Topic: Coming new Central Bank Digital Currency (Read 293 times)

Yes we have paypal eth usd

There is a zero percent chance that any central bank-backed cryptocurrency is going to launch on a blockchain that they don't control, or at least an enterprise blockchain like Hyperledger.

Ethereum is far too slow to be used as the backbone for a fiat-token, so banks will probably build something of their own for this purpose. I expect that it won't be a smart contract capable blockchain either, just a pure masternode or POS based chain.

looks like China will be one of the first to launched their digital yuan, should be interesting to see how it fits in with the growing crypto economy.

That was a serious topic around late 2019 and earlier 2020, but not until Covid-19 drew the attention away from all that. For now everybody is worried about the outbreak and not talking about assets and whatsoever.

But, to answer your question - I don't think they would be a serious threat. Yes lots of people will adopt the CBDC, but not everyone, there will still be people who are wise enough and will hedge their money against the government. Since it's the government that we are talking about here, anything can happen, they can do what you least expect. Hedging against them is very important for those people that are living in countries with extreme hyperinflation.

I don't know if anyone is surprise by this, one thing I know is that this would be a private blockchain, is of no use to the public benefit, the transparencies we get from blockchain will not be added, what they want is just a piece of the pie and you know Governments, that piece would later become whole pie

Is there any detail about this project as I have not found any info about this project.

A stupid and unfounded statement. China once banned all cryptocurrencies, so why would they choose ETH for their nation's digital currency? And today I saw a few test images of Chinese cryptocurrencies. It seems they are creating a stablecoin just like their Fiat

This thread contains too little information for a project to be launched. I think more details were welcome, especially as people expect an ico currency to revolutionize the crypto market. There is no link that contains information to that effect. Plus the idea of ​​creating a Central Bank digital currency on the ETH blockchain is a stupid idea. I don't think the information is true, as long as there is no evidence or information.

USDT can go down any minute though. Not saying a government backed digital fiat would be safer though. What I mean is FIAT is FIAT and it is being created out of thin air and I surely don't trust bitfinex.

Yeah sure,Because just looking at your Trust history is enough reason why people here in crypto will never believe you.
Promoting projects that is questionable and Neg trust worth.

and who the hell will believe that Central Banks will create digital currency when the government don't even support crypto?
stay in your dreams lol.

This is a big issue as the eth token is privately owned by someone so if theres a chance it will be used as official currency of China then so be it. But of course not many people will agree to this as possible manipulation on the inside can happen. I am not against ethereum here, but China should think first if they going to use eth as their primarily token for CBDC. There should be a wide discussion first before begin a decision-making on this one.

image source (Copyright) https://www.chainnews.com/articles/146622059259.htm

The period of physical money will soon end in China, yesterday through the daily South China Morning Post (Hong Kong) The Chinese government has begun to show the placement of their digital currencies. This is also a sign that China wants to get out of the United States dollar system. China has made it clear that its digital currency will not be able to use speculation which causes international money traders to be disappointed to lose the fun of playing money for speculation. Digital yuan money will return to the real money doctrine. Ie, money as a means of payment. Digital Yuan will be back against gold.

Basically, the dollar is no longer a means of payment because the dollar is an asset and a commodity whose value is regulated by the money market authority, it is proven that the dollar is printed without collateral. The dollar has been mighty even European countries with the Euro can not shift the dollar. Even every time America is hit by a crisis it can always come out well. That's because of the dollar. Because America can print money without causing inflation at home. The inflation is borne jointly by the entire world of dollar users because the dollar has become the world's currency. The amount of dollars circulating outside America is at least as large as that in America.

Honestly I do not really feel like we should focus on stable currencies all that much, but when you have something that is ethereum based that is at least a bit of an improvement over what we have right now and would basically be an upgrade.

I still think that we do not need anything new, the things we have right now are worth something anyway and we should instead eliminate the useless coins we have right now instead of focusing on creating a better currency, think about all the coins that are not in top 1000, there are thousands out there that is not in the top 1000, we should try to delist and remove them all from existence and use all the money that comes out of them for the coins that are in top 1000, that way we can make the market a lot more liquid and safer.

I will consider this original post as a scam project since there is no link to news or legit information, if Central bank really released a new CB coin or about to release a coin it will be over the news already

Doubt it will be a legit token lol
Especially the phrase
"The New world currenchy will be eth token. "

Furthermore, if we have Fiat like DAI, and we have a super strong liquidity Fiat like USDT
Doubt all these central bank currency will have adoption in the crypto field

It is created by governments or any individuals? But no matter who did that we still have no real advantage compared to decentralized coins so it is not going to be a world currency it will be just used by trader or not by anyone at all.

This is not the ANN topic, this is just a ridiculous statement from OP and there is no link to prove this claim. It is best to ignore it because it's not true, every day I see hundreds of such bullshit claims here.

Already being talked about in this forum section:
https://bitcointalksearch.org/topic/japan-must-be-ready-to-issue-central-bank-digital-currency-5222652
Japan is crypto friendly & i won't be surprised if i see something like this official in the next couple weeks / months.

Why they need to create a bank token that will be based on the Ethereum blockchain. this is the same stupid decision. firstly, if they want to be on the Ethereum blockchain, then simply can use Ethereum itself. secondly, the bank can afford to create its own blockchain. very stupid idea

Where did you get that it will be an Ethereum token?

Isn't it that they are still on plans for making this currency? China will and I've heard that Europe will have their CBDC too. But, how do you verify that they'll make it through Ethereum's smart contract?

Can you enlighten us with that info?

Every day a new and different token is on the market. I don't think it's useful to open a topic this way. There is no information. There is no benefit. It makes no sense.

Instead, a topic can be created that summarizes the topic and gives an idea of its content. Or you can wait for the right time and create a nice topic later as ANN. In the right place. (Announcements (Altcoins))

Where is the prove to back your claim here? No link No news, nothing, anyway since the digital currency will be a stable coin I have no interest, I'm ok with USDT and others for trading or storing USD

Lol in your dreams. If they plan to make thier own coins i believe that they can do it better than using ethereum platform and make a tokens. They can easily make a coins that have thier own blockchain and will not use any other platform that  will not be sure how long it run. What if ETH in long run will not have a value and developer leave the project then it will have a problem since they are using thier platform.

How about the congested transations that happen many times in ETH  this one can also be thier problem in long term. So having thier own coins is much more realistic than making a token.

i am quite doubt about polo7 statement because of his rank but as i have seen his profile i kinda believe in his assumptions in economy and his replys on economic section of the forum is on point and acting as what he predicted.

CBDC is coming in 3 years. And almost 1.5 billion people might have it. Here is a link on the BIS survey:
https://www.bis.org/publ/bppdf/bispap107.pdf

there is no need for central bank digital currency.
it is decentralised industry. why do u think that it is needed and ppl will accept it...
ppl dont want and prohibition, dont waste your time in such impractical concepts.
you are already to late to do something new.
kindly comeback with some catchy concepts.
thank you.

Much my thoughts with your first paragraph, a country owned coin would also probably have to fix its inflation rate at the start of the contract or it won't be well trusted.

But with p2, if you think about it, if people think the £ is worth more than other currencies in unit cost and people. Relate this to history, maybe the first fiat currency to hit the blockchain will make it recognisable... England was looking at doing it and released documents on it - and then just stopped... Its likely another CB could take it on just to be the first...

I am presently not sure how this digital currency is going to be released by the government during the Pandemic.
They will need a lot of resources + additional work force , at the same time one would have to actually get all the paperwork done because when we talk about central banks it won't be coming in so soon .

Therefore you have to realize that it is still too early to compare it to Etherum Government won't really base it on ETH .

USDC is being issued by Gemini? (a private company) as far as I know. (and USDT is from Bitfinex-another private company) It is not officially recognized by the FED (owner and issuer of the USD).

This is probably bogus since I believe no CB is retarded enough to issue its currency on ethereum but on the other hand knowing what they did in the last 20 years I guess they can always go full retard. to 11.

Nah polo7 normally posts some economics news here, they've probably just forgotten to include the link to the article...

Although I don't know if this is a tad misdirected since they didn't say what currency it was meant to be based on and I doubt they're recommending eth.

This is the most lazy ANN thread I come across, no Roadmap, no specification, no wallet, no exchange. They failed the very first step of a successful ANN thread. Do they understand the saying that “a perfect beginning account for 90% success rate of a project, the rest of the effort is 10%”

OP will announce this all in near future so just keep eye on this thread and wait for next update

When ICO? When bounties? When airdrops?

Aren't there already eth tokens for fiat? Like usdc? How is this one different, have you got an article for it or something? I can't find anything that mentions a new one are you just talking about the old?

Central Bank Digital Currency  its Coming and will be as a ethereum token.


The New world currenchy will be eth token.

CBDC