Central Banks Currencies: Good and Bad. – Svjatoslav (Svet) Sedov
During past year Central Banks Crypto-Currencies have become much less exotic topic in mass medias and some members of my Group ( https://t.me/joinchat/I5eQ-A6FSC2vXg_PNgFwJw) started to pay closer attention to this subject.
Here I publish my answers to following of the Kyle White’s questions from his spreadsheet (https://docs.google.com/forms/d/e/1FAIpQLSee1Lg_OwEFFD_bUQENXBwQceffae3i7xUsaJCgIBJVjW9Ncw/viewform) : “Increased access to cryptocurrency is generally viewed as a positive for Bitcoin A) Do you consider central bank digital currency (CBDC)’s cryptocurrency? and B) With the governmental barriers present in accessing CBDCs, will Bitcoin and crypto access be expanded or constrained?”
A) The matter is unsettled. Most in crypto-community would probably answer “no” to this one. However, we might also argue that it depends on the consensus algorithm used and the number of independent nodes in the network. Generally speaking it’s difficult to imagine why any central bank would want to design a currency, which won’t be a subject of the direct control (either by one or several entities).
B) It’s difficult, of course, to predict what future barriers for crypto-currencies mass adaption will be mounted by various governments agencies across the world Until recently all those efforts have proved to be only marginally effective — slowing but not stopping spread of crypto.
Publics access to on-ramp platforms has already been made excessively (in some countries prohibitively) difficult. However, despite all those artificial measures, we still see a growing adaption consistently beating pessimistic prognosis.
Naturally, we haven’t yet seen bureaucracies of most G20 countries (with exception of India and China) deploying their weapons of crypto-business mass-destruction (like 100% bans and individuals’ criminal persecutions on grand scale). All what we have witnessed so far are mostly half-hearted attempts to tax or to talk us out of existence.
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Published at Mon, 03 Feb 2020 03:34:28 +0000
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