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by dalbasal 2071 days ago
So.... I'm lost. What is a Central Bank Digital Currency?

The article he links is pretty corporate-speak. Can anyone translate? What's in the seeming boilerplate now that wasn't there before. Why are they excited about it and how does this mean they can do more stimulus?
3 comments
afrojack123 2071 days ago
A central bank digital currency is like the system China has in place now. International payments are a different and challenging issue for central banks because blackmailing, drug dealing, gun running, and hostage situations that occur between nations can not have their money cancelled by the opposing nation.
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anm89 2071 days ago
These "digital currencies" are simply new types of bank accounts where retail consumers can hold money at central banks. They are no more digital than any other bank account.

They have absolutely nothing to do with crypto either.

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dalbasal 2070 days ago
..are are they a "currency" in any augmented way, or is it just currency as it is now?
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anm89 2069 days ago
The only currency involved in a digital dollar is USD. There is no new currency proposed here.

The thing that makes an existing dollar digital is being in a new type of bank account that is held by the fed instead of a retail bank. So this is an new type of bank account, not a new type of currency.

I do a youtube channel on monetary issues and my last video was specifically on this topic. Feel free to check it out if you are interested

https://www.youtube.com/watch?v=n9qnhV9SAyg

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Capira 2071 days ago
tl;dr: more surveillance and financial oppression because corona.
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