Topic: new central banks currenicies vs fiat currency? (Read 737 times)

I don't think that could be only give its citizen a good outcome, government will create their own coin?what could be the purpose of it? does the circulation supply of their fiat will reduce and from physical money it will be into digital? and also that would be regulated and expect higher taxes it could be, since they will put so much R&D and pay high level network security personnel so that when somebody will try to hack their system they will fail.

The central banks of the states will not issue cryptocurrency in the meaning as we know about it. These will be their usual currencies, only in digital form and powered by blockchain technology. However, their essence will remain the same. These will be the same centralized currencies of states, but with improved capabilities thanks to blockchain technology.

I've seen your point. If its true that government will create their own digital currencies, then there's no wrong with that as long as it will be access by everyone for their own convenience. But if its only made to invest and trade crypto, then maybe only the government will have access on it since its also being manipulated of its own price. I don't think people will still patronize it knowing they already have bitcoin wherein they have the full control on it and probably, higher value compared to government cryptocurrencies.

I am also of the opinion that BTC and ETH were needed as startups to roll out all the processes. In reality, no state is interested in the emergence of surrogate money. Of course, the states are considering the possibility of creating their own national cryptocurrencies, and this looks more real than the acceptance in the world of BTC or ETH or other cryptocurrencies issued by someone who is not clear and for what. Are you asking what's wrong with fiat money? Well, look at the dollar, it is printed without restrictions, but is that right? I also do other countries that now have problems both in industry and in financial and political spheres. What will the national cryptocurrencies give? First of all, this is an opportunity to get rid of old money, which is now of dubious value, here there is a storm of internal and external debts, the cryptocurrency will have a limited amount and be distributed quickly, reliably and it will not be possible to steal or commit muddy schemes. In general, I see it as a new system that is more perfect and efficient than it is now.

Maybe government want also to earn in crypto using their own digital currency. If ever, I think it could help the economic financial problem because the digital currency is just use for investing and trading while fiat currency will remained on it's status as countries national currency. Also, I think that's the another way of the government to recover from the severe damage in the economy caused by covid 19 pandemic, because I know that government are aware about the growing community that continuously patronizing and investing in crypto.

In fact, this is good news, if indeed the central bank will make crypto currency then this crypto will develop even more well. I think fiat currencies will still exist and will still exist even though central banks make crypto. Because there are still a lot of traditional people who don't understand and know crypto so fiat is still very much needed and will continue to be needed.

What? That sounds like a strange conspiracy. CBDCs will be like cash, but digital and traceable.

Fiat currency is a currency that does not have an intrinsic value but is considered a legal tender under the law issued and managed by the central bank operates independently of the central bank states will never be able to stabilize other currencies instead of fiat because everything except fiat is decentralized. The government cannot maintain their stability central banks will not accept current instead of Fiat currency because it is not used as a new currency in many states banks cannot manage.

The stablecoins of the central banks of states are the fiat currency of these states, but in a slightly different form.  In fact, stable coins of states are one of the types of non-cash payments, only they no longer work on the old SWIFT method, but on blockchain technology.  Therefore, stablecoins of states and their common currencies should not conflict with each other.

The government is creating digital currency, but there is nothing wrong with the fiat, it’s still going to be there even after they have created and released their own digital currencies.

The digital currency they are creating is for things to be better, but it’s still similar to the fiat money, I don’t know why they are making it seem like their central bank digital currency will be something very different, nah it wouldn’t, and it’s going to be issued by central banks, it’s same as holding fiat. Already there are much we can do without the need of the digital currencies they are trying to create.

We don’t know who created Bitcoin, since that’s remained a secret from the start. But, we have seen so many theories about who the creator of Bitcoin is, and I have seen one that even linked it to the US government, saying that they are the ones behind it and that’s why they were pretty good at covering their tracks so that no one will find out who the creator was.

Anyway, it’s no longer a new thing that they are trying to make it centralized, though that’s only going to be possible through exchanges, but it still wouldn’t change cryptocurrencies from being decentralized, only the ones that are sent to exchanges will be traced.

Make sure to buy the card from a provider who does not charge much on each deposit because I remembering purchasing a virtual card with Bitcoins which could be loaded with Bitcoins but they charged too high of fees and the card was working on some merchants but not all.

The government might be considering their own token because of the interest and investment coming into the Bitcoins but they need to understand that Bitcoins is so popular because it cannot be traced and while not meant to be for illegal activities but a lot of illegal betting and sales happen via help of Bitcoins.

The digital currency will be also based on the reserved funds that already limited to be issued into the digital form.
The government was getting such an idea caused by the popularity of the stable coins. People these days were moving to the stable coins to do any online transactions and they have started to leave the fiat currency.
BTC and ethereum have nothing to do with this CBDC. There's nothing wrong with fiat currency.

There's no need for transparency because it will be fully centralized.

Exactly because if they make the coins centralized like something as Tether then there will be no scope and I don't know why people will even buy it because the price would always remain same and there is always the government eye on it. The basic aim for which cryptocurrency was made is to keep the transactions anonymous and a currency powered by people so if the government are actually going to create their own crypto they might fall flat and the lack of interest will kill their coin.

They already have fiat which is working good for them and they do not need to match or jump into crypto market unless they have a solid plan and reasoning behind the creation of a new coin which somehow gets attention and I would never want to invest in a coin that is not decentralized.

 

we have not seen what is wrong with digital currency yet which is what OP could be saying. the government wants control and this digital currency will help the government making our transactions more transparent for the authorities to monitor. they may send Interpol right to your doorstep when they see you spend suddenly large sums to buy a car.

whats wrong with fiat/cash? well they can't be traced and online transactions can't be transparent with it. made the think CBDC is a solution.

I don't think government will and want to go the Cryptocurrency way, there are other huge side of economical effects when a country currency is pegged to cryptocurrency.
How do you think the relationship between volatility and economical growth will react, it will be a suicide which will be even centralized by big players and politicians. Let's assume your country releases a coin prototype for example of 31 million and governments decide to withhold 70%, how will you feel?
Have you thought about change of regime? This are my reasons and opinion.


There are so many thing wrong with fiat currency, for example : devaluation of value, Price Instability and concentration of wealth to certain groups of powerful people. This is pure wickedness which is heartedly entertained by average people in the real world.
In cryptocurrency, this has birth to DeFi and its really working except for some little difficulties.

Doesn't really matter which one they go with, both of them are basically the same thing and I wouldn't really stress about choosing one. Personally if you think central banks creating digital currencies will be anything other than fiat currency you are fooling yourself, it will have literally the same exact problems as the other ones while having absolutely nothing improved on it.

This is why I am in crypto world, I prefer to stay in crypto world because I feel like this is where I am taking the control over my own finances and I will continue to do that as long as I can afford to. I am planning on getting a crypto card soon as well, that way I will be capable of spending as much crypto as I want anywhere I go without the need to cash out to fiat.

Actually to use the regular crypto currencies we already have to follow the procedures you mentioned. The governments through their regulatory agencies already control our activity on the internet and our crypto transactions and funds at exchanges, but it's not enough for them. They want to create their own national crypto currencies.
It's hard to say what is their purpose yet, but I don't expect any good from this.

Government want complete transparency over our transactions that kind of transparency they are looking for and some governments are successfully created it as well but now all they need to convince the people is that cryptos are not safe and CBDCs are really safe.

As mentioned above, the digital currency of Central banks is only one form of Fiat currency and any opposition between them is meaningless in its essence. I think that despite the greater degree of state control over digital currencies, hackers will still find loopholes and ways to deceive the system, because the confrontation between the shield and the sword has a long history and will continue at a new technological level, because absolutely everything is impossible to foresee in principle and there will always be things that allow for double interpretation. But this is a philosophical question

I agree with you. However, digital currency is much more stronger than fiat because it is fully centralized by the central banks. You can launder those money without being caught by the authorities. Everything will become more transperency, easier to trace and you sn not escape from the government. I wonder if professional hacker can interupt the system. This can be consider as innovation of humankind although many people will be fully controlled by their country. Just look at China. Even though cbsc is just a test, citizens behaviors can easily be observed

The digitized currencies of the central banks of states will not at all conflict with the usual currencies of states, since they are actually the same thing, only in different forms.  Governments will issue them within the limit set for fiat currency.

That's how support from the government works. This gives an idea that the only way for mass adoption of cryptos is centralization and regulation. Since governments are not in control of crypto's decentralized nature, they just made their own but not totally to compete with this technology but probably to be an alternative for those people having doubts. Well ofcourse taxation is also a factor. Still, coexistence of both digital currencies are more expected in the future.

Digital currencies of central banks and classic cryptocurrencies will lead a parallel existence in any case, and we will hope that states will not declare a crusade against cryptocurrencies after the introduction of their blockchain-based projects. Any sovereign state must have the tools to conduct its activities and its own currency is one of these tools. Therefore, in day-to-day economic activity, priority will be given to its own currency and not cryptocurrencies.

https://twitter.com/Lagarde/status/1322859717329301504?s=20

Here you have about digital euro. There are a lot articles about countries making digital currencies and banks and institutions making stable coins. How you could not see any is beyond my imagination.

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Depend on intention when using it, indeed there is no problem with money fiat as long as you use it in your country. You are freely using it and it will be accepted in all aspect when you pay anything. But, could you imagine what will you do when you use it in another country? You can't use it for sure.

Also, when you have a brother/friend who lives in another country and you will send money to them using money fiat, how many days the money will arrive? At least it can takes three days right?

This is the matter of scallability, it will be different when you use crypto currency. As long as the merchant use it you can pay anything with it as long as you buy something in different country with a low fees and also you can send money to your brother/friend who live in differrent country just a few times and low cost. This is why we need regulation form the government and seem like there is no impendence when they regulate it.

Governments do not have to "accept" crypto currencies which some of them do, most famously Bahamas and Ohio state is the most known ones that literally accept crypto payments which is awesome but what governments needs to do is not that much, only accepting and regulating the existence of bitcoin could be enough, there is no need for anything extra from that at all.

Of course, this is not going to be something major in changes because most nations are already doing that right now and the few that bans bitcoin will be forced to make it legal since banning will not stop it and people will keep using it anyway even when banned yet they could charge taxes if they allow it so smart money is on every government accepting bitcoin and crypto one day for not having any other option to do anything else.

Where do you get the idea of the government plans to create their crypto-currency? Can you show me some articles?

Bitcoin and Ethereum are not testing currencies in the bitcoin world. These two coins are still at the top because many people still use it and know that the price of these two coins will rise. If this is testing currencies, no one will need it, and no one will use it because who wants to buy testing coins only, right?

Nothing is wrong with FIAT, but the central banks see the rise in crypto currencies and want to profit off it. They are aware that they can't control all these coins online so they bring out there own coin. In my opinion the central bank crypto currencies are just another form of FIAT, they are another currency being controlled by the government. Time will tell but it doesn't seem likely that the usual crypto investors is going to switch from bitcoins into the central bank coins.

Well due to pandemic a huge decrease on demand on Fiat money because most of transaction tody are done online and digital currencies are in most used.

Well I don't believed that the government will see eth/Bitcoin as their testing subjects, due to the facts that cryptocurrencies are been here on a very long time and the government today have been associated with cryptocurrencies are only because of the decreased demand of paper bills which is made by the government itself.
Yes there are no problem or wrong on Fiat the only problem is the way of how the majority of people used these Fiat money, because as of now due to pandemic people choose to stay at home and do transaction online.
We'll they should issue their new currency publicly.

Perhaps, you're somewhat right and governments will have to live back to back with crypto market, because no way govs will do a decentralized transparent cbdc so defi project and current crypto market overall will have demand

This is what I am talking about that a certain centralized decentalized combination of system will going to emerge. As expected from the government that will take action to adapt the current blockchain system.

If this will going to continue high chances that bitcoin will be adapted as well or could be replace by these crypto issued by the government.

In my opinion it is better to adapt bitcoin to unify all currencies that inlcude fiats.

But if bitcoin remains decentralized it will still work like a gold for investment purposes only.

First of all, there is no way cbdc are going to be truly transparent and decentralized, so btc and eth and most of all cryptos are pretty safe in the future.
Not so sure about stablecoins and coins like XRP, but thats whole another story.
Will cbdc be backed by anything? Probably not, as fiat currencies largely are not backed already.

Since the beginning, the government has never accepted decentralized currency like Bitcoin, because the government
always wants to control everything. The more popular Bitcoin and the more people are using Bitcoin, the government plans
to make their own crypto coin. In order to compete with Bitcoin, even though there have been many altcoins made to beat
Bitcoin and end in failure. So whatever the government plans, it must eventually accept Bitcoin and other cryptocurrencies
in the end.

They won't engage making a decentralized currency because it won't benefit them in the first place. Most of it are centralized which would allow them to out taxes on every transaction. They are not also eyeing for Butcoin replacement, they are more likely wanting to benefit from its popularity by showing "support" which would still generate taxes. One instance is what PayPal did. They will now be a third party network which would accept cryptos as mode of payment but in a sense, transactions will be needing convertion to fiat so it is not totally a crypto adoption. They are just making use of the 'hype' or popularity of the trend.

We don't know the actual scenario if the government really keep us away on cryptocurrency industry since I don't see any economical deflections or conflicts regarding on that. But the one I see is the banking institution is the one who have an agenda on its adoption since it could kill there institution of all people will adopt the cryptocurrency.

Government is trying to keep on controlling people and don’t want us to fully adopt bitcoin and cryptocurrency so they will create their own and called it a cryptocurrency where in fact, its fully under their control. China have this one already, and expect more country will do the same thing so we won’t go decentralized, this is a very old trick by the government. Bitcoin can’t control by anyone and this is the real thing, crypto government currency is a big joke for me.

We must get closer to reality to know what progress China has made with the preparations for the launch of its CBDC. Huawei has announced that the Huawei Mate40 smartphone series has been selected to include the hardware wallet for the Central Bank digital currency, the digital Yuan. Smartphone users can perform simple offline transactions by touching.

https://www.google.com/amp/s/cointelegraph.com/news/new-huawei-smartphone-will-feature-a-hardware-wallet-for-digital-yuan/amp

I don't trust any government not going to lie. Even if they say they are making a decentralized currency, I'm sure they will not make it totally decentralized, rather just a mirage. Because governments fear that bitcoin is rising so fast so they want their own bitcoin to replace the real Bitcoin!

if we're looking at the big picture, crypto has real advantages over fiat when you send large chunk of money from one place to another. but of course, many people will look at the level of buying coffee or their burger from a fastfood chain. and that right now, is not advisable to do because of the high fees that they will incur for small amount of transaction.
so i got your logic there, sending multimillion dollars from one place to another actually takes time and require paperworks and spending a hefty amount for it if youre using the traditional method. but when it is in the form of crypto, waiting time of 40minutes is like no big deal and yes, few bucks, no matter how huge your transaction is. that is what theyre missing here. and that i guess is what these traditional banks are afraid of, when people realize that they can transfer such huge amount without using their services and that will actually be easier when they have CBDCs

The paperwork part of the fiat world could be one of the best parts crypto world could get involved with the world without any trouble or challenge. I understand that if you compare "would you rather pay credit card or cash to pay a coffee or would you wait for a bitcoin transaction of 5 bucks and 40 minutes?" is not the land we want to die on, I understand that fiat is much better when you buy a cup of coffee right now, of course if we can scale bitcoin and have tons of apps on our phones that allow us to pay it with few cents and seconds we could compete with that but not right now.

However you could send 50 million dollars from one nation to another nation in 40 minutes for few bucks in crypto, which means if we can change our angle and make crypto something amazing internationally, we could grow so much bigger.

^ On my end here I don't believe that the government has used btc and eth as a test monkey neither being controlled and manipulated by the government for cryptocurrencies remains decentralized up to date. And if the government has a plan of creating their own cryptocurrency then automatically it loses the essence of being decentralized because the new cryptocurrency they are planning to create will then be governed by the central bank which transparency will be more questionable. And if it were so bitcoin owners will still hold on to bitcoin's ideology of being decentralized which is favorable to everyone.

Centralization I think is only concerned with taxation or government generating money from every transactions. This technology is getting more exposed in the eyes of many people relevant to its popularity. I doubt there are intentions concerning identity which could be an issue in the future. I think they are not interested even in that aspect. Big companies adopting this technology are simoly eyeing for profit and the possible reason why some governments are still against the adaptation is due to the nature of decentralization. And I think as of the moment, there's no other way than centralization as a way for global adoption of cryptos, not really in the hands of the users. That's how power works.

There is no FIAT vs CBDCs. Its "FIAT+CBDCs versus Bitcoin/ Crypto". Bitcoin has single handedly created a new economic space which is accessible to everyone in the world irrespective of where they live or who they are. This space was then expanded upon by Ethereum with its ERC-20 token phenomena. While very susceptible and replete with scams, these "promises" are often the first step into the world of crypto for a lot of people. Some of those "promises" have turned a lot of people rich who otherwise wouldn't have had these opportunities.  There is an additional streak of creativity being added to the space with everything from music, videos, photographs to digital art finding a way to blockchain or tokenization. CBDCs are just a way for the authorities to claw their way into this emerging space.

I don't think CBDCs can be influence those who actually understand blockchain. CBDCs just don't give you the same freedom that Bitcoin or Ethereum does. I think they will serve well to assuage those who fear anything related to "crypto". They can then find their own way in the space. In that way, I think CBDCs will just benefit

i see only serious coins are USDT and goverment dont need their own  new ones USDT is ready

^ Governments will really do everything they can just to have control in the currency that is circulating in the economy, and they are using the situation where bitcoin owners are awaiting for the global acceptance of cryptocurrency in the market because if in case that decentralized currency will become the only means of exchanges then the government will have no ways of knowing the status of the economy. In fact, centralizing cryptocurrency is also one way of monitoring the identity of people who hold bitcoins or other stable coins which will possibly cause identity concerns in the future. In other words, it is beneficial for the central bank and the government if they can make cryptocurrency a centralized means of exchange and it is up to us bitcoin holders if we will let it happen just for the sake of global acceptance.

The Fiat currency is ubiquitous and much easier to transact with in the central banks of each country. Even if the government plans to make crypto fiat currency will take a long time. Cryptocurrency is explorable in nature in the sense that it does not reveal your value or the amount of your wallet and no one has any idea about the location of your wallet.  Fiat currency is recognizable because central banks is usually maintained in banks and thus government authorities and banks may have complete information about your receipts and payments. Nothing can stop these transactions as transactions with cryptocurrencies are free from government and bank interference.

Bitcoin and ethereum and all other cryptos were not "test" ones, they were the real ones, if you really want to call anything test I would say that USDT could be a test one because it showed the world and the governments that people are not afraid of using stable currencies in crypto world at all, there is 10+ billion dollars given to some unknown company that nobody has seen or even registered in a big nation just because they gave the option of stablecoins to people; which allowed governments to say "maybe we could do the same and get tens of billions of dollars easily from public as well, like free money" and that is why they are starting.

A central bank stablecoin is not rival to bitcoin at all, they are different things, it is a competition for USDT and other similar ones.

The government are creating their own digital currencies and it's going to be backed by the same currency of the country that owns. These Central bank digital currencies (CBDC) are just like stablecoins, and stablecoins are cryptocurrencies that are pegged or backed by a particular fiat or real currency.

And for example we have USDT which is backed by the US dollar and we also have others that are backed by the same US dollar such as DAI, TUSD, and the rest of them. Then we also have EURS that's pegged to the Euro (€). So, that's how these CBDC are going to be look like. They don't make any difference, you're still holding the same fiat.

Yeah, nothing is wrong with fiat currency. We just have to believe that a piece of paper that was printed has a value. We also have to believe that there is nothing wrong with being able to print as much money as the government want. We also have to be okay with the government destroying the whole currency value in the process of controlling the currency.
If it is going to be a centralized crypto currency, then the government can pretty much control everything, starting from supply to the price. Transparency? I doubt we will see any transparency when it comes to government owned crypto currency. We will have a limited access to the chain information.

If its issued by the government expect the unlimited supply and this is the big problem o fiat currency which ordinary people didn't realize how the inflation is killing the value of fiat money.

Yes, some government is trying to create their own digital currency so they can still control their people and I'm just thankful that I'm living in a democratic country which I can have the privileged or the right to choose on what currency to be used. Hopefully every country can still support bitcoin and altcoins, we are not here to compete at all because we just want to offer a good services to everyone.

First, the creation of digital versions of currencies by banks does not mean that it will be the same as ETH, BTC, and so on. This means that the available fin tools will be improved for greater transparency, speed of exchange, and so on.

Secondly, in the case of the Central Bank, such currencies will be backed by Fiat and that's it. You do not ask "what is backing money on my card??". And what kind of security for the backing dollar can we talk about when only this year several trillion dollars were just printed. Do you think they are provided with something physical? I have some bad news for you.

As a result , we have the following options for the future
1) such digital currencies will be used as a tool for interbank relations/corporate settlements/other business and will not go into "open" circulation
2) digital currencies  will gradually replace the "classic" processing such as American Express, Western Union, Visa and will exist as a faster and cheaper analogue of these companies and their systems, but will still be analog for Fiat currencies

I don't want to think too complicated.

The government can create its own cryptocurrency and force every exchange in their countries to add the coin to the exchanges list. There is nothing wrong with fiat currency as we know that people out there are satisfied with the fiat currency, and many still don't know about cryptocurrency. The fiat currency is doing the jobs in the payment transaction.

I don't know how the government controls its own cryptocurrency or fiat currency, but I am sure that the government can do it with its officials. The government doesn't want to tell the public about their way because that is part of their secret. We don't have to think much about that because we can only guess without knowing if that is right or just speculating. Let them manage it for us, and we can use it without thinking much

I think the ease of doing cross border transactions with a technology which automatically keeps a ledger and accountability of all the transaction is what is fascinating for the banks about cryptocurrencies. India shared some plans that they are working on development of a central cryptocurrency called "Laxmi". Actually the focus of these currencies won't be on decentralisation and they won't be backed by anything. Even BTC isn't backed by anything. It would be backed by the technology and commitment from the government but obviously these will never be with limited supply like Bitcoin is. Governments would always want to have the control of the money in the economy so these cryptocurrencies might have the facilities of coin burn and coin creating pretty easily.

I'm only comparing you with those folks that have been creating conspiracy theories whom created bitcoin. I know that you weren't there and your curiosity is ticking because of the things that happen with bitcoin lately. If bitcoin or cryptocurrencies originated from the government then it wouldn't be a decentralized currency. However, there were cryptos that has been made to be centralized and we're already using it. So if ever they create their own, we can easily adopt if we are going to use it. But as for me, I wouldn't as long as I don't have to use it.

There's a lot to be said about the problems of the current fiat system, first and foremost would be transparency. We only see what they actually say that they spend on a project or so, but is it really the truth? Next would be that we're currently moving towards a cashless society imo. It may not be a 100% cashless one, but the majority of transactions should be paid via cashless, simply because we have the ability to do so. Ignoring that and still trying out the current fiat currency is like ignoring the strong points that we could obtain.

Also if you're simply asking about transparency, then the guarantee is basically the way cbdc is made. If it was made basically the same as how transparency of other cryptos works, then I think most would pretty much agree with it. That is if they make it a type of decentralized currency, but if it was simply digital currency, then nothing much was changed excep that it was moved to be used digitally. It's like moving from using a paper or log book to using Microsoft Excel instead.

It depends on how you see it. If fiat is not a villain then CBDC is also not a villain. After all, it is just an improved fiat, although in many aspects including control and surveillance most of all. I am in favor of CBDC myself as compared to hard cash but it shouldn't entirely phase out cash at almost an instant. However, if fiat is something you don't trust, then the same goes to CBDCs.

I think CBDCs are created to address issues which are made timely and relevant due to the rising adoption of Bitcoin and cryptocurrency. I bet they wouldn't have thought of confronting the issues head-on had Bitcoin and cryptocurrency not taken the world by storm in so quick a time. And so to a certain extent they're made to directly or indirectly compete with crypto. At the very least, Bitcoin has served as the catalyst of CBDCs.

Recent research by the world bank and the imf shows that the central banks of both emerging and developed economies have a very positive view of the benefits of the CBDC initiative and they are keen to keep all these features in their digital currency policy. The main advantage of CBDC is that it reduces the operating costs of the banking sector and opens up access to banking services for citizens outside the scope of banking services if CBDCs are successfully adopted they will evolve in line with existing blockchain solutions.

CBDC is not the villain as everyone might paint it. CBDC is a way to make the circulation of money through the economy much faster because they do not need to go through mediums like banks, the purpose of it was not to compete with cryptocurrency but to help stimulate the economy without inflating the value of fiat currency. I can agree that fiat has a lot of problem, but there is something more problematic than that that prevents cryptocurrency adoption in massive scale, and that is cryptocurrency's volatility.

CBDCs won't make Bitcoin and Ethereum obsolete. Bitcoin and Ethereum were not experiments created for the eventual unfolding and issuance of government-issued digital currencies. On the contrary, CBDCs are to be issued as a sort of response to the current monetary system being disrupted to a certain extent by the rising popularity of Bitcoin.

There's a lot of wrong with fiat, but worry not it won't change much with CBDCs. Cash works but it means little opportunity for the government to monitor its use. A digital version of it would make everything smoother for them. But the change would certainly be gradual.

As for its value, transparency, control, and so on, they are all the same with the old fiat. Government's digital currencies are fiat currencies.

Those who watch the news may have noticed the media's tendency to be negative towards monopolies. They say US big tech is a monopoly, which must be fined, penalized or broken up under US anti trust laws. And that consumers and industry could greatly benefit under free markets if there were more business competition. As opposed to monolithic, centralized, monopolies. Which have a tendency to result in industry wide stagnation and poor terms, prices and conditions for consumer markets.

These observations apply to fiat currency, which could be considered monopolies. Governments who issue fiat could benefit from having competition as could businesses and everyone else.

Many are extremely negative in their stance on bitcoin. They claim bitcoin undermines government authority and is an attack on the state. Its not. Bitcoin only gives governments the competition they need to build a better, more stable and reliable fiat currency. The same way that competition between AMD and Intel gives consumers better and more affordable CPUs every year.

The fiat currency works really fine and that make transaction to be done smoothly even if we compared to bitcoin or any other cryptocurrency use for digital payments.
But because of the love of cryptocurrency this is the reason why many bitcoin users like more of bitcoin instead of fiat. There several reasons to enjoy in the use of cryptocurrency.

first, is by having p2p transactions no third party service involve means lesser fees to be taken away from you in a certain transaction
second, cryptocurrency is an asset had its value from fiat currency when traded to it just like gold. Gold will have no value if it could not be traded to fiat and fiat could have no value too without those asset like gold. The value of fiat was determine by the value of the economy that represented by fiat currency. And with asset like gold then it can make fiat currency greater value same as to cryptocurrency.
third, being anonymous when doing transactions. Because you only see wallet addresses involve and no names needed or identities being exposed after making the transaction. This is why government are afraid and does not approve or legalize cryptocurrency because it is a subject for abuse like money laundering, funding terrorist and etc.
fourth, cryptocurrency is a form of investment. Many had earn on it but many too had made losses. Remember that while are earning buying crypto in cheaper price others are losing when they buy which is more expensive than the latter who first bought crypto.

This is the question that we will never know. We don't know who created bitcoin but we know why he/she/them created it but at the same time we don't exactly know if that's the real reason or the reason that author wants us to believe. It's possible that governments are behind it but at the same time I doubt that because it was proven years ago how hard it was for governments to track bitcoin transactions (maybe it was done to blind us on a long term?).
There is nothing wrong with fiat currencies, I don't want full digitalization because in that case governments will have full control on numbers (money) and will be able to manipulate them the way they wish, they even manipulate current fiats.

Btw who says that governments plan to create their own cryptocurrencies? Any currency made by them will be far from cryptographic.

i dont know if fed created or not how i know ? i wasnt there lol:D i can only say what i seen or i know for sure.

Are you the same as those guys that are having conspiracy theories about bitcoin was being made by the fed? Don't think a lot from that speculation as cryptocurrencies aren't the testing or beta for their digital currencies. In fact, there were already digitalized payments before the launching and stage of crypto being recognized. The government has cope up whichever is the trend, they don't want to be late and they see the real growth for bitcoin. If they create cbdc, they are recognizing crypto but they only think that they're better because they can adjust, freeze, add supply, reduce the supply and other controls that they want to. But if you analyze it, they will never be par with crypto which have been considered as a good investment unlike cbdc, they're just printed money that upgraded to digital.

but maybe they dont show us nothing lol:D
as this pandemic laws are getting more strong and we will soon have more rules but not rights so i dont think we can ask anything at all lol

No! Governments are only afraid of bitcoin and decentalized cryptocurrencies because people are continuing to adopt it, they already know cryptocurrencies are the future currencies. But, governments are only compromising what cryptocurrencies are, cryptocurrencies  are supposed to be decentralized, but governments are working hard to make it centralized it.

When the governments have already dawning to know fiats are not accurate enough when it comes to transparency, and that cryptocurrencies can be created in a more transparent way and hard to edit or manipulating ledger unlike fiats.

Governments are governments, their centralized cryptocurrencies will be controlled like normal fiats which are depreciative assets. So, governments owned cryptocurrencies which will be centralized will be manipulated in price and value like fiats, which means the governments cryptocurrencies will be depreciative assets, unlike decentralized ones like bitcoin that are appreciative assets.

Government owned cryptocurrencies will be transparent if they use a transparent and impossible to edit ledger, but let us see if such will be the case. But, know that the centralized currencies, be it fiats or cryptocurrencies will be a depreciative asset because it will be subjected to manipulations in term of prices and values.

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?