CBDCs won’t entirely replace cash if the US Fed gets its way
The U.S. does not want cash to go extinct in the presence of a CBDC, according to the Fed’s chairman. Many expect that a time could soon come when central bank digital currencies, or CBDCs, replace physical dollars once and for all. Comments from United States Federal Reserve Chairman Jerome Powell, however, indicate that this may not be the case.The chairman’s comments were filmed and later shown at an event in Switzerland on Thursday, according to an article from Bloomberg. The Committee on Payments and Market Infrastructures put on the event. In his talk, Powell mentioned that the U.S.....
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Tether chief technology officer Paolo Ardoino claimed CBDCs would primarily replace the age-old payment systems and utilize private blockchain as a modern and cost-controlled tech infrastructure. Paolo Ardoino, the chief technology officer at Tether, believes that the growing developments around central bank digital currencies (CBDCs) globally wouldn’t really impact the role of private stablecoins.Ardoino shared his two cents in a Twitter thread on the growing discussion around CBDCs and what their role could be in the current payment system. He said CBDCs would only replace the age-old....
Deutsche Bank has called on Europe to accelerate the development of central bank digital currencies. Deutsche Bank, the largest banking institution in Germany, is confident that central bank digital currencies, or CBDCs, will replace cash in the future.The bank’s research arm, Deutsche Bank Research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic. Titled What We Must Do to Rebuild, the new edition was released on Nov. 10.In the report, Deutsche Bank states that the ongoing COVID-19 pandemic has accelerated the....
CBDCs won’t fundamentally be changing anything — central banks still want to control your wealth and your money. Mark my words: Governments and central banks will never care about your wealth and your privacy as much as you do. That reality is exactly why central bank digital currencies are dead in the water already.They say if you can’t beat them, join them. That’s exactly what CBDCs are attempting to do. They want to join the party that is cryptocurrency without actually giving their citizens the privacy and democratic freedom a truly decentralized digital currency provides.In a recent....
The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument […]
The constantly growing Bitcoin technology could replace cash in Australia within a decade, believes Professor Rabee Tourky, the Director of Research School of Economics at Australian National University. As per his prediction, the Australian government could one day start minting its own digital currency in this ever-growing digital world. "In 10 years' time there won't be any paper cash," the economist said. "The big question is what's going to replace it in Australia? Will it be Bitcoin? I don't think so. More likely it will be 'AusBit', an Australian government issued digital cash."....