Digital Currency

[kdog]

It seems to be the wave of the future. Better buy up some precious metals and food.

These are still early days for CBDCs and we don’t quite know how far and how fast they will go.  What we know is that central banks are building capacity to harness new technologies—to be ready for what may lie ahead.

 
If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability, and lower costs than private forms of digital money. That is clearly the case when compared to unbacked crypto assets that are inherently volatile. And even the better managed and regulated stablecoins may not be quite a match against a stable and well‑designed central bank digital currency.
 
We know that the move towards CBDCs is gaining momentum, driven by the ingenuity of Central Banks.
 
All told, around 100 countries are exploring CBDCs at one level or another. Some researching, some testing, and a few already distributing CBDC to the public.
 
In the Bahamas, the Sand Dollar—the local CBDC—has been in circulation for more than a year.
 
Sweden’s Riksbank has developed a proof of concept and is exploring the technology and policy implications of CBDC.
 
In China, the digital renminbi [called e-CNY,] continues to progress with more than a hundred million individual users and billions of yuan in transactions.
 
And, just last month, the Federal Reserve issued a report that noted that “a CBDC could fundamentally change the structure of the U.S. financial system.”[url=https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency#_edn1][/url]
 
As you might expect, the IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs.

https://www.imf.org/en/News/Articles/202...l-currency

[hounddoghowlie]

It seems to be the wave of the future. Better buy up some precious metals and food.

These are still early days for CBDCs and we don’t quite know how far and how fast they will go.  What we know is that central banks are building capacity to harness new technologies—to be ready for what may lie ahead.

 
If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability, and lower costs than private forms of digital money. That is clearly the case when compared to unbacked crypto assets that are inherently volatile. And even the better managed and regulated stablecoins may not be quite a match against a stable and well‑designed central bank digital currency.
 
We know that the move towards CBDCs is gaining momentum, driven by the ingenuity of Central Banks.
 
All told, around 100 countries are exploring CBDCs at one level or another. Some researching, some testing, and a few already distributing CBDC to the public.
 
In the Bahamas, the Sand Dollar—the local CBDC—has been in circulation for more than a year.
 
Sweden’s Riksbank has developed a proof of concept and is exploring the technology and policy implications of CBDC.
 
In China, the digital renminbi [called e-CNY,] continues to progress with more than a hundred million individual users and billions of yuan in transactions.
 
And, just last month, the Federal Reserve issued a report that noted that “a CBDC could fundamentally change the structure of the U.S. financial system.”[url=https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency#_edn1][/url]
 
As you might expect, the IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs.

https://www.imf.org/en/News/Articles/202...l-currency

aWhen the governments get into, and you piss them off or for some other reason or another wind up on some list, with a push of a button you'll be a broke dick MFer.

I still like cash and use it more than my debt card.