end it has been regulated around the world. Now financial institutions that previously associated Bitcoin with scams are preparing custodial services to offer, Bitcoin ETFs, etc. The last step will be for them to buy/mind bitcoin.

They are not ignorant about Bitcoin, they just know that they are not part of its system. Not knowing that they are also the reason why people now prefer Bitcoin because of the issues with the current banking system. People all over the world don't have access to banking because of the requirements they ask before someone could even have an account.

I didn't really see any link where EU is calling a total ban on Bitcoin mining. If it's possible there in EU, it might just be done in the US as well. And this would be an economic war again for the Latin countries that are adopting Bitcoin like El Salvador.

Things are more complicated than that. There are multiple cases that decision makers in EU are concerned about and each are different. For example there is a global rising concern over the token scams and money that is being laundered using tokens (these days NFTs) that leads to talks about banning trading of "altcoins" not bitcoin.

The mining concerns in EU mostly come from the fact that most of EU has been struggling to keep the lights on and there is a rising concern about increasing gas and other fuel costs that increases the electricity cost and the ability of producing it. The uninformed EU decision makers think banning bitcoin "mining" would alleviate the situation.

I don't think bitcoin has that capacity yet. It is too small and too little adopted to do that.

Bitcoin already is a global currency, I think you mean "when bitcoin reaches mass adoption". Neither banks nor the government can do anything about the inevitable, they can only make it slower.

Bitcoin is already a global currency if you look at it. Is there a continent on the face of the earth that Bitcoin is not known? or how many countries are there that still don't know about bitcoin even if it is not legal there? So my question is what do you mean by global currency? If you mean like a global legal tender then there is going to be an issue because that wouldn't be the case however, I believe that the Central Banks are the ones complicating the issue. Even all the Michael Saylor like Bitcoin investors still have fiat-based enterprises that deal with the banks and it is not possible for everyone to go bankless, so I say, the banks are just creating a problem that is not there.

I think we already know what the answer is.

If the so-called banks were not being threatened by Bitcoin, do you think they would be talking of banning it. The fact that they are feeling the impact of Bitcoin even before being fully adopted says a thing or two about them thinking of becoming less relevant.

I will start by saying that Central Banks are not ignorant on Bitcoin otherwise they would not mind, their reaction to BTC is what you would expect them to do if they are fully aware of what Bitcoin is and the threat it posed to their ability to carry out their operations effectively.
However Central Banks can not stop the adoption of BTC because it is already too late for them but their policies through misinformation and disinformation campaign will discourage some individuals from using BTC.
With the advent of P2P form of Crypto to Cash and Cash to Crypto, I can boldly say that the Central Banks lost already but since they are backed by the instrument of the state, both the Central Banks and Bitcoin will continue to remain relevant

Bitcoin is already being adopted globally and about your first question, that's why they intervene and impose or suggest a ban that's related to it. There is one thing that they're forgetting about this matter. There's no way to stop the global adoption of bitcoin, they might ban it from the north but it's going to be adopted and freely used in the south. And that's the actual thing that's happening today, bitcoin's community is going bigger and bigger and they can't stop and deny that fact.

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.