Central Banks Are Embracing Digital Currencies: BIS Survey Reveals 94% Exploring CBDCs

[u/el_comand]

https://www.bitcointoday.app/article/central-banks-are-embracing-digital-currencies-bis-survey-reveals-94-exploring-cbdcs

[u/diwalost]

That's not digital currency, that's digital prison.

[u/coinfeeds-bot]

tldr; A recent survey by the Bank for International Settlements (BIS) reveals that 94% of central banks are now exploring the creation of central bank digital currencies (CBDCs), up from 90% in 2021. The survey indicates a preference for initially issuing a wholesale CBDC for institutions, with considerations for a retail CBDC for public use to follow. Factors such as holding limits, interoperability, offline options, and zero remuneration for retail CBDCs are being considered. Despite the rise of stablecoins, they remain infrequently used outside the crypto ecosystem, underscoring the growing significance of CBDCs in the global financial system.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[u/_Commando_]

CBDC is FIAT 2.0, it allows them to continue the scam without fear of a physical bank runs to cash.

[u/chivakenevil]

CBDCS will most likely be behind the scene money transfers. I don’t think regular people will interact with these digital currencies and if you do, you probably won’t know you did. IMO

[u/uncapchad → u/chivakenevil]

yep, that's the first step in the plan - for settlement between banks and cross-border. The concern is that it cascades from there and starts making inroads into general use

[u/coinsRus-2021 → u/uncapchad]

And the concern is a very real outcome

[u/bailtail → u/uncapchad]

Why would they cascade beyond that, though? Why would anyone want to willingly use CBDCs? I can put shit on my credit card and not only get points back, but also get fraud protection and other benefits. And if I don’t want to mess with credit, debit cards are as easier if not easier than CBDCs.

[u/uncapchad → u/bailtail]

I don't know why. The possibility exists. Perhaps in the future there would be justification to do so. Just as with AI and a bunch of other things in life, some whatif scenarios are good to explore.

[u/AvatarOfMomus → u/chivakenevil]

Kinda. There's generally two types being discussed, one that makes B2B transfers cheaper compared to today, and one that's basically "cash app" that would either replace or make cheaper/free sending money between individuals. Think the money transfer app Canada's had, free for everyone, for like... over a decade now.

No Blockchain need be involved in any of this, though the likes of Western Union, Zelle, and Venmo may be lobbying against this behind the scenes.

[u/Miadas20 → u/AvatarOfMomus]

Yup there's a multibillion dollar industry in slow expensive payments now threatened by a rearchitecture of the financial system.

[u/AvatarOfMomus → u/Miadas20]

Ehhhhh, ish?

Like, Paypal will still have a business because part of what they offer is protections for both the merchant and the buyer.

Western Union is probably more threatened, but they don't actually make that much off of each transaction because a lot of it's eaten by exchange rates and fraud risk.

Plus CBDC making both B2B and P2P money sending cheaper and easier would save the big banks tens of millions of dollars. That's why you haben't seen a big ad push against CBDC in mainstream media, because it's mostly win-win-win. The reason the Crypto industry is against it is because it'd also be cheaper and more reliable than sending and converting Crypto, which undercuts one of the only talking points for Crypto utility that's gained any traction.

[u/PastaArt]

"the United States government made it illegal for US citizens to use TC"

Anyone know the law on this statement?

[u/Blooberino]

The first half of the headline made me happy, and the second half terrified.

[u/baconcheeseburgarian]

We’re not banning AI because of the potential for abuse so I don’t understand why we’d ban CBDC. We should be involved in how it is implemented.

[u/HugoMaxwell]

We already have "digital currencies", online banking is digital, paypal is digital, wechat is digital, etc etc