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CBDCs are alternatives to Crypto? by reeta0119

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· @reeta0119 ·
$11.22
CBDCs are alternatives to Crypto?
[Central Bank Digital Currency](https://leofinance.io/@leoglossary/leoglossary-central-bank-digital-currency-cbdc) aka CBDC is the new face of fiat [currency](https://leofinance.io/@leoglossary/leoglossary-currency). Many countries are working on this model to create a digital face of their [Fiat currency](https://leofinance.io/@leoglossary/leoglossary-fiat-currency) because this can help them save a lot of money on logistics. Printing physical currency is a tedious task but the government has to do it because there is no alternative available as of now. With the advancement of technology now it is possible for the government to build a digital form of the Fiat currency that will carry the same value but it will be completely digital so there is no cost of printing and distribution. 

Since it is going to be completely digital technology will be playing an important role and it will not be possible for any country to go with 100% digital money immediately.. they will have to adopt the hybrid model where citizens will be allowed to use any more of yet they want as per the convenience, however, the government can encourage people to be part of digital economy so that slowly more people gets onboarded. 

![image.png](https://images.hive.blog/DQmZmS6DN4yXtoQUCiURJJj8X64WL77Gn8MyEWwZWRm1AKQ/image.png)

[src](https://images.app.goo.gl/y35PsV2Vf9zEFC7C7)

India is one of the countries that has got CBDC already and the testing phase was successful. Although it is not available to the general public it is expected that soon it will be made available. RBI and the government are trying to test every possible aspect to ensure that is no leakage in the algorithm and before it is given to the general public thorough testing is required. 


In India, the RBI governor has shared in some of the interview statements that cbdc is going to be the alternative for cryptocurrencies but I do not agree with this because both have got different mechanisms in place. CBDC is completely controlled by the government and any transaction done through this can be tracked. The value of CBDC is also going to follow the Fiat work but in cryptocurrency prices are determined by the market and it is decentralized. We cannot say that Crypto can be replaced by cbdc because that is practically not possible and such statements are baseless. 

> CBDCs are alternatives to cryptocurrencies like Bitcoin or Ethereum. Based on current trials, CBDCs would be pegged to a fiat currency, be it the dollar or the pound, but exist digitally and be controlled by the issuing currency's central bank, such as the Fed or the Central Bank of England. Citi says the industry is finally "approaching an inflection point" and that blockchain technology will soon see "billions of users and trillions of dollars in value."

[src](https://decrypt.co/124938/citi-says-mass-adoption-crypto-will-be-driven-cbdcs-tokenization)

*It seems like there is a need for more education for the people and the government to understand how the Crypto and blockchain box and what is the use case that cbdc can deliver. It's good that we will have the digital alternative for fiat but in no way its the alternative for crypto because both are different. It can be even better if we are given the option to use digital money to buy crypto.*


***Thank you so much**
*Stay Safe*





Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@reeta0119/cbdcs-are-alternatives-to-crypto)
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@brennanhm ·
It will be interesting to see if CBDCs could eventually be integrated into the public cryptocurrency space. Meaning you could use an exchange like Thorchain to swap between digital yuan and Bitcoin, for example. However, if CBDCs remain a walled-off garden, they won't be able to compete at all. 
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@reeta0119 ·
The future of CBDC looks good but I think its to early to say anything and its better to wait for sometime and see how things will turn out to be. 
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@pokermaria ·
funny to read your quote, as the very same people fooled the majority years ago, it is a scam, just to keep them far from it at the very early stage, so they can't take advantage, make fast wealth from their system transition... meantime, they exactly know they want to force everybody to use them by the time, so they can transit their corrupt fiat, bank, monetary system into an even worse.

anyway, i see most of the cryptos and cbdcs are the same, they are all trackable, and controllable. If no other way, through the bridges between different blockchains. And the owners (gov, bank, big corps) work hard on that to own those bridges. the best example the chainlink, its theirs. how they finance some part most of the crypto exchanges.

illusion of choice :) :) like most of the times... they provide an alternative, what is not really an alternative... pretty much the same.

they perfectly understand it. not a coincidence, or limited knowledge, that they mention cbdc as alternative for crypto. at the end of the day, they dont care which one you use, as it is the same, so they reach their target, anyway.

and yes, there are solution. the privacy coins. they really cant track that, so surveillance addicted, control maniac try to destroy those, and/or find out how to track them. fortunately, there are few, what they never can track.

of course, they will fail, as there will be precious metals instead of fiat money. and that's even much better, you cant print, double precious metals within few years... :) :) 

also not a coincidence, why govs, big corps, banks are buying all kind of precious metals like hell. they want to pull it off, and if they buy enough (i guess it should be 90-95%), people wont use it. and obviously it wont work, but they are going push incredibly high the price of all precious metals, becuase of that.
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@poshthreads ·
https://leofinance.io/threads/@reeta0119/re-leothreads-389gvjdlh
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