CBDCs are created for unemployment purpose - page 6.

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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?

I think one of the reasons why cbdc won't have a significant adoption in the economy is because nobody (even government) wants a banking and financial system crisis.

Cbdc has the potential to displaced banks. But governments won't allow that, because nobody wants that to happen.

Maybe in dictatorships like China and Cuba (maybe russia) we see more adoption, but I personally don't think cbdc will go very Farr in democracies..

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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?

There's likely possibilities that digital currency will take over the traditional fiat note with time but am not sure this is going to happen with CBDC because that's not the answer to the people's request, what they want is not a digital fiat currency which is also centralized but a decentralized network that would place the users priority first in using the monetary system and grant what they want, i also see that CBDC will rather render some people unemployed since most of the work force needed in fiat currency hard notes are done in physical appearance while and digital currency like CBDC will make many of them looses their job since everything is mostly programmed on the digital network and there's no dealings with fiat notes for us in making transaction as before.

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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.

Central banks are tools of governments to create more inflation. Banks can create more jobs but can cause unemployment too. When bank system has serious problems with many banks go bankruptcies, a national economy will be affected a lot. You will not be able to say banks are creating more jobs in that economic chaos.

Quote

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

If they want, they will do this. Simply because CBDC is created by government and if they want to end lifespan of their fiat currency, they can do this. However, there are many factors to consider because if the whole world still use fiat currencies, only Russia will not want to quarantine themselves from global system. Even the Russia invasion in Ukraine changed a lot of things in their economy and bank system.

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In the best-case scenario, this will happen decades from now because it is not logical at all to think about changing the traditional banking system in our world today, which is still governed by banks and major financial institutions.
CBDC coins are a new form of digital copy of fiat money, and their issuance is like the issuance of script money that is supposed to have a cash reserve from which to derive its value. It is expected that the matter will become dangerous if banks succeed in issuing their own CBDC currencies, because this will create unhelpful diversification in the market.

_act_

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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?

Topic: CBDCs are created for unemployment purpose - page 6. (Read 737 times)