|
|
|
|
|
|
by hocuspocus
1379 days ago
|
|
|
What you want is instant interbank settlements that have existed for 20+ years in some places. The scope of CBDCs is way broader than that. If no commercial bank is impacted by a CBDC then it wouldn't be a central bank digital currency, just a digital currency, and that's already the case for most of the money supply. If you use the term CBDC you're implying that the central bank would oversee a much bigger part of the money creation. |
|
|
Commercial banks will be impacted --- in a good way. Interbank transactions will take place instantly 24/7/365 at zero cost.
Consumers will be impacted too --- in a good way. They'll be able to transfer money from their bank account to merchants, friends and family instantly 24/7/365 at zero cost --- no delays, no fees, no processors, no paper forms, no middlemen --- something that never existed before --- at least not in the USA.
Basically, a CBDC will make it possible to add digital wallet functionality to all bank accounts.
Like it or not, a CBDC is coming. The financial case for it is overwhelming.