CBDCs are created for unemployment purpose

AmoreJaz

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Quote from: shinratensei_ on July 08, 2024, 09:56:35 PM

Quote from: Argoo on July 08, 2024, 11:38:14 AM

Apparently, a certain reduction in bank employees is associated with a decrease in the volume of cash and an increase in the volume of electronic and digital money. The coronavirus pandemic greatly accelerated this process when it became clear that paper money could be a source of its distribution. But paper money still shouldn’t disappear. This is not good for either the state or the people.

CBDC is the next stage in the development of money, the development of the state fiat money system. The emergence of CBDC, in my opinion, will not significantly affect the unemployment rate in countries.

agreed, bank already done with reducing employee through the craze of digital money, right now they are just seeking for a better system overall and the implementation of CBDC i bet won't be that much of a variable that could affect the employment rate, it will replace some indeed but doesn't necessarily the banking industry would cast aside all the employee.

it's akin to improving the efficiency of company, eliminating the unneeded workforce, but it will still cause unemployment regardless.
after all, with the advancement of technology, human will have fewer places, bitter truth.

The advancement of technology indeed displaces some of the human workforce. Not only in banking industry but all the other industries that employ digital tech within their operations. This tech actually improve the efficiency of their system, and reduce the human error, hence, being productive of what they do. It can cut production costs as well as other operational expenses.

Now, if we talk about the CBDCs. It is created not because the government want to reduce the workforce but it is more on adapting this current technology that is getting popular owed to the emergence of cryptocurrencies. They are seeing the benefits of digital money and how a transaction can be fast, cheap and transparent.

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Quote from: Argoo on July 08, 2024, 11:38:14 AM

Apparently, a certain reduction in bank employees is associated with a decrease in the volume of cash and an increase in the volume of electronic and digital money. The coronavirus pandemic greatly accelerated this process when it became clear that paper money could be a source of its distribution. But paper money still shouldn’t disappear. This is not good for either the state or the people.

CBDC is the next stage in the development of money, the development of the state fiat money system. The emergence of CBDC, in my opinion, will not significantly affect the unemployment rate in countries.

agreed, bank already done with reducing employee through the craze of digital money, right now they are just seeking for a better system overall and the implementation of CBDC i bet won't be that much of a variable that could affect the employment rate, it will replace some indeed but doesn't necessarily the banking industry would cast aside all the employee.

it's akin to improving the efficiency of company, eliminating the unneeded workforce, but it will still cause unemployment regardless.
after all, with the advancement of technology, human will have fewer places, bitter truth.

Argoo

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Quote from: tread93 on September 13, 2023, 09:07:49 PM

Sadly they have already made the moves to downsize the banking locations for most all banks. Reduce the work force and replace them with automated tellers. Stopping acceptance of coins and issuing coins out in public and private banks as well has allowed banks to downsize and basically nearly reduce banks down to just a location with a few machines in them.

Apparently, a certain reduction in bank employees is associated with a decrease in the volume of cash and an increase in the volume of electronic and digital money. The coronavirus pandemic greatly accelerated this process when it became clear that paper money could be a source of its distribution. But paper money still shouldn’t disappear. This is not good for either the state or the people.

CBDC is the next stage in the development of money, the development of the state fiat money system. The emergence of CBDC, in my opinion, will not significantly affect the unemployment rate in countries.

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Quote from: Queentoshi on November 28, 2023, 03:00:32 AM

Quote from: _act_ on September 06, 2023, 06:57:12 AM

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

What I think is that it may reduce employment in the traditional banking sector, it will not completely displace all the workers. There will still remain traditional banks for the people who will not abandon cash for CBDC. It may require some new kind of workers with special skills like ICT and then communication for customer relations like customer service to handle all the customer complaints and offer help to customers seeking help with their CBDC. Some people will remain employed still.

Who are the ones behind both the CBDC and the traditional fiat currency, are they not the government, can we control them or have any influence towards their decisions made, what they will always do are things that will go along in their favour, what's the impact of getting employed under a centralized financial institutions and yet you can have anything to show for being employed over years, not even to buy a car or build a house from what you do, bitcoin has come with diverse opportunities both in employment and in financi independencies.

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Quote from: _act_ on September 06, 2023, 06:57:12 AM

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

What I think is that it may reduce employment in the traditional banking sector, it will not completely displace all the workers. There will still remain traditional banks for the people who will not abandon cash for CBDC. It may require some new kind of workers with special skills like ICT and then communication for customer relations like customer service to handle all the customer complaints and offer help to customers seeking help with their CBDC. Some people will remain employed still.

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In the future maybe but for now traditional banking system still have a very strong hold in the financial system and 90% of the world's population still rely heavily on the banking system to facilitate their business or personal transactions.
For now I would say it is probably a handful of people that are really transacting with CBDCs, so if at all this will happen, it will take a long time.

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Quote from: n0ne on September 14, 2023, 06:26:08 PM

Agreed, CBDC were just the digitization of the fiat and their is no backing which makes it not able to be lended for bank interest and other purposes. When we talk of traditional fiat we've got gold as the backing for the fiat. Here nothing backs and for the better managing and administrative need countries try to use CBDC.

CBDC is a tool for TOTAL control of your money. More precisely, they will cease to be yours as such, because you will not be able to “hide” them from the state. Read about what technologies are included there. These are totally controlled, and what is most unpleasant - state-managed assets. There is no longer any need to seize your accounts in different banks, conduct a search and confiscate them from your safe... The wallet linked to you is marked with a “black mark”, and not a single cent can be transferred from it!

We will see the first “successes” in China. Where there is already a system of ranking residents into good and not so good (“social rating”), and China is one of the first to now test the concept of CBDC as a higher level of control of citizens. You spoke out against the “right path indicated by Comrade Xi Jinping” - and your wallet is blocked, you are unable to pay for your lunch...

CBDC is the evil that blockchain technology gave birth to, blockchain technology is born for freedom and independence....

Argoo

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Quote from: _act_ on September 06, 2023, 06:57:12 AM

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDC is one of the types of government non-cash money, and it is very promising for development. A digital CBDC will likely only partially replace cash due to its ease of use and the high cost of maintaining paper money. But this is a very long process and we do not know for sure how it will end. In my opinion, we need different forms and types of money. Universal money has not yet been invented. While each type has its own advantages and disadvantages. This means that they all still have the right to walk.

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I don't see the logic of how cbdc became a way to help unemployment when most people in this industry know that cbdc is supposed to be replaced by fiat, right? As for the unemployment that the CBC will create, Or maybe I just misunderstood.

There are many ways to help people with the unemployment problem because there are also many companies that can look for workers to reduce the average percentage of unemployment, right?

So from what angle can the CBDC help with unemployment? Please enlighten me. Thanks.

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Quote from: davis196 on September 13, 2023, 04:52:34 AM

Traditional banking helped in creating employment not because many people are employed in the banks. It helped in creating more jobs because fractional reserve banking created artificial capital and the banking system provided affordable loans for the businesses.
I don't believe that CBDCs will gradually displace private banks because somebody still has to evaluate which people and business are suitable
for getting a loan and which ones aren't. I don't think that AI is capable in replacing the humans, when it comes to such evaluation.
CBDCs are created to be an addition to the fiat banking system, not to replace it.

That is definitely logical but that doesn't mean that CBDC would prevent that, not only banks would keep employing hundreds of thousands of people even if it's all CBDC one day, they will also keep giving loans as well because how else they are going to make a profit.

This is a good idea and it certainly deserves a good logic. I believe that this will not change a thing because we are changing what we call it, but the thing we are dealing with is the same thing and that means if we are doing the exact same thing, why would we have any different result. Only thing that will change for the time being would be the online banking getting more popular, so the need for workers could get lower even with fiat as well.

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Quote from: Inwestour on September 14, 2023, 05:57:11 AM

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

It actually doesn’t sound absurd and I think it’s also not that different from what is currently happening today. With fiat currency today, banks could seize your money deposited in your account or withhold it simply at the request of some certain government agency.

Government seeks to influence, if not outright control more of the lives of its citizens and with CBDCs, it would be a great step in that path.
Government could also use tools like this to punish citizens who are seen as dissidents.

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Quote from: Negotiation on September 12, 2023, 03:26:01 AM

At this stage the use of CBDC is not very high normal digital payment systems cannot achieve anything that a CBDC can. But with the introduction of stablecoins this has largely changed but CBDC will take that space into competition with its innovative model. It will appear to users like any other digital payment service but since the CBDC will be a direct liability of the central bank it will be more secure and will not rely on any defaults while routing money through bank deposits. The market has become uneasy this is why central banks are taking CBDC as a defense tool against central banks becoming the sole issuer of currency.

I would guess that it is not that easy to make that type of deduction just yet. We need to see a proper CBDC to see how it is and how it's done and how it's managed in order to keep it going. Otherwise it's not going to be that simple but that doesn't mean that we can make a judgement today. Stablecoins exists, and CBDC doesn't exist so we can't just compare something that is and something that isn't yet.

Let the governments do whatever they want to do and they will know what is right for them and when they do that we as the citizens will get to do something that will help us by checking it out. I personally do not plan on getting any at the start, but after a while if I see everyone using it, I may consider it.

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Quote from: Inwestour on September 14, 2023, 05:57:11 AM

Quote from: Uruhara on September 13, 2023, 06:20:39 PM

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. Grin

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

If we talk about a possibility that could happen in the future, then anything could happen, including what you said. And if that happens then it will indeed be quite scary. Even now, Fiat has been regulated in such a way by a centralized government. It's just that transparency in fiat is still difficult to see. In contrast to CBDC, transparency can be seen more clearly. It's just that the government can see and control our assets more freely. But I don't think it will go as far as you say. But in this case CBDC can also have a positive side. That is, everyone who works in government will also find it quite difficult to commit corruption. Because their financial traffic will be recorded clearly and can be accessed by everyone by looking at the Blockchain. The point is there are positives and negatives to this. And we must be prepared for all possibilities that will occur.

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Quote from: safar1980 on September 14, 2023, 05:06:24 PM

Quote from: bayu7adi on September 14, 2023, 01:14:35 PM

From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

If CBDC is going to be used forever, then why are banks needed?
Russian CBDCs are prohibited for lending and for any interest-bearing deposits. You will not receive anything for storing CBDC. If CBDCs are used in banking in your countries, then you will do worse.

Agreed, CBDC were just the digitization of the fiat and their is no backing which makes it not able to be lended for bank interest and other purposes. When we talk of traditional fiat we've got gold as the backing for the fiat. Here nothing backs and for the better managing and administrative need countries try to use CBDC.

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Quote from: bayu7adi on September 14, 2023, 01:14:35 PM

From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

If CBDC is going to be used forever, then why are banks needed?
Russian CBDCs are prohibited for lending and for any interest-bearing deposits. You will not receive anything for storing CBDC. If CBDCs are used in banking in your countries, then you will do worse.

bayu7adi

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From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

bittraffic

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They could be saying it's for the unemployed because of the Universal Basic Income (UBI) that CBDC can easily distribute to those unemployed but it's also for the employed people and the company will also be using the CBDC to send out the wages of their employees.

CBDC is for all. But obviously, the app will force everyone to use the CBDC, or else, you won't get a salary and it's meant for collecting our data. We are heading to a dystopian world. Where we own nothing and be happy Grin

Aanuoluwatofunmi

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To someone like me who really believe in what can be achieved through bitcoin adoption to individuals and as a collective benefits each person can have as a result if its adoption, if some people are saying that CBDC could actually provides with employment then it is very important to know that not every employed individual is rich and been successful, but bitcoin can make one turn rich and amass wealth for the benefit of adoption which CBDC cannot do.

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Quote from: Uruhara on September 13, 2023, 06:20:39 PM

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. Grin

Banks are businesses that will always think only about profit, when they see that cryptocurrencies cannot be fought or killed, even with government regulations, they will adopt the system of cryptocurrencies themselves, they will continue to work hard to convince their customers that they are friends of society, not enemies of society.

for the problem of unemployment, i don't think banks will contribute to high unemployment in the future, but the growth of technology itself will create more and more unemployment in the future, i once read an interesting paper that said that when one type of job disappears, a new type of job will emerge, don't give up hope, there will always be a bright future for those who keep trying.

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Quote from: Inwestour on September 14, 2023, 05:57:11 AM

Quote from: Uruhara on September 13, 2023, 06:20:39 PM

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. Grin

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

I don't think it sounds too absurd, because centralization and overcontrol are exactly what authorities want over their citizens, so there will never be threats and disorder against the regulations enforced inside national territory. From the moment your money is in CBDC on, there is nothing else you can do besides praying that the government doesn't create any excuse to seize your funds. For me it's clear, and I would try avoiding CBDCs at all costs. Thankfully we still have Bitcoin and paper money, so there are still viable alternatives to avoid financial tyrany.

Topic: CBDCs are created for unemployment purpose (Read 737 times)