Re: Central banks around the world want to get into digital currencies

Maybe banks want to make their own cryptocurrencies? It seems to me that these issues are very important and banks are likely to influence the crypto market trying to take possession of all crypto assets.

The fact that the initiative comes from the Central Bank already tells us that it won't be a cryptocurrency, it won't be blockchain-based, won't be mined, and will most likely be fixed to assets. It looks to me more like an attempt to take control over the situation. The banks probably see the advantages of the crypto and feel threatened, so they came up with a supposed substitution, which, they hope, people will buy.

So yes, they will form their own digital currencies but not cryptocurrencies. Remember they are banks, so this will still be centralized.

No one prevents the central banks of states from creating their own digital currencies based on the blockchain, so the centralization is different. It is foolish to expect total decentralization from such organizations, which usually have the word "central" in their names. Decentralization is possible due to the nature of the blockchain itself, but in strictly limited quantities and under the strict control of the central bank Wink

But even if they offered decentralization who is going to believe that? Unlike bitcoin which has its source code as open source a coin like that is going to have closed source code so even if they were smart enough to offer this at the beginning of the coin we know that once they have enough people using their useless coins they will change the rules just as what they do with fiat now.

Only people that do not understand the true nature of bitcoin are going to consider using those coins, but for people that do like us then it is obvious we are never going to touch those coins no matter what their promises are.