This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.
I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy. 
Topic: Central banks around the world want to get into digital currencies - page 3. (Read 786 times)
March 15, 2021, 02:52:26 PM
March 14, 2021, 05:09:29 PM
This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.
I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy. That's what you called the CBDC (Central Bank Digital Currency), so it is really tied up the actual assets of the bank. And it is already happening, like in China. And I believe, a lot of central banks are already into the exploration of CBDCs, because this will really help people move their assets much easier and maybe less expensive fees. So yes, they will form their own digital currencies but not cryptocurrencies. Remember they are banks, so this will still be centralized.
March 14, 2021, 04:54:50 PM
Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.
China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html
We all knew this was going to happen sooner or later, as they say “if you can’t beat them, join them” governments are realizing that bitcoin is not going to disappear on its own so they are going to release their own centralized currencies trying to deceive people by saying that bitcoin is too volatile and that instead they should use their currencies.China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html
And quite honestly I know they will have a lot of success as people are simply going to believe them, but as long as their centralized currencies still have the same flaws as their fiat currency nothing will change in the great scheme of things as people like us will never adopt those awful currencies and will keep our bitcoin intact.
March 14, 2021, 11:41:35 AM
This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.
I doubt that they mean to issue cryptocurrencies. Digital currency is a completely different thing. The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy. March 14, 2021, 08:50:32 AM
Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.
China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html
China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
The source of that article can be found here: https://www.cnbc.com/2021/03/06/why-central-banks-want-digital-currencies.html
This is probably the case, because cryptocurrencies have been showing excellent results for several years now and are attracting more and more money. Banks are used to owning money and for them cryptocurrencies are a new niche that they definitely need to curb. However, there are a number of problems, for example, how to get the owners of cryptocurrencies to bring their cryptocurrencies to the bank? Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.
March 13, 2021, 06:38:45 PM
What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.
For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.
It's just that the Chinese authorities have their own priorities in the field of blockchain and their own digital currency will be in the first place in any case, and it's strange to expect the Chinese authorities to promote bitcoin in the banking sector when there are their own developments in this area. However, this does not exclude the fact that if central banks in other countries are loyal to bitcoin, then the Central Bank of China may soften its position. But the main rate of everything and the most-favored-nation regime will still be on its own digital currency. For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.
March 13, 2021, 06:29:30 PM
-snip
As always, China mostly wants to be the first in case of innovations and mass adaptation regarding on technology. They had precautions about cryptocurrency and they know where are the bounderies that must be taken care of. They know that there's more potential on cryptocurrency for the near future and taking advantage on it is a great idea, also, their reference from its success as we all know that it is bitcoin.What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.
For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.
China was very smart to enter the world of cryptocurrencies, first they used the FUD, they took the opportunity to make a huge campaign in favor of their stablecoin, then they spoke well of Blockchain, which led to talking about Bitcoin, this was maintained while Facebook's Libra was launched, Well, China had a lot of panic, they affirmed that Facebook's Libra was going to be treated as a normal currency, also that it was identical to the stablecoin, what benefited them was when they defeated the pandemic in its first stage. From then on everything turned out excellent. China really admired that cunning in economic movements, they entered with Blockchain in a big way.
If the banks offer cryptocurrencies in China, it will be very well controlled and guarded, it is no wonder that the banks there migrate towards blockchain and cryptocurrencies.
March 13, 2021, 06:00:33 PM
-snip
As always, China mostly wants to be the first in case of innovations and mass adaptation regarding on technology. They had precautions about cryptocurrency and they know where are the bounderies that must be taken care of. They know that there's more potential on cryptocurrency for the near future and taking advantage on it is a great idea, also, their reference from its success as we all know that it is bitcoin.What are you saying dude? China does have that kind of recognition or positiveness towards bitcoin as recently they have banned btc mining and they enforce up the use of their own digital fiat which is totally opposite on what you are claiming.
For banks then they dont like to get behind on whats the trend, not that they are accepting or integrating crypto but rather they would really be creating their own digital currency and of course that would be still talking about
centralization.
March 13, 2021, 05:34:06 PM
Always China and America which are very aggressive towards technological developments lately. However, related to digital currency, China is most
serious about launching their own digital currency. Which is still in the development stage right now. When talking about digital currencies, it is
really needed right now, especially with the COVID-19 pandemic which is still spreading today. Cashless transactions are required, to prevent
physical contact between the seller and the buyer. So the best solution is for each country to have their own digital currencies. But I am optimistic
that many countries will soon make their own digital currencies, If this is realized, it is very easy, fast and safe to make financial transactions with
digital currencies compared to transactions with paper money.
serious about launching their own digital currency. Which is still in the development stage right now. When talking about digital currencies, it is
really needed right now, especially with the COVID-19 pandemic which is still spreading today. Cashless transactions are required, to prevent
physical contact between the seller and the buyer. So the best solution is for each country to have their own digital currencies. But I am optimistic
that many countries will soon make their own digital currencies, If this is realized, it is very easy, fast and safe to make financial transactions with
digital currencies compared to transactions with paper money.
March 13, 2021, 05:12:24 PM
Impressive! Since 2014 China has been working on its digital currency. I see that the progress it has made in its vision of taking a step forward in the transformation of the Central Bank by launching the first centralized digital currency is very positive and that it is expected to be successful due to all the large-scale tests that are being carried out.
It is a new monetary resource that the citizens of the world will have once the digital currency takes effect.
For the Beijing Winter Olympics it could be a good launch and of interest to everyone.
It is a new monetary resource that the citizens of the world will have once the digital currency takes effect.
For the Beijing Winter Olympics it could be a good launch and of interest to everyone.
March 12, 2021, 11:28:29 AM
-snip
As always, China mostly wants to be the first in case of innovations and mass adaptation regarding on technology. They had precautions about cryptocurrency and they know where are the bounderies that must be taken care of. They know that there's more potential on cryptocurrency for the near future and taking advantage on it is a great idea, also, their reference from its success as we all know that it is bitcoin. 
March 11, 2021, 11:02:52 AM
Interesting. In the first place, they were saying bitcoin a tool for criminals and underground markets. They were saying bitcoin is backed by nothing and only valuable because of the demand in the markets. After a few, they were saying not interested in crypto currencies the technology they use, blockchain, can be useful for us. Now as a new step forward, they are going to get into digital currencies. However, don't forgot digital currencies are not crypto currencies. Crypto currencies can be the next step for them.
March 11, 2021, 09:38:03 AM
If this CBDC turns out to be a huge success I'm pretty sure other country gonna jump in aswell and try to make their own CBDC to compete in international market.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.
What I know about CBDC, is a digital representation of money that is a symbol of state sovereignty or sovereign currency issued by the central bank and is part of its monetary obligations. Second, even if CBDC is hype and followed by all countries, isn't the context different from crypto? what is the difference between physical and digital Fiat? Everything that is regulated by the central bank always deals with inflation, right? Crypto was created as part of the rejection of the current monetary system, right? Why do you need to be scared? Even at the beginning of Bitcoin, all countries also refused and until now it has survived. Don't worry too much about unnecessary.
March 11, 2021, 09:00:57 AM
While countries central banks is oppressing cryptocurrency by restricting country to transact with cryptocurrency especially bitcoin, as I heard in Nigeria and China government who order their banks not transact with cryptocurrency, so if world bank can adopt cryptocurrency how would all these countries that tagged crypto different source of bad names will act, see the only thing some government leaders don't know is that crypto will even contributes for their upgrade, if world banks endorsed cryptocurrency fully that means nothing certain countries that restrict their people can do via digital currency again.
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March 11, 2021, 06:26:56 AM
If this CBDC turns out to be a huge success I'm pretty sure other country gonna jump in aswell and try to make their own CBDC to compete in international market.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.
Though what I'm afraid the most is if they have created their CBDC but going overboard for the sake of expanding their market and bans any existing crypto, could definitely harm the existing crypto market though might be just a little.
March 11, 2021, 04:25:13 AM
This plan has actually been reported a lot. In particular, in last February, the Indonesian Central Bank (BI) has given a statement regarding digital currency.
This particular concern is for my country, Indonesia, where BI is interested in making digital currency. currently based on the legality of Bitcoin in Indonesia, it is still prohibited from being used as a transaction tool. https://www.cnbcindonesia.com/tech/20210226065154-37-226265/bi-akan-terbitkan-rupiah-digital-3-model-uang-digital-resmi
This particular concern is for my country, Indonesia, where BI is interested in making digital currency. currently based on the legality of Bitcoin in Indonesia, it is still prohibited from being used as a transaction tool. https://www.cnbcindonesia.com/tech/20210226065154-37-226265/bi-akan-terbitkan-rupiah-digital-3-model-uang-digital-resmi
March 11, 2021, 03:23:03 AM
It's good that they are developing their own CBDCs this means that there will be less paper fiat circulating which can help alleviate inflation because there is really no money involved in the transaction, just a number on the screen and you can buy what you need. The only problem that I can see with this one is that when they enforce the usage of CBDC is that they will try to suppress other digital currencies like bitcoin, ethereum and such, and that not everyone is digitally literate when it comes to this and not everyone has their own mobile devices to serve as a wallet for their CBDC.
March 11, 2021, 02:56:03 AM
China is developing their digital Yuan for very long time and many other countries already created their CBDC and India also maybe trying to do the same when they mention that they are nit encouraging private currencies. But its not an actual cryptocurrency and its not much different from the digital fiat money then why these governments are trying to create new to hide their old fault system is doing the worse.
March 10, 2021, 12:50:56 PM
Central banks should really invest their time and efforts to get an upgrade within the Financial Technology industry. Having a digitized platform is one of the best things that a bank can provide because it lessens the hassle that some people need to go through from interacting ATM's and getting in line in a bank. It would also improve our quality of life by providing cashless transactions because that would mean that they studied it and would like to try it as an alternative from paying with cash.
It could also act as a beacon in which that would mean that this facilities can strive better than before and having to digitized their platforms is a great way to start promoting their development.
It could also act as a beacon in which that would mean that this facilities can strive better than before and having to digitized their platforms is a great way to start promoting their development.
March 10, 2021, 12:39:21 PM
Banks should have knowledge on how to use and how the crypto works and to be able to do that there is a need for bank adoption for crypto or simply a way for them to acknowledge that crypto is much useful nowadays and many prefers to use it in having transaction. There are plenty of questions whenever you will do cashout in banks about the money you have from crypto trading which sometimes irritating when they do checking too much since they don’t know how crypto trading works.
This is not to say that banks now do not know how cryptocurrency works. They just don't need her. The banking system works on completely different principles.Their digitized central bank currencies, that is, national stablecoins, will differ from their non-cash currencies only in that they will operate on the basis of blockchain technology. In all other respects, it will be the same currency of states. Of course, such a digitized currency will be favorably distinguished by its improved capabilities and therefore there is no doubt that in the near future almost all states will have their own digitized central bank currencies.
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