Topic: Do we Need Central Banks? (Read 2997 times)
I do not prefer to comment on central banks but I want to draw attention that prior to central bank the money lending and borrowing was done by individuals they charge higher rate of interests for lending and less for borrowing they applied all the dirty tricks to trap the borrowers ,the property or valuables were confiscated for non payment resulting the need of the banks thereafter private banks started operations they also followed the similar lines and regulations started to protect the customer .So the focus should be on the customer that he should not be unduly harassed. System does not matter whether it is with regulations or without regulations.
We may not need central banks, but the government and the state as a whole need central banks. They perform certain specific functions in the state and as an organ of the state, it is an integral part of it. Therefore, I think that central banks will always exist as long as states exist.
If we need government, then we need it's parts also. 
But it is not necessary for government to have a central bank, it needs it just in modern economy situation. If economy would change, if it would become more effective and decentralized, oneday it could be so that there would be no need in banks while the governments would still exist. What do central banks do nowadays? Regulating inflation, economy growth etc? But if the industrial produce would become automated and robotized, oneday, I hope, people would not need to go for work to get money for their base needs, and then there would be no need in inflation or regulation of economy growth. Maybe oneday there would be no banks at all. Maybe... 
We may not need central banks, but the government and the state as a whole need central banks. They perform certain specific functions in the state and as an organ of the state, it is an integral part of it. Therefore, I think that central banks will always exist as long as states exist.
Well, in my opinion central banks and fiat currencies are needed. You know why ? Because one of the central bank function are tto achieve and maintain the stability of fiat currency values manifested in the stability of goods and services, as well as stability in the currencies of other countries, to regulate and maintain a smooth payment system, as a parameter to define interest rate and economy. The central bank also has the role of overseeing, evaluating and fostering banking activities as financial intermediary institutions.
Central Banks are a byproduct of fractional reserve banking. You need to know about the history of banking to understand the reason for this.
Modern banks don't keep your money, they use it for lending among other things. But for this reason a bank can go bankrupt if a small percent of the clients decide to withdraw all their money. To mitigate this problem, there is a bank for banks, and that's the central bank. In many countries this central bank is also in charge of monetary policy, but are often subordinate to the government.
If we were to abandon fractional reserve banking, then central banks would also not be needed. For that banks, as you know them today, would need to change and they probably will but slowly, too slowly... They are happy where they are, leeching money providing a service that's not really needed anymore.
Bitcoin is a step in that direction, thankfully technology has shown it is possible to do away with banks. And how wonderful it is!
Modern banks don't keep your money, they use it for lending among other things. But for this reason a bank can go bankrupt if a small percent of the clients decide to withdraw all their money. To mitigate this problem, there is a bank for banks, and that's the central bank. In many countries this central bank is also in charge of monetary policy, but are often subordinate to the government.
If we were to abandon fractional reserve banking, then central banks would also not be needed. For that banks, as you know them today, would need to change and they probably will but slowly, too slowly... They are happy where they are, leeching money providing a service that's not really needed anymore.
Bitcoin is a step in that direction, thankfully technology has shown it is possible to do away with banks. And how wonderful it is!
I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world
Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.
I think as long money used for transction in wider area, central banks needed as third party. Central banks needed to control money supply and boosting economic growth. I think as long we using paper money, central banks still needed.
We have never needed central banks at all, banks were very smart because they were able to convince the public and the politicians that they were somehow needed when that was not the case, a country should be capable of issuing its own fiat currency if they wanted but in many cases those countries were convinced that it will be a better idea to let private bankers to own the central bank of a country and issuing the currency themselves.
This has caused a significant amount of problems because as we know those people do not have the best interests of their citizens in their minds when they do what they do, this is why cryptocurrencies are going to be successful because it is a currency created by people for the people.
This has caused a significant amount of problems because as we know those people do not have the best interests of their citizens in their minds when they do what they do, this is why cryptocurrencies are going to be successful because it is a currency created by people for the people.
according to me there should be a central bank in every country bcoz to withdraw the fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.
I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world
Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.
I don't really see a point why central bank would be needed if bitcoin becomes the main means of payment unless you are imagining the system similar to bretton woods where the fiat currency is pegged to bitcoin. Otherwise, we would be fine as in the period in history called free banking where banks were issuing their own currencies.
It is believed that the Central Bank – the essence of the most important and integral part of a single state mechanism, representing the structural unit of the Executive branch of government. In fact, any Central Bank is a self-sufficient and Autonomous unit associated with the state only in the territorial and spatial aspect. Thus, despite the legally established principle that all the money that Central banks operate exclusively as state property, in fact, none of them can do without the participation of international capital. Capital of the same group of people operating in the market of national currencies since the middle of the century before last. The share of such participation in different time periods and under different political conditions may be different, but there was no case when it fell below fifty percent, otherwise it would mean the loss of control of the international syndicate of bankers over the world, or any part of it.
Central banks were created by States to draw money out of ordinary citizens, that's all. The interest that we receive from the contribution to the Bank is simply negligible, and the banks at this time invest the money in more profitable assets and multiply their profits.
I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world
Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.
I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world
Do we Need Central Banks?
Of course we do... a minimum of 7.4 billion of them worldwide.
Of course we do... a minimum of 7.4 billion of them worldwide.
everyone knows more about the central bank than cryptocurrency, so the best economic holder at the moment is the central bank, and the cryptocurrency is not so powerful with all its uses
when compared to a decentralized system, the role of the central bank is very complex for all people's needs, also the lack of high trust in a decentralized system, makes the central bank feel high on the cloud and feels free to get rid of all existing bad potential
so the answer is, we still really need a central bank to be able to be a comparison as well as a basic benchmark of services
when compared to a decentralized system, the role of the central bank is very complex for all people's needs, also the lack of high trust in a decentralized system, makes the central bank feel high on the cloud and feels free to get rid of all existing bad potential
so the answer is, we still really need a central bank to be able to be a comparison as well as a basic benchmark of services
I believe that everything related to centralization only hinders the development of truly decentralized technologies. People who previously ran centralized exchanges, companies, and businesses continue to stick to their line of trying to control.
If cryptocurrency already used for payment, i think we dont need central banks because bitcoin is peer to peer transaction and no need third party to process our transaction. Bitcoin is decentralized cryptocurrency and no one can control the supply or transaction data.
Exactly. That's the point. There's no need for central banks at all, after the introduction of Bitcoin back in 2009. Satoshi knew that trusting centralized institutions subject to corruption, fraud, and manipulation, was not ideal for the economy. Which is why, he created Bitcoin with the purpose to eliminate the middleman and bring back the power to the people themselves. This way, people can be their own bank without the need for a centralized third party or financial institution (central banks, governments, etc).
The only reason we're still using central banks nowadays, is because Fiat money is largely used as the main source of income/medium of exchange within all countries of the world. Bitcoin and other cryptocurrencies have been unable to replace Fiat in its entirety, because Fiat is backed and promoted by banks and governments as the primary form of payment. However, when people become aware that it's not safe to use Fiat anymore (due to inflation, etc) then they would use crypto at a large-scale rending central banks completely useless and obsolete.
Nonetheless, time will tell us whenever Bitcoin's revolutionary technology (Blockchain) could eliminate the need for central banks or co-exist with existing payment solutions. Just my thoughts
Yes, there is a big role that the bank plays in this world. They are also regulating the current value of money abd the supply of it.
Therefore as long as there is a fiat money then there should be a bank also.
Therefore as long as there is a fiat money then there should be a bank also.
if we go deep into crypto, I mean as a currency, we don't need any system like central banking system.
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