Topic: Will central banks create their own digital currencies? (Read 948 times)
I see that it is possible for central banks to create digital currencies, in order to take advantage of the blockchain and decentralization technology that digital currencies contain, so they support their central banks through their involvement in the crypto market, but this may happen when the government and the state adopt and support this technology.
If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction
it's a must and the government knows what will be done by the central bank by issuing the digital currency. The central bank will always try to discuss it with the authorities. Central bank will always get permission from the government too.
There's no need to doubt about that. Central bank will issue a product that will be fully tested and fulfil all of the regulations.
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If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction
it's a must and the government knows what will be done by the central bank by issuing the digital currency. The central bank will always try to discuss it with the authorities. Central bank will always get permission from the government too.
There's no need to doubt about that. Central bank will issue a product that will be fully tested and fulfil all of the regulations.
All of us already knows that central banks wants to create their own digital money/cryptocurrency, and it’s clear that People’s Bank of China (PBOC) has done that already. But, the next question that lies ahead is what they are going to do after creating their own digital money, are they going to allow other decentralized cryptocurrencies to stay or are they going to try to bring it down?
Earlier this week I was seeing news that Chinese government are making it tight for cryptocurrency users, especially the miners to convert their cryptocurrencies to fiat. So are other governments going to do the same thing or will they allow them to stay?
Earlier this week I was seeing news that Chinese government are making it tight for cryptocurrency users, especially the miners to convert their cryptocurrencies to fiat. So are other governments going to do the same thing or will they allow them to stay?
Hey Karl, it's great to find your topic in the altcoins discussion. Anyway, I really like the selection of images in the opening post.
When talking about the rapid development of cryptocurrency, it indirectly makes the popularity of cryptocurrency increase dramatically.
And it must be admitted that cryptocurrency cannot be controlled by the government and banks. Therefore, Central Bank thought of creating
their own digital currency to compete with cryptocurrency.
And sooner or later Central Bank will definitely create their own digital currencies. Especially in a pandemic situation like now people
are more comfortable use cashless transactions. Now China is most serious about making digital Yuan, maybe they will try to use it first
only for Chinese residents first. I am sure other countries will soon follow China by making their own digital currencies too.
When talking about the rapid development of cryptocurrency, it indirectly makes the popularity of cryptocurrency increase dramatically.
And it must be admitted that cryptocurrency cannot be controlled by the government and banks. Therefore, Central Bank thought of creating
their own digital currency to compete with cryptocurrency.
And sooner or later Central Bank will definitely create their own digital currencies. Especially in a pandemic situation like now people
are more comfortable use cashless transactions. Now China is most serious about making digital Yuan, maybe they will try to use it first
only for Chinese residents first. I am sure other countries will soon follow China by making their own digital currencies too.
If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction
If any central bank is planning to create their own digital currency then you need to get the permission by the government and we need to expect more countries coming out with their own digital currencies but what we need to understand the success rate of these centralized cryptocurrencies depends upon how they are able to attract the common investors to hold or trade those currencies. 
AFAIK, government of China is almost completed their Digital Yuan project and tried it as well but not sure it has been already in use there and also Japan doing the preparations for their own CBDC so yes the banks are already in the process of creating their Centralized tokens because they can't really stop the growth and influence of bitcoin.
If central banks want to make their own crypto digital currency, it must need permission from the local government and clarity on what functions and benefits are for and more stability in which direction
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.
Well, maybe a coin such that it represents the country but yeah it is still a dream and I do not think there is any thought from the government on this topic and while we might get excited about these things, they might not even spare a thought bout this.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.
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.
Yeah, there will be no difference between using currency or crypto-currency if they are being monitored by the legal authorities. I have no doubt that the coin they make will do good in terms of volume but it might look more like a stable coin than an actual crypto currency where the price moves all day long in uncertain directions. So I think that the coins issued by central banks will not be able to compete with bitcoin and other currencies.
This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital currencies.
Yes, and this is all happening because of the rapid changes in technology in all fields, so that digital changes occur very quickly and are very easy to find, this is something that cannot be denied by anyone and must accept it very wisely.Indeed there is also the reason why they need to make thier own since they know the large adoption of crypto currency is already started and have big market right now. they need to adopt it so they will never left behind and they need to use this technology to get more money again from people since banking is a way to save and borrowed money. They find it useful for them in long term the question right now is how they can make it more secure compare to bank account.
I think they've researched and piloted their own project. It would be impossible if they didn't. They certainly follow the development of the financial world. It seems like just waiting for the right time to publish it.
Yes, all teams are obviously always doing research and testing on the projects they will build and they will run at the right time, but if the team is really ready for this, then now is also the right time to publish it. 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
Perhaps central bank-issued coins will act as stablecoins.
Sometimes I wonder why they need another currencies when they already have digital fiats currencies. They could simply migrate the digital fiat to Blockchain for transparency and also to enable citizens have power over their coin/asset. I guess they'd want to start afresh and have their liabilities/debts go with old fiat currencies.
This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital currencies.
Yes, and this is all happening because of the rapid changes in technology in all fields, so that digital changes occur very quickly and are very easy to find, this is something that cannot be denied by anyone and must accept it very wisely. 
So far I have seen the crypto industry showing good development especially with some of the big companies out there starting to develop their own projects and some starting to adopt blockchain technology as well. So, it is possible that the central bank creates its own coins but it may not be as decentralized as other cryptocurrencies. Banks are still considering risks, especially about volatility because we know that crypto is unstable.
Banks can transform, maintain their edge and thrive in the crypto era by leveraging blockchain technology. This technology will later help the bank's operational efficiency by recording in a public ledger to ensure the validity of transactions safely so that banks will be able to monitor crypto developments and try to learn from the changes it has brought to develop their own crypto platforms and of course banks can be an alternative for them. investors and traders keep their money or crypto assets and of course this is a mutually beneficial reciprocation between banks who want to benefit from storage fees and investors or traders who want the security of their assets
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 .
Well, we might see it too eminent becasue the space at which the technology is moving can't be determine for anyone to guess the central Banks will get their own coins created later in the future. Personally, i see a soonest coins be launch into the cryptocurrency space by these central Banks, but they will be centralized and not decentralized like Bitcoin and some other decentralized coins. legendary
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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.
CBDC is not the same as cryptocurrency and it's only a digital form of fiat that was fully controlled by the centralized authorities. It will be stable coin to be an alternative solution for the digital payment.
We can take china's CBDC and it was fully centralized as PBOC was fully controlling it.
It will not affect you but this CBDC will bring a new gateway for the fresh money to go to the crypto market.
That's will happen soon.
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.
The blockchain technology is an evolution in the financial system. With the effectiveness blockchain technology is getting used on other functional sectors. Understanding the good of blockchain technology governments too have begun to use it on financial management. Now the increasing usage of cryptocurrencies by different levels of people force governments to develop their own cryptocurrency.
I think some countries are already showing a good acknowledgment towards centralized digital currency and that they are already planning on it. Adoption of CBDC is highly possible since we are now in the modern era where we develop things through technology. However, it will still be hard for other countries to adopt these changes so fast since I believe that majority still prefer fiat and not everyone can access digital currency. But we will probably see countries adopting this digital currency in the next few years.
This world is fast becoming a digital planet.It is possible for central banks to create there own digital currency but will be centralized unlike crypto that is de centralized and this feature will always give an edge over any forms of digital currencies.
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.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.
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.
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.
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.
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.
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.
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.
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
Perhaps central bank-issued coins will act as stablecoins.
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.
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.
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.
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.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.
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 .
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.
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.
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.
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.
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.
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.
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.
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.
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/
"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.
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.
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.
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.
Central bank will create their own crypto, why? because many freelancers get their payment in BTC or in other stable crypto and they do not use bank because they charge high fee and take 2 - 3 days credit payment in account. They will create own coin for attract more users and account holders will get benefit from it.
They have two choice adopt BTC or create own coin on blockchain, they should not choose eth blockchain because of high gas fee, developers working on it but Don't know how much time they will take..
Right now BTC getting more hyper and Altcoin taking rest hope wake up soon.
They have two choice adopt BTC or create own coin on blockchain, they should not choose eth blockchain because of high gas fee, developers working on it but Don't know how much time they will take..
Right now BTC getting more hyper and Altcoin taking rest hope wake up soon.
Hey everybody,
In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.
As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.
You can read the full article in our blog: Will central banks create their own digital currencies?
What are your thoughts about the central banks’ digital currencies?
Regards,
Karl
Bitcasino.io
"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.
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.
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.
Eventually everyone will create their own digital currencies, that is what the path we are on taking us right now. It doesn't mean that we will all be using it, because it could be just governmental or anything specific that would need spesific places to use it and not everyone, but they will have it.
For example, there are talks about some audit companies using blockchain technology to keep track of stuff, that is not a token or a coin that you would need to use, but they use the technology to make it simpler and cheaper for themselves. Same sort of stuff could happen with central banks, they could potentially create digital currencies to make it simpler for themselves to keep track of stuff and make it cheaper and faster as well, doesn't mean they will move away from fiat currencies.
For example, there are talks about some audit companies using blockchain technology to keep track of stuff, that is not a token or a coin that you would need to use, but they use the technology to make it simpler and cheaper for themselves. Same sort of stuff could happen with central banks, they could potentially create digital currencies to make it simpler for themselves to keep track of stuff and make it cheaper and faster as well, doesn't mean they will move away from fiat currencies.
There is a higher chance central banks will consider on creating their own digital currencies. But in order to have a successful run in digital world they also need to consider on supporting established crypto and support form of transactions.
Many institution and community could create their own cryptocurrency but how worth and make investor trust with their own coin, I think individual could easily how to make new coin but marketing is most important how to make investor trusted with our coin and wanna invest more. For bank I think they will not create new coin because they hate with cryptocurrency and not give space for bitcoin and altcoin become his partner, I think government not accepted bitcoin as legal currency payment because have change by bank and their decision make bitcoin and altcoin still become illegal transaction in many countries.
Most likely it will happen, because the ease of the transaction will benefit everyone.
And all transactions can be read by everyone just by looking at the address.
So it will reduce the name of money laundry
And all transactions can be read by everyone just by looking at the address.
So it will reduce the name of money laundry
I read an article in Cointelegrapf where Binance boss believes central bank digital currency could threaten Bitcoin.
What do you think, would it be a threat or could Bitcoin get a boost from it?
Imo, CBDC's aren't going to be a threat whatsoever to Bitcoin, I've said this a couple of times already, it's centralized, while btc is decentralized, CBDC's are going to be controlled and manipulated as well by central banks of it's country, but that scenario isn't possible with Bitcoin. CBDC's are created to focus on boosting the economy of it's country as well as for competition between different countries on which is doing better with the blockchain technology.What do you think, would it be a threat or could Bitcoin get a boost from it?
Having said that, Bitcoin isn't also going to get any "boost" from CBDC's, they are both different forms of digital currency and putting them in the same bracket for comparison, assessment or any other reason whatsoever is wrong.
Perhaps in the future they will create their own. But I think, not or nothing but limited or few will be interested in joining or buying it. Because people are used to the decentralized system where there is freedom and we are all in favor of it. If the central bank creates their own digital currency, it's up for the people if they will to try it or just simply leave it like nothing of it becomes a choice in the market.
Maybe they will, and it so easy for them, but do you think people will interest to join or buy it?? Decentralized system is freedom and we all love it. If the central bank created their own digital currencies, it means that another way for us to be controlled again.
they will not make their money decentralized, if they do then a bank will no longer be useful,
and their actions are useless, there will indeed be some issues about the bank making its own cryptocurrency,
but they are not making it 100% decentralized, but someone controls the supply, and maybe they just make it with blockchain system only.
In our country, there is a certain bank that released its own coin, It is called PHX that UnionBank created. It's a stable coin and it is a bit expected, I don't think banks will make decentralized coins because it can possibly mess up the order they want.
You can check this for more information about that coin: https://www.coindesk.com/philippines-unionbank-launches-stablecoin-conducts-first-blockchain-transaction-by-bank
Maybe they will, and it so easy for them, but do you think people will interest to join or buy it?? Decentralized system is freedom and we all love it. If the central bank created their own digital currencies, it means that another way for us to be controlled again.
they will not make their money decentralized, if they do then a bank will no longer be useful,
and their actions are useless, there will indeed be some issues about the bank making its own cryptocurrency,
but they are not making it 100% decentralized, but someone controls the supply, and maybe they just make it with blockchain system only.
Thanks guys for your comments.
I read an article in Cointelegrapf where Binance boss believes central bank digital currency could threaten Bitcoin.
What do you think, would it be a threat or could Bitcoin get a boost from it?
Regards,
Karl
Bitcasino.io
I read an article in Cointelegrapf where Binance boss believes central bank digital currency could threaten Bitcoin.
What do you think, would it be a threat or could Bitcoin get a boost from it?
Regards,
Karl
Bitcasino.io
I am sure if some central bank will create a digital currency, they will try to make another 300 page article that would describe that. Enough to discourage someone who wants to review the said currency. To be honest I am a bit skeptical with the Central banks purpose of making the said currency if there would be benefits for the common man. If the purpose of the digital currency is to help ease financial burden to people or to teach cryptocurrency to the masses, then I am all for it. Also if the purpose if to promote blockchain technology then I am also for the implementation of the digital currency.
I believe central banks will issue their own digital currencies. Not today. But we can hope one day they will. Actually, they will have to issue digital currencies. Gradually people will divert to digital currencies. Then governments will think to adopt Blockchain Technology. For example, China is testing digital currencies in its cities.
"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.
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.
They will run off a choice because the trend with Bitcoin cannot be stopped despite their hard work to warn and to make stories out of it. Investors are flocking to the market to get their bitcoins. also, there are lots of altcoins being created and you have some Defi platform that still gaining some popularity all over the crypto industry. They need to grab this opportunity by making their own digital currencies and ideas are running out as well they need to have some unique idea on their own.
What are your thoughts about the central banks’ digital currencies?
Cryptocurrencies can do something FIAT can't, and at this point I'm starting to be unsure if the existing decentralization would have been better with the CBCD.
Maybe they will, and it so easy for them, but do you think people will interest to join or buy it?? Decentralized system is freedom and we all love it. If the central bank created their own digital currencies, it means that another way for us to be controlled again.
"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.
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.
Hey everybody,
In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.
As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.
You can read the full article in our blog: Will central banks create their own digital currencies?
What are your thoughts about the central banks’ digital currencies?
Regards,
Karl
Bitcasino.io
I expect in maximum 2-3 more years crypto will be mass adopted and a household, everyday use tech.
"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.
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.
I was also curious about this one but one thing is for sure that their own currency will not be decentralized and it will be a centralized digital currency. I think that's something like an online bank right? or do you mean having their own digital currency like Bitcoin and other currency.
There is no doubt that governments will create their own national digitalized currencies of central banks. It has long been reported that more than 80 percent of states are working on the issue of their national digitized currencies. This makes sense because a digitalized currency combines the advantages of conventional currencies and cryptocurrencies. This is already positively assessed by governments and the coronavirus pandemic has only pushed this process. The digitized currency of states will, of course, be completely centralized and governments would not have decentralized it, even if they could.
thats right, for sure this could be a centralized digital currencies
but i believe this actions will give a huge positive impact to crypto world, and for sure will create a lot of demands wich mean will push the price of good and solid cryptocurrency such as bitcoin, ethereum and many more
I was also curious about this one but one thing is for sure that their own currency will not be decentralized and it will be a centralized digital currency. I think that's something like an online bank right? or do you mean having their own digital currency like Bitcoin and other currency.
There is no doubt that governments will create their own national digitalized currencies of central banks. It has long been reported that more than 80 percent of states are working on the issue of their national digitized currencies. This makes sense because a digitalized currency combines the advantages of conventional currencies and cryptocurrencies. This is already positively assessed by governments and the coronavirus pandemic has only pushed this process. The digitized currency of states will, of course, be completely centralized and governments would not have decentralized it, even if they could.
Hey everybody,
In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.
As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.
You can read the full article in our blog: Will central banks create their own digital currencies?
What are your thoughts about the central banks’ digital currencies?
Regards,
Karl
Bitcasino.io
I believe that centralized banks will create their own cryptocurrency and here's why. Since the advent of cryptocurrencies, most of the money has flowed into this asset, and as we know, banks want money to be with them and at least manage money. Now that the crypto industry is showing excellent development, centralized banks realized that this direction will grow and more and more money will be accumulated in it. How do you access this money? Easy, the bank needs to offer to store cryptocurrencies with them, as they have already stated, as well as create their own cryptocurrency in order to attract people and money to them. This is their chance not to be left behind and they will definitely use it.
"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.
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.
What are your thoughts about the central banks’ digital currencies?
Simple, if a central bank creates their own cryptocurrency means they will create a centralized cryptocurrency. Most likely they will not dare to create decentralized cryptocurrency due to volatility. If they create a centralized stable cryptocurrency then it will consider like a fiat currency. But yes, it would be easier to deal with a real decentralized cryptocurrency like peer to peer exchange. Hey everybody,
In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.
As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.
You can read the full article in our blog: Will central banks create their own digital currencies?
What are your thoughts about the central banks’ digital currencies?
Regards,
Karl
Bitcasino.io
Actually it is a good idea that the government or Central banks are for once coming to the agreement of the truth about digital currencies or cryptocurrencies, and just like you rightly said, where some are already taking action towards it, others are still contemplating on the possibility of it, but however, this has proven one thing, and that is, crypto indeed have a place in the future.
On the other hand, in as much as this is good as it will bring more knowledge of cryptocurrencies to more people, however, whatever digital currency the government or central Banks are creating will be highly centralized and fully managed/controlled by them, therefore not bringing any much difference between their digital currency and physical currency (Fiat).
Therefore, my thought actually is, it is a good innovation at the right time, because with crypto gaining more popularity lately, their move towards creating their own digital currency will add more to the crypto space popularity, hence mass adoption.
It's not a new thing that central bank will create their own digital currency and it's nothing to worry about as the currency won't be volatility like other crypto coins, it will work more like USDC or USDT and Fiat will slowly fade away
I thought china is the first to create a digital yuan which will be launched soon? I'm sure many other countries will follow china and also the central bank digital currency will be pegged to each countries Fiat currency value so I don't how anything big here, to me it's just like another stable coins
Already lot many countries have created their own cryptocurrencies and were under usage. Few of the countries that have created their own cryptocurrency are Switzerland, North Korea. These cryptocurrencies were used for transaction within the country. For cross border transaction they're in need of a common asset. This gets fulfilled by the bitcoin, because its universal value.
North Korea plans Bitcoin like Cryptocurrency
North Korea plans Bitcoin like Cryptocurrency
They will eventually. They cannot continue to stick with an obsolete fiat in the face of a highly technological world. They will be left behind. The future of money is digital currencies and if they decide to continue with the status quo they might be easier to be replaced with cryptocurrency. But now that they are more aware of the potential of cryptocurrency, they have already opened up to the idea of issuing their very own digital cryptocurrency. They are now trying to accept the fact that crypto is growing and they badly need a competition.
I can definitely see that central banks will issue their own digital currency in the future. For example a fully digital blockchain-based EURO.
The whole cryptocurrency scene keeps growing and traditional institutions also want a piece of the cake sooner or later
.
I don't think though that central banks will use existing stable coins because "official" digital currencies probably need to have way higher standards regarding to how they need to be backed and insured and so on.
Also i wonder how for example a digital EURO would be implemented. Would it be in addition to the already circulating traditional EURO? Probably not because that would generate inflation.
I guess they would subsequently replace traditional currencies with their fully digital pendant.
The whole cryptocurrency scene keeps growing and traditional institutions also want a piece of the cake sooner or later
.I don't think though that central banks will use existing stable coins because "official" digital currencies probably need to have way higher standards regarding to how they need to be backed and insured and so on.
Also i wonder how for example a digital EURO would be implemented. Would it be in addition to the already circulating traditional EURO? Probably not because that would generate inflation.
I guess they would subsequently replace traditional currencies with their fully digital pendant.
I think in the future all central banks around the world will move to blockchain and issue their own coins, because nowadays the world's financial system is very closed, we need a more open world, and blockchain is the only way.
They will most likely start using one of the cryptocurrency that is readily available. Going through the process of creating its own secure cryptocurrency can be very challenging with many unseen hurdles. In my opinion, they would use one of the digital currency that is already readily available to save money and resources. There is no reason for them to recreate the wheel.
Digital currency is probably a better term for it since cryptocurrency in theory is used for decentralized.
Digital currency is probably a better term for it since cryptocurrency in theory is used for decentralized.
yes it will, but it's not crypto. because the central bank will not make something decentralized. they want to keep control even if it's digital. even if they say it's a crypto coin, I still won't believe it. everyone who doesn't believe in the current financial system would agree with me.
sooner or later it will happen. because the central bank will not stand idly by seeing the current financial system being destabilized. they will definitely make an innovation so that they are not left behind. the current banking system should be integrated with the blockchain. Though in the end it's not a good thing, because I'm sure it will be centered and controlled by them. but at least blockchain is used because the benefits of transparency of this technology are very good in applying in the banking system. otherwise everyone in the future will lose faith in centralized finance and prefer Defi (cryptocurrency).
Most people, that is the fiat using people dont care about centralized or decentralized, they dont want to mess up their work with these words and only want the hard green cash in hand. For them this wont matter.
Fact is that bitcoin users have always been against this idea. However with time they will be forced to accept the truth that without the banks support and development of own crypto or allowing merchants to freely access crypto, the users of crypto are going to lose the market to spend their coins.
Even if someone is a hodler, they need to sell at some point or another to book the profit. If there is no longer any market to sell, whats the use of holding them. We are optimistic about that future market and for that I believe banks involvement is essential.
Fact is that bitcoin users have always been against this idea. However with time they will be forced to accept the truth that without the banks support and development of own crypto or allowing merchants to freely access crypto, the users of crypto are going to lose the market to spend their coins.
Even if someone is a hodler, they need to sell at some point or another to book the profit. If there is no longer any market to sell, whats the use of holding them. We are optimistic about that future market and for that I believe banks involvement is essential.
I was also curious about this one but one thing is for sure that their own currency will not be decentralized and it will be a centralized digital currency. I think that's something like an online bank right? or do you mean having their own digital currency like Bitcoin and other currency.
CBDC has been planned for many years and many countries are testing it right now. They have found the advantages of blockchain for many years and implementing this invention to central banks can enhance transaction speed, honesty. So they are running really fast to add a new platform to the foundation. Just imagine the traditional bank combining with digital blockchain. How strong can it be ?
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
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
CBDC sounds a very interesting thing consider about when it can be used to create a direct pair to the crypto and that can bring more demand to the crypto.
Afaik if cbdc will be a new form of digital payment system that will be fully legalized.
It brings a very big room for crypto to growth as long as the developers on crypto can develop a gateway toward cbdc.
Afaik if cbdc will be a new form of digital payment system that will be fully legalized.
It brings a very big room for crypto to growth as long as the developers on crypto can develop a gateway toward cbdc.
Creating their own digital currencies is highly possible. At first, using secured and scalable blockchains like Ethereum comes with volatility. It is likely to reduce adoption as people generally don't trust something volatile and compare it directly with the stock market. On the other hand, when banks create their own stable currencies with their own blockchain, they don't need to rely on others while calling it individually developed.
Hey everybody,
In the past 11 years since the birth of Bitcoin, cryptocurrencies have gained immense momentum and popularity as they are
decentralized and are rather free from regulation.
As central banks are unable to control the influence and growth of cryptocurrencies, the latest buzz revolves around them wanting
to create their own digital currencies or cryptocurrencies. While some governments are contemplating about it,
others have gone ahead to start working on it.
You can read the full article in our blog: Will central banks create their own digital currencies?
What are your thoughts about the central banks’ digital currencies?
Regards,
Karl
Bitcasino.io
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