Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.
But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.
Topic: CBDCs are created for unemployment purpose - page 3. (Read 729 times)
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?
I doubt that banks really care about that at all, plus I agree that there will still be workers. It's obvious that they are not doing it just for this purpose and people are just overreacting about it. I think it is going to be fine and nothing will change.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?
I mean like literally absolutely nothing will change. I get that some people like to create FUD and think that tens of thousands of people even hundreds of thousands of people will be unemployed because of it, but it will not be like that, I doubt that very much. Banks always need people to work there, otherwise it will not work, even nowadays online banks are hiring so many people, because most workers work behind the scenes and are not tellers for you to talk to.
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.
Displace fiat and traditional banking you mean? What is the different from CBDC and the normal fait system ?
The traditional means of banking has being moved into digital before the launch and introduction of CBDC, which one can make their transactions and execute it without even working straight to the bank everything can be done only, likewise the CBDC they need make use of internet in other for them to be able to complete a single transaction, so how will that make any much of a difference and how will people divert from using their normal banking service which they understand much more better and start using CBDC or is their any form of low to zero fee tolerant for those who are to make use of CBDC
Everything is much more banal and prosaic than you think. All this digital money helps to tighten control over the financial flows of citizens. Only these “managers” never admit this: “Everything is for the benefit of the people.”The traditional means of banking has being moved into digital before the launch and introduction of CBDC, which one can make their transactions and execute it without even working straight to the bank everything can be done only, likewise the CBDC they need make use of internet in other for them to be able to complete a single transaction, so how will that make any much of a difference and how will people divert from using their normal banking service which they understand much more better and start using CBDC or is their any form of low to zero fee tolerant for those who are to make use of CBDC
This doesn't surprise me at all, to be honest. One of the reports said this directly, but then they began to deny it. It's already late. You can't take back your words. From that moment on I have no doubts about this.
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.
I wonder if people will actually accept CBDCs and abandon traditional banking services. A digital currency won't just be able to provide all the services that a person expects to get from a traditional bank and this will surely create hurdles in the way of the central banks of different countries one more hurdle for them will be Bitcoin and cryptocurrencies because people would rather use a decentralized cryptocurrency than using a centralized digital currency.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.
So, this doesn't seem possible to me for now, it might happen in the future but we never know. It is just like the case with AI where people are expecting that AI will soon start replacing humans and takeover their jobs in the future and a lot of people are worried because of that thinking they will lose their jobs.
It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
As bad as banks are CBDCs are way worse than that, not only the state will have complete control of the economy but they will be able to use that control in any way they want, lets suppose you want to buy a pack of cigarettes, if the politicians at the top think this is an undesired behavior then they can simply block that transaction or give you a penalty using a system similar to the credit score that is in place at China, now some may say that smoking cigarettes is bad for your health, and they will be right, but each person should be free to take that choice, and in a world with CBDCs you will not have it, as even if cigarettes were allowed you can only smoke them as longs as the government allows you to do so. Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
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?
I think even if we eliminate cash and go to CBDC there will still be quite some people required to maintain the overall system and moreover I don't expect banking to honestly end even if CBDC comes in so obviously there won't really be massive unemployment just that much which would happen in every sector due to tech and AI coming in. 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?
The op's link gives error 404, but I've found a link to a different media in the thread. Let's not forget that it's not a random neutral country, it's Russia we're talking about. Russia's banking system suffered a lot from international sanctions, and let's add to that that ruble has been gradually spiralling down lately. So, of course, there's a serious motivation here to undermine the banking system, to look for new ways to avoid sanctions like the SWIFT ban, and to work on strengthening local currency.
That shouldn't count as any sort of professional opinion because Russia's a very special case. I don't think it'll help them fight unemployment or effectively avoid sanctions, but it might give a bad reputation by association to CBDC, which to true crypto supporters can turn out to be a good thing.
That shouldn't count as any sort of professional opinion because Russia's a very special case. I don't think it'll help them fight unemployment or effectively avoid sanctions, but it might give a bad reputation by association to CBDC, which to true crypto supporters can turn out to be a good thing.
I just read an article that said: The US is far from making any decisions about the future of CBDC, everything is still just in the basic research stage. It shows that CBDC will not be launched and widely used soon, we will definitely phase out paper money but we really need a lot of time to do that.
I also searched for some related information about AI and maybe you are right about AI. It is putting pressure on some professions, but thanks to the development of technology, we will also create new professions in the future. And as I said, the most important thing is that we must adapt to everything so as not to be eliminated in this harsh life.
https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/
I also searched for some related information about AI and maybe you are right about AI. It is putting pressure on some professions, but thanks to the development of technology, we will also create new professions in the future. And as I said, the most important thing is that we must adapt to everything so as not to be eliminated in this harsh life.
https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/
It may seem a little strange, but it seems to me that the first countries to launch CBDC are not the advanced countries of the developed west, but countries... with totalitarian regimes.
Or aspiring to such an "arrangement". Arguments? Very simple - as I have already said many times - CBDC is not so much about "convenience and decentralization" as about "convenience but total control and management". Any totalitarian power cannot live without total control and restrictions of the population. Total control requires:
- total control over the media
- total control of political parties and currents
- total control of educational and upbringing systems (propaganda from "baby carriage to coffin")
- and total control of finances! Because at the expense of external funding can exist opposition, protest directions, can prepare mass demonstrations and even attempts to oust the criminal government.
If with the first three points, in most rogue countries, everything is already "fine", then with the movement of money - there are problems, and they carry a real threat to the existence of dictators and their regimes. And CBDC solves this problem perfectly
I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.
But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.
There's a transition time when the government want to replace paper money with CBDC, the government can just allow both of paper money and CBDC. But offer an interesting promotion or discount if they pay using CBDC, this will encourage people to use that and sooner or later everyone already use CBDC.But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.
Actually many jobs are eliminated by AI, copy writer is one of the example, this profession now get paid less than before AI comes.
I just read an article that said: The US is far from making any decisions about the future of CBDC, everything is still just in the basic research stage. It shows that CBDC will not be launched and widely used soon, we will definitely phase out paper money but we really need a lot of time to do that.
I also searched for some related information about AI and maybe you are right about AI. It is putting pressure on some professions, but thanks to the development of technology, we will also create new professions in the future. And as I said, the most important thing is that we must adapt to everything so as not to be eliminated in this harsh life.
https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/
It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
From what I understand is that instead of fiat, just based on digital money right? Isn't that what CBDCs are essentially?
I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?
I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?
You don't quite understand what CBDC is. It is a technology that will FULLY replace local currencies (each country has its own CBDC - it is not an "international" product). At the same time, CBDC uses partially blockchain and smart contract technologies. But there is a huge difference - it is a FULLY CENTRALIZED solution, and has a lot of built-in control, blockchain, and tracking mechanisms.
I.e. if in your country, for example, the currency was the rupee, now it will be the electronic rupee, which will be fully and globally controlled by the state. Including the ability to block your funds. So I see CBDC as the biggest evil that awaits us
It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.
From what I understand is that instead of fiat, just based on digital money right? Isn't that what CBDCs are essentially?
I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?
I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?
The page you shared is currently inaccessible.
However, this also makes sense, as the advent of Central Bank Digital Currencies (CBDCs) poses a significant threat to the traditional banking sector. To enhance revenue efficiency, some positions within the banking ecosystem are likely to be phased out. So far, I perceive this opportunity as a cashless currency not substantially different from what we currently use. Nevertheless, I believe the intent behind the establishment of CBDCs by banks is related to the digitization of all transactions.
The CBDC moment still requires time and infrastructure to kickstart, especially if the government envisions a substantial transition, such as wanting CBDCs to be operational when all transactions have gone digital.
However, this also makes sense, as the advent of Central Bank Digital Currencies (CBDCs) poses a significant threat to the traditional banking sector. To enhance revenue efficiency, some positions within the banking ecosystem are likely to be phased out. So far, I perceive this opportunity as a cashless currency not substantially different from what we currently use. Nevertheless, I believe the intent behind the establishment of CBDCs by banks is related to the digitization of all transactions.
The CBDC moment still requires time and infrastructure to kickstart, especially if the government envisions a substantial transition, such as wanting CBDCs to be operational when all transactions have gone digital.
Seems like the article is missing or deleted, the link lead to 404. So, I can't say that I agree or disagree with those Russian Lawmaker, since I don't know the details and the context. But from what I understand, if the government move to Digital Currency then the Bank will moved to Digital Bank, in my countries there are already few Digital Banks, meaning that the banks doesn't actually have an offline service. They have online customer service, they have software developer, and other digital workers, so while CBDC removed some job, it also create new ones.
I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.
But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.
There's a transition time when the government want to replace paper money with CBDC, the government can just allow both of paper money and CBDC. But offer an interesting promotion or discount if they pay using CBDC, this will encourage people to use that and sooner or later everyone already use CBDC.But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.
Actually many jobs are eliminated by AI, copy writer is one of the example, this profession now get paid less than before AI comes.
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?
CBDCS can replace traditional fiat but it is not happening anytime soon. Most economies mostly in developing areas still rely heavily on fiat which comes from the fact that they lack the basic infrastructure that promotes digitalization. Some persons have never used the ATM or any online bank transactions. Traditional banks will still be here for decades to meet the needs of many people. Modern technology doesn't only create unemployment it also creates new jobs. People have always turned against new technologies for fear of losing their jobs because they are unaware that new technologies come with new jobs and opportunities. There was this fear that AI would make many people jobless but the technology is opening bigger and better job opportunities. I am sure the government will take preemptive actions before making traditional banks obsolete to avoid mass retrenchment. 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?
I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.
But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.
It is possible that it would make people unemployed, but mostly, I've noticed that when there are innovations like this, they will be transferred to another office and trained on doing them. Though there is a real possibility that it will be the end of traditional banking or, if not, that only a few employees will operate it, But their main reason for it is really having control of our assets in the form of digital assets, so it has no connection to the purpose of just making those people unemployed.
If you look at countries with no freedom you should understand how far the government will go to restrict your control on life. Why would they do anything different with CBDCs? They would not. If the people are not in charge then a small group of government is. This is why a CBDC must always be considered a potential tool of the government. Take a look at China, with their control over people, their money and their privacy. CBDC's are exactly the type of tool created to compliment such a tyranny.
In other words, if it sounds like a duck and looks like a duck then it is probably a duck.
Of course, CBDC is being created for even more control, this is obvious, digital currencies will allow governments to do what they cannot do with fiat. Regarding China, you are right, you can see how actively they are trying to introduce a digital yuan.In other words, if it sounds like a duck and looks like a duck then it is probably a duck.
As for the OP’s question, will this entail additional unemployment due to the cessation of the work of private banks, I don’t know, maybe this will not happen, the system must adapt to this and the main goal of this is control, not an increase in unemployment. The fact that China is at the forefront of this issue is probably a good thing, since we will be able to see the consequences of this in another country.
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?
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 , unemployment, Russian legislation ... Such a wild mix
Well, let's go in order:
1. CBDC is a mechanism whose sole and main purpose is to replace loosely controlled fiat currency (fiat/cashless currency) with TOTAL control of money movement. Who does not agree - I recommend you to study the subject, the functionality and other things related to CBDC. It already says - blockchain technology and cryptocurrencies have spawned a MONSTER.
2. CBDC does not affect unemployment in any way. Only control !
3. Russian legislation is like an endless sado-maso-comedy series
You should read what crap they generate and what goals they actually pursue. And how "beautifully" they present the most idiotic solutions Jump to: