There's a lot of fear around CBDC's these days and as they're already being tested in some countries, people think it's a reality just around the corner in their home country. It's true English PM has already spoken about it and is likely favorable to its implementation. They're already operational in Nigeria and China, so it's no longer about a conspiracy theory on some blog, it's already here. But if you talk with normies on the subject, one of their first questions about it is: isn't money already digital? Why do we need that? And that's just the first problem these centralized instruments will find, the public won't just take it by decree/ fiat. Why should they stop using what they already have? Changing a system requires some type of consensus with most actors in order to roll it, and that leads to another problem. What will commercial banks do with a model that cuts them out of the loop. As I see it CBDC's allow users to have an account directly with the central bank and that would leave commercial banks out of business for most of the work they do today. And banks being so powerful, will they play along with it? I really don't see it. Being forced to use a shitcoin issued by a central bank really feels like a nightmare scenario... So maybe that's exactly why it won't happen, or at least I hope so.
Why Cbdc may fail
Cbdc adoption rate in Nigeria is far lower than Bitcoin's in Salvador. Freedom money win however it doesn't mean that Cbdc may not hurt people badly.
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There is a discussion iniciated in the link below about why CBDCs could be the faster way to HyperBitconization. Even my grandma will opt out of the CBDC and start looking for alternatives once she realizes about the control of the CBDC.
The CBDC is a perfect tool for an authoritarian country like China, but it doesn't have place in modern world.
Now, for Banks to send monies between them and with central banks, better than using swift... Sure, they can do whatever they want, but they are not going to be able to impose it to the people
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Not a hot take, but... IMO, CBDCs will only work in the west if they're rolled out through the post office giving everyone a postal banking account and/or allow people to integrate their wallets into an existing bank, credit union, or even a neobank like Revolut or PayPal.
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