RBI itself cannot ban, but Parliament can; however nobody knows what the blockchain is and how it works. Indian government still have plans to bring its own Digital currency, but it is looking at all opportunities; it may ban other cryptos, or may allow them as asset and levy tax, or may leave them for long.
If you want your coins to remain safe for you and not never want volatility to halt it down for you then you should go for centralized coins like the USDT (Tether) Chinese Digital Yuan (CBDC), BUSD etc. This kind of coins are stable coins created in more centralized way, in which the creators monitors the progress of every transactions that passes through each of them.
It will stand on its own accomplish the purpose why it is created. I don't see it too superseding the achievements of Bitcoin in the future, BTC will always be the number one coin in the world. I don't even fancy this digital Yuan being adopted much beyond the Chinese region cos the rest of the world aren't looking for a centralized coin to secure their asset from volatility, rather a coin that will bring future financial success.
Yes.... That's why I hold the opinion that their movements of establishing this new centralized digital currency will eventually prepare a soft landing for the successfulness of Bitcoin in most countries. I do not see their initiation of this digital currency to supersede Bitcoin or outshine it. It's just one of the challenges to face Bitcoin but it will surely survive through it.
Lol, the politicians here in our country should go get the centralized currencies in the digital ecosystem, cos we aren't going for it. We are simply heading to the decentralized currencies that is volatile which we are sure of making money with in the long run and not the ones we aren't even sure to make cents with in the next five years.
Their efforts would mostly be wasted. Perhaps, it's only some rookies in the ecosystem that would go for the centralized coin and I view that to be a loss. Whatever the government has an hand in or generally control, doesn't really favour the masses, this is how it will be in Nigeria. The centralized digital currency will be for the politicians lol
I don't see myself investing around centralized coins it isn't given me the kind security I want and return of investment (ROI) which I desire to earn around Cryptocurrency. No trader or investor that will go for centralized currencies that isn't even volatile in nature just representing Fiat currency in the digital way. I prefer holding my Cryptocurrencies for long until profit comes in.
Definitely, professional crypto enthusias or wise crypto traders won't even look those decentralized digital currencies twice.....As they know the market or the ecosystem will be purely manipulated and rigged, which won't even favour any regular trader except themselves. What they are doing is going to further boost Bitcoin's career lol
That's just it. They have grown frustrated with Cryptocurrency that's why they're simply developing their own coin in a centralized way and not like encrypted coin. China is the first country to have developed their own CBDC, others will be emulating that if they can. But such coin won't attract worldwide acceptance cos their is no chance for profit there.
Okay, its good I'm hearing this directly from as an Indian. I hope the saga of Indian Cryptocurrency drama settles down either by embracing it wholeheartedly or creating their own CBDC like China did. If they'll also keep crypto and form their own digital currency it will prove more sense, that's where it will be worthwhile. The people will have double option to convert crypto to CBDC and also CBDC to crypto.
Okay, I understand that India have brought such notion long ago together with the Chinese. I've heard news of Chinese feeling disillusioned around Cryptocurrency earlier in the year same with India. That's why i thought China first felt bemused around Cryptocurrency. But since they've taken the decision to cancel out Cryptocurrency and launch their own coin CBDC I'll say their step have counted reality first.
Anonymity is one of the doctrines of Bitcoin, without anonymity Bitcoin is almost nothing. I don't see how you will succeed as a crypto enthusiase without accepting decentralization in cryptocurrencies. I think we need to know how cryptocurrencies work before engaging into it. And we have to know that Centralization contradict or conflict the existence of Bitcoin.
That's just it, the centralized currencies won't help dying Fiat currencies of the countries who is opposing Cryptocurrency to add value, No. Rather it will only increase payment online just as you suggested. I don't see any reason why they'll feel disillusioned around the decentralized coins whose transactions are simply anonymous with better chances of profit than the so-called centralized digital currencies.
