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.
CBDC is seen as a big wave of 2021 but the reality is that it is not in the crypto market. China has released their CBDC and as expected it is not regulated thanks to blockchain technology. That's why I believe that CBDC only makes fiat stronger, not crypto weaker.
You can't ban Crypto. China can't ban crypto´. Nobody can do that.
After China "did" that, many more bitcoin accounts were made, most of them from China.
VPN is used most in China right now.
It seems to me too that governments in most of the world will not be able to ban stable coins.Countries' digitized currencies (CBDCs), that is, their central bank stablecoins, will indeed be direct competitors of their current private stablecoins. Since the provision of private stablecoins is based on the currency of states, it is easy for states to find an excuse to ban private stablecoins from circulation.
China is going its own way and i think it is the wrong way.
I fully agree that digital money will completely replace fiat, because today most of them use contactless payments. In fact, using contactless payments and online transfers, we are already using digital currency.Digital money, CBDC, is a type of fiat money. More precisely, we can say that this is an improved form of non-cash payments of states. However, since these are stablecoins of states, they may well conflict with private stablecoins in the future. Indeed, for states, private stablecoins will be direct competitors, and all the trump cards in this case are with states whose currency is used by private stablecoins as collateral.
You can't ban Crypto. China can't ban crypto´. Nobody can do that.
After China "did" that, many more bitcoin accounts were made, most of them from China.
VPN is used most in China right now.
Yeah, Almost everything made in China but they cannot impose to stop either kill crypto. In fact they consume a lot and fan of crypto. ;D
CBDC is seen as a big wave of 2021 but the reality is that it is not in the crypto market. China has released their CBDC and as expected it is not regulated thanks to blockchain technology.
That's why I believe that CBDC only makes fiat stronger, not crypto weaker.
CBDC is seen as a big wave of 2021 but the reality is that it is not in the crypto market. China has released their CBDC and as expected it is not regulated thanks to blockchain technology.
That's why I believe that CBDC only makes fiat stronger, not crypto weaker.
I agree , I think CBDC just make fiat stronger , not make crypto weaker.
As you said we all know CBDC , it's not in crypto market, So I don't think CBDC will kill stable coins.
Two different thing.
Crypto will have own market and exist there.
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.
I fully agree that digital money will completely replace fiat, because today most of them use contactless payments. In fact, using contactless payments and online transfers, we are already using digital currency.
I fully agree that digital money will completely replace fiat, because today most of them use contactless payments. In fact, using contactless payments and online transfers, we are already using digital currency.
agree, digital era will come.
Crypto currency will lead all currency at the coming future.
I think CBDC will not kill crypto, especially stable coins.
Crypto will exist until the digital era come, I believe everything will be crypto.
Yes. I think CBDCs are only legal tender in a country, not killing existing stable coins. blockchain is freedom, many people like financial freedom without anyone's interference
Yes. I think CBDCs are only legal tender in a country, not killing existing stable coins. blockchain is freedom, many people like financial freedom without anyone's interference
I agree with you mate, CBDC just legal tender and won't kill stable coins like USDT and other.
I also believe crypto currency will survive and exist beside CBDC from the government.
For me, CBDC is just a digital form of traditional fiat currencies. They will not compete in any way - they have different tasks and different ways of development.
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.
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.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.
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.
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.
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.
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.It should be borne in mind that for many people, the security of using digital money is more important than the concept of centralization or decentralization. Private and other non-public stablecoins will periodically crash due to various objective and subjective reasons, as we already see. At the same time, behind the CBDC is the power of the state, which goes bankrupt very rarely. Therefore, the CBDC of a strong state, from the point of view of many people, will be much safer to use than the currently existing private and other commercial stablecoins. But how this will play out in practice, we will be able to see when CBDCs will be mass-produced by states.
-CBC = Central Bank Currency = Fiat currency
CBDC = Central Bank Digital Currency = Fiat currency digitalised
CBC = Central Bank Currency = Fiat currency
CBDC = Central Bank Digital Currency = Fiat currency digitalised(https://i.imgur.com/GLyjdrH.png)I take this picture from GoogleWell, I just found out the meaning of CBC and CBDC and this made me think hard about being able to discuss this part of the thread.
Maybe an example like this:
-CBC = Central Bank Currency = Fiat currency = USD, YUAN, YEN, EURO, Pound Sterling
-CBDC = Central Bank Digital Currency = Fiat currency digitized = USDT , USDC , FDUSD
Is it really like that, friend?
Then this thread discusses that this CBDC is very risky and could be a threat to stable coins in cryptocurrency.
It seems like I have to first understand the function of this CBDC because I don't know the vision and mission yet but the function seems to be Digital FIAT money, like USD but in digital form in a wallet.
Digital USD in the wallet will also not kill the circulating condition for USDT, USDC because it is a different concept.
The Digital USD created by CBDC may be a companion pair for trading and for withdrawals to Mastercard or Visa .
- Central Bank Digital Currencies (CBDCs) and stablecoins serve different purposes, -You have written it correctly and it has been seen as clearly since the first time USDT tether was created, maybe in 2013 or before.
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.Bitcoin has been banned several times in China. A ban that got bitcoin mining to zero in China? Later China become and still has the second highest mining hashrates. Cryptocurrencies are not seen as currency in China but seen as a digital property can be legally owned.
Maybe the difference is between USDT only a little with the real USD currency from CBDC, there is no problem in my opinion about Central Bank Digital Currencies (CBDCS) and stable coins in Cryptocurrency because both of them are true as you said "has different purposes".What is the different purposes that fiat pegged coins and CBDCs have? They are different but their purposes seem like the same.
What is the different purposes that fiat pegged coins and CBDCs have? They are different but their purposes seem like the same.This is just my imagination, maybe I was wrong to judge the difference between the two of the USDT and CBDC.
What is the different purposes that fiat pegged coins and CBDCs have? They are different but their purposes seem like the same.