They need a faster way to transfer the money to their citizens is one of the biggest reason for developing their own digital currencies. Other nefarious possibility is for them to control their citizens although this is just a wild speculation and it is still far from true. The good thing about CBDC is that it alleviate inflation due to continuous print of fiat currency.

Some things to consider:

• CBDCs specifications complement the need for control and easier access to alteration on money supply to stimulate the economy.

• Due to its existence within the digital realm (or whatever), it is easier to keep track of it and store it, making the government's job a lot easier for taxation and legal purposes.

• It's the new fad. They might just get into it before other people can and capitalize this 'innovation' for their popularity within their constituents for a re-election or something.

There are tons of reasons why they want to push through with CBDCs, and there are also countless of threads that tackle just that. These things above are just some of those I can think off the top of my head.

i don't know why you think they are "rushing" to build their own coin but i have seen a couple of them struggling to get the project to start for a while now. i believe i saw the first one over 3 years ago. so far we haven't had anyone even being close to finishing, some of them realized it is a pointless effort as people aren't going to go for it any more than they go for the banks already and they can't compete with the decentralized money aka bitcoin.

so they are just a threat to their own pocket since it costs a lot for them to create it.

CBDC is much easier to use and track, especially in current circumbstances, but it's not even crypto, it's just digital currency. I wouldn't trust it anyway

CBDC is never a threat to bitcoin. Bitcoin is created for anonymity and decentralization while CBDC is totally controlled by the bank. Bitcoin offers people the chance to escape the reality that every is centralized by the government and banks. Therefore, even though central banks are rushing to publish their first digital currency, many people on this forum and other forums will continue to support bitcoin no matter what the situation is. People are free to choose what they want, either bitcoin or CBDC's digital currency

If you have a choice, will you choose bitcoin or will you sell your identity with a cheap price? Its your own making and make a choice which brings you happiness

They just don't want to be left behind now. The Chinese digital Yuan is already in operation, if they let it spawn it will likely be the first to dominate in the new market economy. Each CBDC has to produce its own now to make sure there will be a balance.

The cryptocurrency they are releasing though is very centralized as its meat for the citizen of the country.  Its not a threat to BTC but it's definitely a good sign that BTC and all other crypto can be accepted.

Maybe it could mean they are seeing the future of cryptocurrency and they could think it is a strong competition to fiat and having it can make it look like already adopting the cryptocurrency. The banks are already playing along with digital currency, so it may not be difficult to adopt.

It's not and CBDC will bring a good impact for bitcoin as the institutional investors will be having a convenient way for them all to buy crypto. CBDC has become a solution for the development that is happening in financial technology in a centralized entity like a central bank.

The central bank didn't wanna leave behind the fast development that is happening in the crypto and blockchain. I saw that there are so many people who have started to adopt crypto. Crypto can be a threat to central the bank as it can make its service becomes obsolete. The bank in a hurry to follow the development in crypto especially to create its own digital currency.

I don't think it will be a big threat to bitcoin, on the contrary, it might help crypto in general as it might wake up the curiosity of the masses and peak at what bitcoin is. They are developing their won digital currencies for their own used only, meaning it won't be a public ledger.

The threat is that when central banks around the world look at bitcoin as a tool by criminals, hence the hard line stance. But it seems that they have accepted the fact, and what they are doing is just putting some regulatory framework. So I think this is good as it gets, we meet them in the middle ground.