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Author Topic: CBDCs Will Not Kill StableCoins/Cryptos  (Read 2380 times)

Freemind

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #30 on: June 09, 2022, 08:04:24 PM »
What has not yet been publicly presented by any government that is working on its own CBDC is the security measures that they are going to take, and I think that's the most important thing. In any case, I don't think CBDCs will change stablecoins at all, they will just complement each other like FIAT is doing now. Although there are still few countries that work with CBDC and there is still time for citizens to use them, I hope they will publish more information about security, anti-theft measures and more.

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #30 on: June 09, 2022, 08:04:24 PM »


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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #31 on: June 10, 2022, 04:18:19 PM »
CBDC will not do anything because those people who do not want to accept crypto as a currency also do not support CBDC. People just do not trust banks to control their money so CBDC will be highly unpopular and it is possible that enforcement of CBDC will force people to use crypto as an alternative because they both can serve the same purpose.

CBDC is created by the government ,to compete crypto currency.
But I don't think CBDC will do.
Because CBDC cannot work on crypto currency exchange now.
maybe at the next time.
I still believe CBDC will not kill crypto.

agree with you, CBDC won't kill crypto currency, they will grow together.
And we know anything will be crypto at the coming future.
I believe about it.
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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #31 on: June 10, 2022, 04:18:19 PM »
:)

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #32 on: June 11, 2022, 06:14:24 AM »
I don't think anyone knows that this stable coin has very high security because when they mistakenly adopt another project, they can get a loophole to knock down the coin like what happened to UST. so you should be careful about adopting new cryptocurrency projects.
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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #33 on: June 11, 2022, 03:17:11 PM »


There are some people who are in the government especially those departments dealing with money, banking and finance who are convinced that CBDCs is the killer of stablecoins and maybe even cryptocurrency for that matter. However, they way am seeing it is that CBDCs can even be complimenting cryptocurrency as it will be so easy and mobile to be using fiat money when they could be in pure digital form. The only way to "kill" cryptocurrency is to ban it just like what China is doing and you must have an authoritarian type of a government wo willing to use surveillance technologies to get the ban done.

Keep calm mate, I don't think CBDC will kill stable coins.
I think it's good for competition from government and crypto fans.
Crypto currency will survive and compete with anything
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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #34 on: June 22, 2022, 08:12:36 AM »
CBDCs cannot kill current stablecoins. This can be done, if desired, by the states themselves, if they prohibit anyone from using their national currency as collateral for stablecoins. And states can and have the right to do so. In this case, fiat-backed stablecoins will be outlawed and only those backed by other financial assets, such as gold, silver, precious stones, and securities, will officially work.
When CBDCs start appearing en masse, we will be able to see the reaction of states to the current stablecoins.
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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #35 on: June 28, 2022, 06:41:30 PM »
Well, it could very well be. In preparation for the launch of its digitized yuan, China passed a series of laws that were aimed at protecting it. Among them, it was forbidden for anyone to use the yuan as collateral for other stablecoins. We do not know what security measures governments will take when mass issuing their CBDCs. However, some are already saying that CBDCs will be direct competitors to the current private and commercial stablecoins. Current stablecoins may not kill CBDCs, but state regulation in their defense.

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #36 on: June 30, 2022, 10:43:56 AM »
No, states are not introducing their CBDCs to compete with cryptocurrencies. First of all, they try to make their non-cash payments more efficient. After all, it is no secret that digital currency is faster and more cost-effective compared to non-cash payments of states that use the long-outdated SWIFT system.

CBC = Central Bank Currency = Fiat currency
CBDC = Central Bank Digital Currency = Fiat currency digitalised

As you say, states are not introducing their CBDCs to compete with cryptocurrencies, but to make the payment system more efficient,
but as a logical consequence, they will make stablecoins backed by fiat useless:
all being equal in term of efficiency, why would you use a stablecoin backed by a CBC when you can use a stablecoin which is a CBC? (Why would you use Tether when you can use digitalised $?)

CBDC is not backed by CBC, it is CBC, in digitalised form.
Compared to a CBDC, a stablecoin backed by CBC offers no advantages but only an extra layer of complexity, costs, risks... less efficiency.

So, unless CBC-backed stablecoins offer a better technology than CBDC (could happen), in my opinion CBDC will eliminate fiat-backed stablecoins.
But CBDC won't eliminate hard assets-backed stablecoins, like gold-backed stablecoins  :D

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #37 on: July 18, 2022, 01:24:01 PM »
Stablecoins are better than CBDC: Bank of Australia Governor

According to Bank of Australia Governor Philip Lowe, private firms’ stablecoins could be superior to central bank-issued digital currencies (CBDC).
The comparison is better if the businesses are properly regulated.
Phillip Lowe feels there are dangers in dealing with cryptocurrency that strong regulations may reduce, but private companies should create the technology.


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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #38 on: July 24, 2022, 05:12:02 PM »
I think that government stable coins, the  CBDC may not compete with the decentralized stable coin like USDT, BUSD, USDC, because they are centralized. Crypto stable coin will take the day because many people desired financial freedom and on such situations, very many people may not patronize the government owned stable coins. Government owned CBDC will face several setbacks because it may not be verifiable on a public Blockchain.
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pelana vreo

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Re: CBDCs Will Not Kill StableCoins/Cryptos
« Reply #39 on: July 26, 2022, 09:56:55 AM »
Cryptocurrencies have a good side which is transparency, but some developers in the crypto space seem to want to create a decentralized stable coin like UST, in the end we can see the system fail, because there is no fiat guarantee that can stabilize the price, CBDC will be good if the country wants accept cryptocurrency for payment options in digital banks, this is very remarkable and has a good impact on the progress of stable coins on other platforms

 

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