Will central banks create their own digital currencies? - page 2.

fullhdpixel

hero member

Activity: 2786

Merit: 606

Quote from: J1mb0 on November 18, 2020, 02:25:32 PM

I think the creation of their own cryptocurrencies by central banks will be the driving force for the development of the crypto market.
There is certainly no better ad for the crypto market than the US and China releasing cryptocurrencies, then people will know more about cryptocurrencies and it will grow.

Yeah, but it is hard to imagine central banks issuing their own crypto because again the problem with crypto is that people can indulge in activities like money laundering and drugs and since the crypto are not traceable they cannot be caught, so it would be a case of government aiding illegal activities. In case they make it traceable and centralized then there is no use of making a crypto like that because it kills the basic purpose.

I am not sure what the basic logic is for them creating a crypto of their own just to bring digitalization? Then they can easily make their own payment processor like Paypal and I am actually quite sure they have one already. I am not saying crypto are useless but all I am saying is that not everywhere we can force crypto.

Salauddin1994

member

Activity: 868

Merit: 15

The lion's share of international trade is in us dollars in the process of money transfer the currency of any country is converted into dollars china has sought to avoid a sharp geopolitical dispute with the united states. Seeks to reduce the dominance of the dollar by introducing transactions in the alternative financial system central banks will create their own digital currency but it will take a long time because everyone can do as they wish in decentralized transactions if centralized is introduced it will be under the control of the government.

SistaFista

sr. member

Activity: 1638

Merit: 251

Hexhash.xyz

Banks are already have digital currencies, they convert the physical money from their clients to digital money in bank accounts.
But to create their own cryptocurrency, it will be a different story. I think that is still possible, but it is not right because bank is a centralized company and cryptocurrency is a decentralized currency. When bank using cryptocurrency, i think that is not decentralized anymore.

Bitcoin577

member

Activity: 168

Merit: 11

Quote from: xZork on November 18, 2020, 02:31:32 PM

Quote from: Bitcasino.io Support on November 16, 2020, 07:26:18 AM

What are your thoughts about the central banks’ digital currencies?

People love cryptocurrency because it's decentralized and anonymous, if central banks issue cryptocurrencies, it doesn't look different from other fiat currencies.
So I think that the coins issued by central banks will not be able to compete with bitcoin and other currencies.

This is right these could be centralized and controlled by governments but right now its possibility because many countries working on this all and few already in last stages like China as they are bringing some stick laws for other cryptocurrency for their own sack and better future of own digital currency but one this is sure its not going to have any side effect on this community because now its already in good shape without any serious back up and now growing very fast for better future.

AnonBitCoiner

sr. member

Activity: 1386

Merit: 326

Eloncoin.org - Mars, here we come!

It doesn't affect me,even the central bank bring their own cryptocurrency.And the investors surely will get interest in stable coins.When the central government release it,surely it's stable coin.

MCDev

sr. member

Activity: 680

Merit: 255

Quote from: concept2 on November 16, 2020, 08:06:18 AM

However, no matter how they try to utilize the benefits, CBDC is still centralized. Many people demand decentralization. They want to be anonymous and stay as far as they can away from the government

Yes, the coins issued by central banks are centralized and sub-governed coins dominated by those banks, crypto investors don't like such coins.
Perhaps central bank-issued coins will act as stablecoins.

xZork

hero member

Activity: 1249

Merit: 506

Quote from: Bitcasino.io Support on November 16, 2020, 07:26:18 AM

What are your thoughts about the central banks’ digital currencies?

People love cryptocurrency because it's decentralized and anonymous, if central banks issue cryptocurrencies, it doesn't look different from other fiat currencies.
So I think that the coins issued by central banks will not be able to compete with bitcoin and other currencies.

J1mb0

hero member

Activity: 983

Merit: 502

I think the creation of their own cryptocurrencies by central banks will be the driving force for the development of the crypto market.
There is certainly no better ad for the crypto market than the US and China releasing cryptocurrencies, then people will know more about cryptocurrencies and it will grow.

20kevin20

legendary

Activity: 1134

Merit: 1597

Quote from: ?? on ??

Aren't debit cards already existing for that same manner? Although it isn't cryptocurrency, more like digitized fiat currency, but still it can do the same thing as the existing coins we got now these days.

Except the debit card is as centralized as it can be while cryptocurrencies let the control be in the people's hands. The already-existing virtual fiat (the one we also see on cards) can be deposited, withdrawn, received and spent but you don't get most of the features Bitcoin or other cryptos currently offer. They're two completely different things, although they do seem/feel similar at a very first glance.

Quote from: ?? on ??

From what I can see, they'll just seemingly to adopt these cryptocurrency we got in the market, just like how Paypal did, though it isn't entirely a bank.

CBDCs will not be the cryptocurrencies we currently have. That'd be a huge loss in the face of cryptos I'm quite sure they won't take and would also be a very unusual choice. PayPal's choice has nothing to do with the Central Banks' either. CBDCs will create their own coin that they can properly and actively monitor & control.

yeamin.rsl

full member

Activity: 700

Merit: 100

Though till now no central banks created their own digital currencies but we can expect this will happened in coming future years. Creating their own digital currencies will lower the transaction costs and the ability to make payments at any time & from anywhere .

BayAngelo

member

Activity: 882

Merit: 17

Yes, it is getting serious and most central banks are racing up to create a digital currency. it could be a mess if such is not properly controlled. there is a gradual migration from traditional banking to digital banking. we might be talking about digital currencies by 2022. Not now and this because it is a gradual process that needs to be monitored.

Gayong88

member

Activity: 1540

Merit: 22

I see from the point of view of the ongoing pandemic moment as a potential solution even though each of them has various arguments about Blockchain itself starting from, a technology that supports cryptocurrency, feasibility, testing, and transactions. This means that cryptocurrency has attracted a lot of scrutiny from central bankers who are a little worried that the door to illegal activities such as money laundering and others has a chance to occur.

Reid

hero member

Activity: 2912

Merit: 642

They will try to avoid being left in the dark and that is their only solution.
As of now, I see a lot of people in supermarkets that are paying with digital applications.
They just scan the QR code and it also avoids physical contact. i.e. change

It will be a problem if these digital apps have more supporters and all the money is there.
How can the banks distribute cash loans if there is nothing in their vault.
It may not be a new token yet but something that will make transactions easier.

wack slacker

full member

Activity: 966

Merit: 102

Certainly, they know the demand for cryptocurrencies and their advantages. Central banks will seek to compete with cryptocurrencies to maintain their authority to issue currency. It is possible in the future, we will see each country have its own digital currency, and these currencies will have a new standard of replacement for fiat money currently operating on the internet. In this case, I would call it a currency protocol upgrade to suit the new internet infrastructure and everyone's tastes, essentially the same way the central banks played it. their currency practice over the years.

Becky666

full member

Activity: 756

Merit: 231

They will definitely make this a reality someday because, the powers of the Blockchain technology has attracted thousands of good happenings to financial world. But the question about the central Banks creating their own digital currency should be, will they ever create a decentralized digital currency?, confidently, NO they won't. They will still create a centralized shithole for the citizens, although there will be more option for those citizens to make their choice from.

bocyaj

sr. member

Activity: 1313

Merit: 302

Quote from: ?? on ??

Gradually, I think the central bank will create its own cryptocurrency. What is different from the central bank's crypto is that it is still controlled by the central bank because the central bank has an obligation to control inflation

Now the bitcoin price may make the governments to think about the own currency.I was thinking,many country government will surely create a cryptocurrency for their own.Even the USD will be replaced by the bitcoin.

Antlia Protocol

newbie

Activity: 41

Merit: 0

Quote from: Btra on November 17, 2020, 10:51:04 AM

Nowadays there are in many economies the correspondings central banks are taking the decision to create their own crypto or digital currency because to bring transparency into the financial system. Some of them like Noth Korea, Switzerland has already created their own digital currency.

Your question is a bit strange because fiat currency already is mostly digital and cryptographically secured. This has been the case for over 30 years. Blockchains offer no benefit to these countries or banks.

We have already seen this fiasco play out with the banking sector with the r3 consortium which has been a miserable failure after years of effort and hundreds of millions of dollars invested. We have also already seen several governments try to rebrand their fiat like ecuador , venezuela and Canada which have also been failure.

escalante28

member

Activity: 742

Merit: 42

Lots of Banks, Countries, and big giant private companies already announced their support for cryptocurrency. Where in the part of massive adoption for cryptocurrency already. And One more thing I have read a piece of article news about the creation of Central Bank for digital currencies which might soon be launched. Read full details here https://crypto.co/news/the-creation-of-central-bank-digital-currencies/

MWesterweele

hero member

Activity: 1372

Merit: 564

Quote from: ARTCOINSLV on November 17, 2020, 01:01:32 PM

Quote from: dimonstration on November 16, 2020, 05:09:28 PM

Quote from: ARTCOINSLV on November 16, 2020, 01:50:46 PM

"Will central banks create their own digital currencies?"

Yes, of course they will, there are no options here.
These are not random events, but necessary changes, without which it will be difficult for the world to develop further.

With the news with citibank citing bitcoin as a 21st century gold then it's no doubt that banks can really see its potential and soon they might consider having their own crypto, it will be a centralised coin that can be used by their users as well by the government. Many governments already have planned to create their own cryptocurrencies and for these to be possible banks maybe needed to run the idea of those countries planning it.

Sooner or later, they will release their national cryptocurrencies.
And then the question will be, do we need Tether?
It seems to me that it will lose its meaning.

Definitely for me it were already have a high chance of probability that central banks will going to create their own kind of digital currencies to launch on in line with a continuous progress of money transactions. But as of now i couldn't figured out the consequences of having each nation their own digital currency since well i have this gut feeling of mine that those digital currencies will only applicable inside of their country. But no one knows if it is going to be a rivalry of bitcoin in the crypto world.

chanler

member

Activity: 753

Merit: 15

mulierum.com

Central banks have really made really different decisions, going into the crypto world or the implementation and adoption of blockchain technology. This is likely that central banks will not be left behind in the matter of technology.
Actually, there are several CBDC issues by some banks in some countries. But of course, we may still not sure about how they will really give influence the crypto world. Whatever the condition, hopefully, the news will not influence negatively the crypto world.

Topic: Will central banks create their own digital currencies? - page 2. (Read 919 times)