Topic: Chinese city now accepts CBDC payments for bus rides (Read 409 times)

You can also expect CBDC to have a positive impact on crypto growth if some centralized exchange makes it a trading pair. I've heard of the idea - but so far no realisation. CBDC is basically the same as fiat digital - it's not that different.

I believe that over time the world's civilization will move towards digitalization. Adoption of digital currencies has become a new trend in the financial system - but unfortunately many governments cannot yet consider bitcoin as one of them. CBDC is a controlled currency - while bitcoin is not. So maybe that's why governments can't adopt bitcoin.

Well at least, the Chinese have started something. I'm still not sold on the idea of CBDCs but if it's working good on some countries then great for them. The whole world is slowly shifting towards digital payments anyway so this type of news is nothing new. What's new however is that China managed to get everything working for once before launching it to the public. Other countries must read notes if they also wanted to implement CBDCs in their country as they could learn a thing or two on what or what not to do once they roll out their own CBDCs.

And I agree, it is going to be very difficult to get people to wake up to the fact that a great deal of things they know and that they take for granted were lies, and in order for this to happen then we will need an event that wakes them up and shocks them to their core, and a financial crisis way worse than the great depression will without a doubt change the way people look at all the information they have been exposed all their lives, and finally reject a part of the excessive control the governments want to exert over them.

Unfortunately, you can't make a real argument that CBDC will provide any real economic benefits... Or will you try?

The main purpose of CBDC is TOTAL control of funds of both private business and citizens of the country. China is sinking into the abyss of big and systemic problems, plus the vector of the "people's party" is changing. If recently China was developing towards some freedoms, now it is going back to totalitarianism. Freedoms are already diminishing. This means that control mechanisms are needed... These are the issues of withdrawal of funds outside China, financing of democratic currents, and internal flow of funds. And there is no way to do it without the CBDC! Believe me - this is not for the "happiness of the people" is not done...

The Chinese government is launching its own CBDC, which could have significant economic and technological advantages. They hope that developing a CBDC to the exclusion of other currencies will help create more liquidity and stability in their economy. Possibly objectionable to foreigners, many would disagree with such a government because it overestimates or limits individual liberties. But in fact, China has imposed it on its people for thousands of years, and the people still abide by this decision.

I don't think that it is a step they've taken to give competition to the USD, but CBDCs are basically created to compete with Bitcoin or cryptocurrencies because they are decentralized digital currencies and countries know that they won't be able to have complete access to these currencies if they are used by the masses, so they are preparing and implementing things that will prevent most people from using cryptocurrencies and use CBDCs.

A lot of people will use them because they don't have an option and those people are the ones who have always been in support of the traditional financial system they don't believe in Bitcoin or blockchain revolutions and they think fiat and banks are the ones that we need forever.

CBDC = FIAT

There's no difference in between these things on which it would really be not shocking that government would really be recognizing CBDC's rather than on touching up those decentralized cryptocurrencies on which it is really that understandable that they would really be sharing up with the same impressions towards it which it would really be that negative.This is why these kind or type of news about acceptance of something centralized
or been created by them isnt really that something interesting but instead getting annoyed on why they have done such thing if fiat would be enough?

We do have cashless payments already using up those card on using up in bus, trains or other similar transport. Yes, it does bring out convenience but it would be great too if they
would really be adding up some options too.

I don’t know of a time when the government haven’t been head of affairs and having CBDC doesn’t make no difference from what has been. It’s all the same package, just providing more options for them to pick from in a bid to divert the attention of its citizens from the cryptocurrency advent and I wonder how has that being going so well for them.

CBDC is still the typical fiat, just a digital fiat and that’s what it would ever be. So, those who know better would always sort better alternatives based on their desires else, they stay stocked in the same old centralized systems. It’s just options and choice:

You're exactly right, which is why I put "need it" in quotes on my original post. Countries will either be sold, deceived, or will willingly adopt CBDCs not only to enable ridiculously and dangerously easy monetary policy, but like you said, to also control and manage the currency and the people who use it. It will be embraced until people begin to report that their life savings are locked, pending investigation. These investigatuons might start off fair until they get unfair toward innocent people. Then there is the situation of automatically deducting fines, and punishing for bad social interactions, etc. It's straight from an episode of Black Mirror!

Many countries had already started working on creating their own digital currency, such as Britain, which began working on establishing its own CBDC even before China, which apparently succeeded in the launch process. Some economically allied countries are considering at the same time creating a digital currency to facilitate exchange between them and in a challenge movement to the US dollar, which controls trade exchanges around the world.
It is not surprising that China took the initiative to experiment and launch its CBDC currency, because it was throughout history the first to activate advanced payment methods. Let us not forget that China is the first country in history to create paper currencies to facilitate exchanges, and it is also the first to establish advanced payment systems such as Wechat. It is not surprising that other countries around the world follow it, especially countries that have trade exchanges and strong economic relations with them.

Isn't it fascinating how we regard governments as almighty puppet lords manipulating our actions? They have some control, but do governments rule like Orwellian dystopias? That's an intriguing drama slice, no? Fiat currencies. They've had challenges, but calling them a failed experiment is premature. The system's faith won't go quickly. Your dystopia intrigues me. The internet is as manipulable as fiat money, therefore social media might collapse and enlighten society. Digital landscapes include false narratives, misinformation, and hacks. I wonder if CBDCs are about currency evolution, not threats or incentives. Is our method wrong? Social advancement, not government control?

Well, that is quite true though, governments CAN deceive and coerce their own citizens, even manipulate them to do whatever they want. This isn't really a shocking turn of events, I believe that it could continue to be like this for a long time. I am guessing that the best thing to do in this case would be making sure that you are doing a better job at it, and for that to happen you need to realize you can't check the media, because if you check the media in EVERY channel there are lies.

Some believe the ones they believe and think the other side is lying, that's not true, every single one of them lies, not even a single one of them tells the truth. This is why we believe that it is not going to be easy and will have some hard time for sure.

Sorry to hear from people who had to flee Ukraine in 2022, from the terrorist war unleashed by russia against us. And a lot of people went to Germany. Germany has always been considered the "economic engine of the EU", a country with high social standards. But as it turned out, in terms of ordinary household technology, Ukraine is more comfortable
One story how to get a bank card in Germany and the duration of transfer from card to card - for residents of Ukraine sounds like a "terrible tale". To get a bank card in Ukriana - about 15 minutes, if you do it in the branch. You can just at the cash desk of almost any retail chain, buy a basic card and immediately activate it. In addition, you can just download an application and create a virtual, full-fledged card - 5 minutes of business! About transactions from card to card or account-card, in our country, if the money has not "arrived" in a minute - it is already a wild discomfort. Fare payment in public transportation - no money ! On a choice: 
- single travel card (works in the subway, trolleybuses, streetcars, city and intercity trains,...)
- social bank card (pensioners and other social groups)
- almost any bank card. Why "almost any" - some people still have ordinary cards without NFC, but 90+% of them are with contactless payment system...
- mobile application of almost any bank.
Also pay for utilities and all public services on digital portals of public services....

Having said that, one must realize that CBDC is TOTAL CONTROL for the owner of that currency. And if you can put cash in a cellophane bag and hide it somewhere, so that the state will not take it away from you, the state will LOCK the digital currency in two clicks!
CBDC is an evil created by blockchain technology and cryptotechnology. It turned out as always - they invented steel and knives to cut a juicy steak in the kitchen, and they started using them to kill each other.... So it is with CBDC - a good technology that was adopted by the state and became a tool for total control and management. CBDC is definitely your money that's not yours at all.)

Thanks to Covid (yeah, it had its pros at least), Germany become slightly better. You don't have to sign every time you receive parcel and you can pay with card in many places. The real problem is that while China accepts CBDC payments for bus rides, in Germany you have to pay with cash in the bus or in the best case, you buy a monthly ticket that includes buses too and you have to show your ticket to the driver.
I really hope that Germany won't go hyper progressive in terms of digital technologies and won't adopt CBDCs.

And still, there are people who wish that Russia and China succeeds and there will be communism all over the world. What a strange world we live in.

What happens is that governments are still operating under the premise they can deceive and coerce their citizens to do what they want, and if there is something history show us is that governments can have some control over their citizens, but if things go out control, especially the economy, then that control evaporates, fiat currencies are a failed experiment and it is just a matter of time before they collapse, and once they do people will never forget it thanks to the internet and social media, and at that time people will reject CBDCs regardless of any incentive or threat governments could make.

Exactly.

It's no surprise that the development is happening. China will of course be first in making the technology work, then the multi billion dollar infrastructure will be provided to other countries who think that they "need" it. Once a country has the system working in a stable way, you can expect that same company to start requesting its citizens to redeem cash for CBDCs before cash is abolished for that country.

It'd be great to have a CBDC board, or somewhere to discuss these developments. Economics is probably suited currently, though it'd be much more interesting to watch CBDC development in isolation.

It is nice seeing some countries advancing to the stage of them creating a digital currency for the country and not only that but also encouraging it to be spent as a legal tender among the people, as least if some countries can take this up it might help in economic development and growth.

CBDC's vs Bitcoin is also a long-timed debating topic but you can't really gain anything out of it. Better accept the reality, the idea seems to be good but if you consider the recommendations of the analysts it is not really in the favor of the CBDC. No doubt China is the next evolving superpower but as we have seen a downfall already I don't think so we can risk everything again on the hope of just CBDC's.

China is indeed a country that always moves very quickly when it comes to economic development. Included in the digitization of their currency is the Digital Yuan (CBDC). which they were one of the earliest countries to pilot CBDC and implement it in their own society. and another good thing is that the people there also welcome it with quite high enthusiasm. China's move can indeed strengthen the dominance of their own currency in the future.