Topic: Central banks around the world want to get into digital currencies - page 4. (Read 765 times)
March 10, 2021, 11:10:42 AM
Digital currency and cryptocurrency are not the same things, central banks will never accept cryptocurrency, the government won't ever accept bitcoin because it is not centralized so they cannot get something on it or gets benefit from it. Nowadays some countries are now planning on creating their digital currency, well that is also good for them we need that in our own country.
March 10, 2021, 10:56:52 AM
It's just the old fiat currency taking into a new form. You know, the world changes along with the rising of new technological innovations. The old way of doing fiat transaction is so obsolete that it has to evolve and adapt to the times. The internet has gone mainstream, payment systems are shifting online, globalization makes buying and selling of goods and services intercontinental, and so on and so forth. The world has gone digital and fiat is a little bit left behind. Bills and metal coins are things of the past.
But all this does not mean fiat has essentially improved.
But all this does not mean fiat has essentially improved.
and fortunately all of us who have already been involved in getting to know the digital crypto system, and that will make it easier for us to face the growth of the digital economy in the future. we will gladly contribute if individual countries really want to create their own crypto. and of course economic development is the foundation of today's digital era. we are always ready for what will be faced in the future when it comes to digital cryptocurrency.
Unfortunately, I don't quite agree with you. Even though the central bank makes a digital version of currency it is not as meaningful as the crypto that we generally use. And it is still centralized, meaning that its value could also be eroded by inflation. Whereas Bitcoin is one of the inventions that is a solution to criticism of the current monetary economic system where the central bank can print money 'arbitrarily' at any time and regardless of the amount.
March 10, 2021, 10:26:28 AM
It's just the old fiat currency taking into a new form. You know, the world changes along with the rising of new technological innovations. The old way of doing fiat transaction is so obsolete that it has to evolve and adapt to the times. The internet has gone mainstream, payment systems are shifting online, globalization makes buying and selling of goods and services intercontinental, and so on and so forth. The world has gone digital and fiat is a little bit left behind. Bills and metal coins are things of the past.
But all this does not mean fiat has essentially improved.
But all this does not mean fiat has essentially improved.
and fortunately all of us who have already been involved in getting to know the digital crypto system, and that will make it easier for us to face the growth of the digital economy in the future. we will gladly contribute if individual countries really want to create their own crypto. and of course economic development is the foundation of today's digital era. we are always ready for what will be faced in the future when it comes to digital cryptocurrency.
March 09, 2021, 03:11:07 AM
What Central Bank is doing is digitizing Fiat, not creating cryptocurrency. This means that they still have full control over the circulation of the country's digital currency, so this is centralized.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
And they will not get far with that way of thinking! They are not doing anything new, as you are saying they are digitalizing fiat, but fundamentals will stay the same... that will not change its centralized nature! So it will be the same thing, just in the new suit!
Anyway, I think they are late for the party! At first, they were laughing...now they are in panic and they are trying to find a way to stay competitive... in my opinion banks are losing this race, the question is just when we will see their end!
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March 09, 2021, 02:56:46 AM
I think the central banks want to change their paper money into digital to follow the technology. They realize that the raw materials to make paper money are not easy to get, making them think about how to solve the problem. If they decide to use digital currencies, that can reduce their expenses to print the paper money, and they can distribute the money into the new wallet to their people. But that will be different from the cryptocurrency, which they still have control for the digital currencies that distribute to people in their country. China is one of the countries that want to do this because China has a dream to be the leader among the other countries.
March 09, 2021, 01:50:16 AM
What Central Bank is doing is digitizing Fiat, not creating cryptocurrency. This means that they still have full control over the circulation of the country's digital currency, so this is centralized.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
That would mean it's still the same thing, the fiat system which makes up this economic crash will still exist despite how unreliable the system is. The government can still mint more of it, freeze accounts and stop transactions.
I'm curious what will happen after the Olympics in China and they tested their CBDC coins. If they are going to allow anyone to use the app then it's free for all not just for the Chinese?
March 09, 2021, 01:21:49 AM
AFAIK, this CBDC from China was done a long time ago and it failed miserably, I might be remembering something different. CBDC in my opinion, if it was introduced in a good way into the public, I think that it can have a potential to be adopted but seeing that some of them are being forced in the throat of the consumers, I don't think that it won't last long before the magic that they put under their CBDC will be lost in the process. If China wants to make it successful, a sudden jump to big cities for experiment is not the best option, maybe trying it in smaller cities or provinces like how they are practicing with a Surveillance state in the provinces that is full of Uyghurs.
March 09, 2021, 01:00:32 AM
Central banks around the world want to get digital currency governments have realized that digital currency is very profitable and it is not under the control of the government. Central bank digital currencies can facilitate cross border transactions promote financial inclusion and provide stability to the payment system and in times of economic uncertainty people can withdraw their funds from commercial banks accelerating a bank run. That's why I want to be in control of myself.
March 09, 2021, 12:29:57 AM
What Central Bank is doing is digitizing Fiat, not creating cryptocurrency. This means that they still have full control over the circulation of the country's digital currency, so this is centralized.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
This is also what is being implemented in my country to digitize the local currency because currently transactions are done digitally and online, the government felt the need to do this.
March 08, 2021, 10:07:15 PM
I also think that CBDC will be an indispensable part of this market, I learned about these concepts quite early when the market was in 2017. And the project that I was interested in was Cyphereum. But after a long time, CPH is only trading as IOU, and all the data that you are mentioning I think belongs to that project.
March 08, 2021, 08:50:46 PM
It's just the old fiat currency taking into a new form. You know, the world changes along with the rising of new technological innovations. The old way of doing fiat transaction is so obsolete that it has to evolve and adapt to the times. The internet has gone mainstream, payment systems are shifting online, globalization makes buying and selling of goods and services intercontinental, and so on and so forth. The world has gone digital and fiat is a little bit left behind. Bills and metal coins are things of the past.
But all this does not mean fiat has essentially improved.
But all this does not mean fiat has essentially improved.
March 08, 2021, 07:55:05 PM
Central banks will probably follow something similar like Binance exchange is doing, they will create their own centralized chains and centralized currencies.
Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's to late and understand the power of Bitcoin.
The people of the world can wake up as much as they want, but nothing will change the fact that state currencies based on the blockchain are the reality of our near future and are one of the elements of the fiat money system. Just do not go to extremes and think that this will replace the entire monetary system. Undoubtedly, there will be some costs in the implementation process, but let's hope that the state authorities and ordinary citizens will eventually find acceptable options for the system, which will take into account both the state interests and the rights of citizens.Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's to late and understand the power of Bitcoin.
We are already heading in that direction. That's why, there's no doubt banking institutions are already in this game. I am sure, a lot of them are already dedicating specific division to develop their own digital cryptocurrencies. A matter of time before they fully introduced it to their clients. In the next few years, we will know what they are cooking in terms of digital currencies.
March 08, 2021, 07:50:18 PM
There is a difference between digital currency and cryptocurrency...
but we are on the way to mass adoption of both. Several countries are already planning to circulate their own cryptocurrencies and it is true that China is currently the lead in developing its own digital currencies and cryptocurrencies.
Well said, most of the countries in the name of digital growth have encouraged the usage of digital currencies. This means very small percentage of people were aware of the credit/debit Card usage and now through continuous promotion its usage has increased alot. Apart from this development more number of government banking services have begun to make use of the blockchain technology and very few around the world are supporting cryptocurrency development and usage.but we are on the way to mass adoption of both. Several countries are already planning to circulate their own cryptocurrencies and it is true that China is currently the lead in developing its own digital currencies and cryptocurrencies.
The pandemic had made the government push the digital currencies harder to the people, they were even burning banknotes. Once the adoption of digital currencies is just as easy as installing an app on the phone, users will also have access to cryptocurrencies and then this is going to be useful for its adoption. Its not easy for undeveloped countries to release digital currencies though.
March 08, 2021, 07:48:46 PM
Central banks will probably follow something similar like Binance exchange is doing, they will create their own centralized chains and centralized currencies.
Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's to late and understand the power of Bitcoin.
The people of the world can wake up as much as they want, but nothing will change the fact that state currencies based on the blockchain are the reality of our near future and are one of the elements of the fiat money system. Just do not go to extremes and think that this will replace the entire monetary system. Undoubtedly, there will be some costs in the implementation process, but let's hope that the state authorities and ordinary citizens will eventually find acceptable options for the system, which will take into account both the state interests and the rights of citizens. Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's to late and understand the power of Bitcoin.
March 08, 2021, 06:26:42 PM
There is a difference between digital currency and cryptocurrency...
but we are on the way to mass adoption of both. Several countries are already planning to circulate their own cryptocurrencies and it is true that China is currently the lead in developing its own digital currencies and cryptocurrencies.
Well said, most of the countries in the name of digital growth have encouraged the usage of digital currencies. This means very small percentage of people were aware of the credit/debit Card usage and now through continuous promotion its usage has increased alot. Apart from this development more number of government banking services have begun to make use of the blockchain technology and very few around the world are supporting cryptocurrency development and usage. but we are on the way to mass adoption of both. Several countries are already planning to circulate their own cryptocurrencies and it is true that China is currently the lead in developing its own digital currencies and cryptocurrencies.
March 08, 2021, 03:02:29 PM
Central banks will probably follow something similar like Binance exchange is doing, they will create their own centralized chains and centralized currencies.
Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's too late and understand the power of Bitcoin.
Then they will be able to rollback, change, freeze anything they want or ban anyone who they don't like, but they will say that fees are cheaper than for Bitcoin
China is doing the same thing with their digital coin now and they even have special hardware wallets for that, other countries will follow later.
People should finally wake up before it's too late and understand the power of Bitcoin.
March 08, 2021, 02:55:04 PM
the fear has been among banks for a couple of years now, this is not news. they have been thinking and planning on how they can deal with the out-of-control growth of bitcoin that has taken the world by surprise. their first reaction was just like what you'd expect from the old timers, they tried to copy bitcoin. they even got involved with centralized shitcoins and tried working through them. all of their plans have been failing so far. that is why some of them PayPal, Visa, JPMorgan,... have been changing strategies and have been trying to adopt bitcoin. so far PayPal has given up and adopted bitcoin for good. we have to see who's next.
March 08, 2021, 02:34:38 PM
I doubt any aside from the most hardcore supporters of china will be thrilled by its design choices.
China's central bank issued digital currency
Around 7 years ago there were rumors of china increasing its gold reserves in preparation to back its native yuan currency in gold.
A solid and proven method to encourage adoption of the yuan as an international reserve currency. Increasing china's power and influence.
I can't see how anyone would want to utilize a digital currency under the oppressive and restrictive terms chinese central banks are creating.
Quote
While bitcoin is a deflationary currency designed to increase in value over time, eCNY is an inflationary currency designed to decrease in value over time.
In fact, in its current incarnation, it expires worthless if it isn't spent within a few weeks.
https://news.yahoo.com/central-bank-digital-currencies-mean-170227215.html
In fact, in its current incarnation, it expires worthless if it isn't spent within a few weeks.
https://news.yahoo.com/central-bank-digital-currencies-mean-170227215.html
China's central bank issued digital currency
- Is designed to decrease in value over time. It is claimed this will encourage end users to spend and use it.
- Expires & becomes worthless if it is not spend within a few weeks
Around 7 years ago there were rumors of china increasing its gold reserves in preparation to back its native yuan currency in gold.
A solid and proven method to encourage adoption of the yuan as an international reserve currency. Increasing china's power and influence.
I can't see how anyone would want to utilize a digital currency under the oppressive and restrictive terms chinese central banks are creating.
It's true, their is more rumor toward the action of china economic action. Till now, the propaganda was not proved.But their is myth regarding this one. After the cold war, the country begins to increase their assets. It's just to became a economic stroger equal to the United Status. The reason for acceptance of United States words is, they are developed country.And they can help financial for other country.
March 08, 2021, 11:04:53 AM
I doubt any aside from the most hardcore supporters of china will be thrilled by its design choices.
China's central bank issued digital currency
Around 7 years ago there were rumors of china increasing its gold reserves in preparation to back its native yuan currency in gold.
A solid and proven method to encourage adoption of the yuan as an international reserve currency. Increasing china's power and influence.
I can't see how anyone would want to utilize a digital currency under the oppressive and restrictive terms chinese central banks are creating.
Quote
While bitcoin is a deflationary currency designed to increase in value over time, eCNY is an inflationary currency designed to decrease in value over time.
In fact, in its current incarnation, it expires worthless if it isn't spent within a few weeks.
https://news.yahoo.com/central-bank-digital-currencies-mean-170227215.html
In fact, in its current incarnation, it expires worthless if it isn't spent within a few weeks.
https://news.yahoo.com/central-bank-digital-currencies-mean-170227215.html
China's central bank issued digital currency
- Is designed to decrease in value over time. It is claimed this will encourage end users to spend and use it.
- Expires & becomes worthless if it is not spend within a few weeks
Around 7 years ago there were rumors of china increasing its gold reserves in preparation to back its native yuan currency in gold.
A solid and proven method to encourage adoption of the yuan as an international reserve currency. Increasing china's power and influence.
I can't see how anyone would want to utilize a digital currency under the oppressive and restrictive terms chinese central banks are creating.
March 08, 2021, 10:35:45 AM
If they think they can compete with bitcoin, then they are wrong.
Central bank can make a digital currency and let people adopt with it with the help of the government, however, they can't compare to bitcoin in terms of transparency as central bank from its name is "centralized", it cannot compete to a "decentralized" asset or currency which is bitcoin.
Central bank can make a digital currency and let people adopt with it with the help of the government, however, they can't compare to bitcoin in terms of transparency as central bank from its name is "centralized", it cannot compete to a "decentralized" asset or currency which is bitcoin.
Such kind of coin will definitely be centralized and will have the same issues that centralized coins have like manipulation etc just like ripple and centralized coins. Despite that the government is going to make it mandatory for use but I'm believing the force won't stop the use of bitcoin because bitcoin is freedom and can't be manipulated.
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