Swiss Franc become a new Cryptocurrency ;D

so98nn

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Quote from: _act_ on November 07, 2023, 06:39:00 AM

The Swiss National Bank is creating fiat. Both the fiat in digital form or the crypto one have the same value. The government of the countries that are creating CBD should look for other things that they want to use money for than looking for ways to deceive people that CBDCs are cryptocurrencies, they are not.

It is similar to Digital Rupee that was created and launched by Indian government. However, it’s nothing but a replica of physical fiat. There is huge drawback of using it and I would say same applies to any other type of Digital Fiat (based on crypto version) will have that disadvantage in which it can only be sent from that digital wallet to other digital wallet. It means both the users need to have that wallet installed. They have made it very weird when we purchase the digital currency then it’s easy but reverting it back to normal fiat is bit of issue. It’s not like selling and buying bitcoin. I am not sure what they are going to do with the Swiss version but it’s gonna be not so popular.

kryptqnick

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As others have mentioned, it's not really about turning local fiat into crypto because it's not going to be a switch to a decentralized currency. It's a CBDC, which has something in common with cryptos but lacks decentralization. Furthermore, it seems from the article that it's "tailored for financial institutions, not for general public transactions as Retail CBDCs are", which I believe means that it's going to be an internal currency of banks and maybe some other institutions rather than something for regular citizens. It's probably done to avoid some fees, optimize some processes.

goldblumandpartners

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I am really sorry for interrupting.

I think you're missing the point.
Centralisation within states is starting, and then we are waiting for some common currency ("coin" in sci-fi novels) to control the proliferating human population.
Switzerland is small, but it is the home of the Bank for International Settlements (BIS).

Lucius

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Quote from: Jawhead999 on November 13, 2023, 05:14:28 AM

Quote from: Lucius on November 09, 2023, 05:05:33 AM

I want to say that in some countries financial literacy is much higher than in others, and this combined with favorable regulation creates a positive environment in which people are not afraid to invest in Bitcoin as in some other countries in Europe where the central banks practically call it a fraud.

Yep it's correct, I forgot to think about the financial status.
Some people who're in third world or don't have a lot money also buy cryptocurrency, but mostly it's not Bitcoin because their reason to buy it to make profit in short time.

It is not only some third world countries that are the reason why so much money is poured into the "altcoins drain", because people from the richest countries in the world also invest in it. The fact is that everyone does it because they want to earn a lot with as little investment as possible, without taking into account how much money they actually spend in total.

I already wrote it before, but to me it seems like ordinary gambling where you put $1 into a slot machine and hope that you will win the jackpot. In their place, I would rather pay the lottery ticket and in case I hit a winning combination, I would have money for the rest of my life(considering how much winnings are on the lotto in the EU).

Jawhead999

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Quote from: Lucius on November 09, 2023, 05:05:33 AM

I want to say that in some countries financial literacy is much higher than in others, and this combined with favorable regulation creates a positive environment in which people are not afraid to invest in Bitcoin as in some other countries in Europe where the central banks practically call it a fraud.

Yep it's correct, I forgot to think about the financial status.

Some people who're in third world or don't have a lot money also buy cryptocurrency, but mostly it's not Bitcoin because their reason to buy it to make profit in short time.

Quote from: Kakmakr on November 12, 2023, 04:28:25 AM

The moment when you can target the original creator of the Crypto currency, you lost half of the battle.... and when that entity can be forced to manipulate the code... then you are fck'ed. Tongue

The original creator must be a rich person, so he able to tighten his security by hiring few body guards to protect him.

As for manipulate the code, if their source code is private, how we know the "manipulation"?

Kakmakr

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Quote from: _act_ on November 07, 2023, 06:39:00 AM

The Swiss National Bank is creating fiat. Both the fiat in digital form or the crypto one have the same value. The government of the countries that are creating CBD should look for other things that they want to use money for than looking for ways to deceive people that CBDCs are cryptocurrencies, they are not.

Exactly. I also think that most Alt coins that are centralized, fall under the Fiat/CBD category. (Might sound crazy, but in my opinion all creators of Crypto currencies should be anonymous and not controlled by centralized entities that are known)

The moment when you can target the original creator of the Crypto currency, you lost half of the battle.... and when that entity can be forced to manipulate the code... then you are fck'ed. Tongue

Tolino

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So far the Swiss Franc is holding well I am going to add more to my portfolio.

stompix

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Quote from: _act_ on November 07, 2023, 06:39:00 AM

The government of the countries that are creating CBD should look for other things that they want to use money for than looking for ways to deceive people that CBDCs are cryptocurrencies, they are not.

CBDCs are cryptocurrencies, and despite some trying to add continuously the decentralized stuff in the de facto definition it's simply not the case!
Is Tether a cryptocurrency? It's as centralized as a CDBC. Is BNB one? What's different in its design?
Is Bitcoin SV a cdbc or a cryptocurrency? Cheesy

Bitcoin is a decentralized cryptocurrency the rest are not so much, they still rely on cryptographic security, and they still work as a currency only the level of control is different.

Quote from: avikz on November 10, 2023, 12:03:55 PM

The main feature of a cryptocurrency is its anonymity and decentralization.

As above, since Bitcoin is pseudonymous then we have a problem with the definition.

I don't get why people attach so much emotion to a definition, it is what it is and that's it.
It's not like the definition will change people's minds, it will be usage that decides that!

avikz

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Quote from: goldblumandpartners on November 07, 2023, 06:32:01 AM

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

It is more of a CBDC they are creating. Just having a block chain doesn't make any currency a cryptocurrency. The main feature of a cryptocurrency is its anonymity and decentralization. The Swiss currency is definitely not going to be decentralized. So it's a government issued digital currency you can say.

Criptocurrency is something different so let's not confused between Fiat and cryptocurrency. No matter what Swiss government is doing, they won't be creating a cryptocurrency even if they like to call it a cryptocurrency.

DVlog

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Quote from: goldblumandpartners on November 07, 2023, 06:32:01 AM

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

I don't want to compare a national bank-issued digital form of fiat currencies to cryptocurrencies. They saw people disliking CBDC, so they are making publicity for their CBDC as cryptocurrencies so that people can think it is just like bitcoin which is not. If they are launching an experimental version of their CBDC then I guess it will not be available in the open market shortly. Most of the countries are trying to promote their CBDC as good as crypto or better in some cases but that doesn't make any difference.

el kaka22

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I am not sure how much this would impact the nation, but considering they are a special kind of nation, it is really not a shocking result that would not be all that weird. I mean the swiss are not acting normally when regarding to situation with finances, there is a reason why most people keep their money there, they have a totally different approach to it and that's the important deal.

I think we need to make sure that we are doing something supportive of it but not like I can get the digital version of this, so it is not like we are going to see any support from us, it is still going to be a bit more local, maybe there could be some rich people who turn their money to this digital one and be able to move it around however they want, spend wherever they want and in the end they are not going to end up with any trouble. After all, hiding your illegally earned money is a common thing there, so turning your illegal money into a crypto would be good for them.

CarnagexD

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I do hope that they know what they're talking about because cryptocurrency should be limited in supply and if they're planning to proceed with that idea, and they are serious about it then all the power to them and that they become successful doing it, I feel like everytime a country does this kind of stuff either they aren't trying hard enough or that they're not going to commit to it anyway like what happened with the digital yuan, afaik nothing happened to that and if it was implemented, I haven't seen any news about it so it means that it's implementation didn't create any significant contribution. I feel like this is just another wording for CBDC.

Lucius

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Quote from: electronicash on November 09, 2023, 02:11:59 PM

~snip~
people will prefer the CBDC i think because its easy for commercial payment services. if CBDC are to exist on blockchain i think Swiss Franc will work like stablecoin and every country will have their own stablecoin as soon as they launch theirs. i can only assume they will be using Ether network.

Come on, what kind of nonsense are you talking about, surely the digital currencies of central banks will not rely on a private project in which the speed of their transactions will depend on how much someone paid fee at a given time. Every country that will have a CBDC will also have its own private blockchain because that's the only way it can have control over its currency.

Darker45

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This is innovation indeed, but still well within the fiat system. This isn't, therefore, a big deal as if it's something that could compete Bitcoin. In the first place, this is an initiative coming from the central bank. Moreover, this would be rolled out in partnership with traditional banks. There's nothing very special about this. But, of course, we always credit the Swiss Franc for being innovative and for integrating new technologies to its function and development. But the Swiss Franc would only return to its old glory if it goes back to the gold standard. For as long as it follows the debt standard, it remains more or less equal with the rest of the fiat currencies.

vv181

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The problem is we can't do anything that prevents most governments from deeming CBDC as cryptocurrency. But, on the other hand, we can see that the notion they apprehend it as cryptocurrency strongly indicates that they do really have a problem and are threatened with cryptocurrency. So they give the sense they are competing with them.

Those entities positioned themselves as a cryptocurrency which would make the general public perceive it as a way of innovation. It is doubtless that the essential distinction is the control. And here banks would like to disperse it away.

BenCodie

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Quote from: Lucius on November 07, 2023, 09:45:06 AM

Most of the members of the European Union have a single currency called the Euro, and for years there have been plans by the ECB for a digital euro, in addition to which they mention restrictions up to a maximum of 300 digital euros per person. There's no big deal wherever it happens, because what's the difference when you pay with a bank card or use a CBDC app?

Central bank digital currencies are one of the most misunderstood things and have absolutely nothing to do with Bitcoin and will not bring about any kind of financial revolution. Sweden does not have a CBDC, but it is a country where 98% of all payments are made digitally.

The difference is the blockchain.

There are positives with the CBDC transition, when I say positives, I mean for Bitcoin and blockchain technology
- Increased funding for blockchain research
- Increased transparency/immutable recording of financial transactions.
- Increased money supply & rate of expansion

The latter is NOT good for humanity or the global fiat economy. It is however, good for Bitcoin, as more money means weaker fiat vs. BTC.

The negatives of CBDCs extend endlessly. One of the most dangerous parts about it is the further weaponization of money. CBDCs will make it a lot easier for nations, central banks and governments to impose sanctions on individuals, businesses, or other nations with much more ease. Especially when cash is abolished, which will likely be next on the agenda after CBDCs are ready to be deployed.

electronicash

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Quote from: Lucius on November 09, 2023, 05:05:33 AM

Quote from: Jawhead999 on November 09, 2023, 02:59:45 AM

True, they are one of the riches countries, but I think if we talk about adoption, isn't total number of user better than total amount?

It is theoretically possible that in a country like Switzerland there are more people who use/own Bitcoin than in a country with perhaps ten times as many inhabitants. Even at least 5+ years ago in Switzerland, you could buy Bitcoin at a machine where train tickets are sold, or you could pay taxes in the same in some of their cities.

I want to say that in some countries financial literacy is much higher than in others, and this combined with favorable regulation creates a positive environment in which people are not afraid to invest in Bitcoin as in some other countries in Europe where the central banks practically call it a fraud.

When we talk about the total number of users, or perhaps it is better to say those who own Bitcoin, some studies say that this number is somewhere around 2% of the total population, while the most optimistic ones go up to 5%. In any case, this is definitely too little considering that Bitcoin has existed since 2009.

which means there will be more users of CBDC than Bitcoin once every government launched their own CBDC. quite a tiny percentage of people who are more aware of BTC existence despite how popular Bitcoin is.

people will prefer the CBDC i think because its easy for commercial payment services. if CBDC are to exist on blockchain i think Swiss Franc will work like stablecoin and every country will have their own stablecoin as soon as they launch theirs. i can only assume they will be using Ether network.

tjtonmoy

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This is just a copy of how cryptocurrency works. They just want to have something of their own which they have control over. With cryptocurrency they can't have the control they want so in order to do that they have come up with CBDC. Also known as centralized Bank digital currency. This is not new and has nothing to do with other cryptocurrency.

Think of it like a digital banking. Think of it like it transaction happening on the blockchain but in a more control manner by the bank. They know that they can't control other cryptocurrency so in order to have that control over it they created their own.

The only cryptocurrency I believe in is Bitcoin. They are not adopting Bitcoin then they can't be considered new country that accepts cryptocurrency. So I don't think it is wise to say that has become a new cryptocurrency country.

Myleschetty

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Quote from: goldblumandpartners on November 07, 2023, 06:32:01 AM

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

It is nice to see that some government and Central banks now find digital currency as a safe haven but let's face the fact that the Swiss National Bank digital currency will never be cryptocurrency for it's not different from the CBDC created by the Chinese government.

Quote from: justdimin on November 09, 2023, 08:52:39 AM

Same goes with the CBDC. CBDC's are like a crypto because they run in the blockchain and again just like a crypto, they must have a limit when it comes to supply. I think they are backed with the country's available currency.

The CBDC is not like crypto, yes they run on blockchain but will never have a limited supply because it's against the fundamental belief of the government, and creating CBDC is to create something like traction for people who strongly believe in crypto because of its liberation.

justdimin

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Quote from: Renampun on November 08, 2023, 06:14:04 AM

Quote from: goldblumandpartners on November 07, 2023, 06:32:01 AM

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

In fact, CBDC can be very dangerous for the value of a country's currency. Just imagine, even the uncontrolled circulation of fiat money can cause the value of that country's currency to experience a very drastic decline, while with CBDC, governments can freely create units of their country's CBDC continuously and it is very likely that the amount will be unlimited, however, if the government is unable to limit the circulation of their money, it will be dangerous for the future of their country's money. However, the story would be different if the Swiss government withdrew their fiat money and allowed their circulating CBDC to be used by citizens.

If uncontrolled circulation is bad, then I think they won't let this happen but maybe they are already doing some measures to prevent it and some of us only didn't know it yet up until now. IDK if that issue is the same to printing unlimited amounts of money but I'm sure they are not dumb enough to know its drawbacks especially they are assigned on that field.

But, maybe there are only other problems or causes on why the value of a country's currency can decline. Same goes with the CBDC. CBDC's are like a crypto because they run in the blockchain and again just like a crypto, they must have a limit when it comes to supply. I think they are backed with the country's available currency.

Topic: Swiss Franc become a new Cryptocurrency ;D (Read 356 times)