Topic: Could the digital Euro, Dollar or Yuan bank the unbanked? - page 2. (Read 174 times)
The only difference on CBDCs and today's fiat is the medium through which they are generated. Those who manages them will still be the same people that require you to submit a lot of unnecessary documents before being "considered" to have a bank account done on your name. If anything, the requirements will even be unnecessarily tougher, with the reasoning that everything exists digitally so why would it be hard for one to get those? It will not bridge the gap on the bank and the unbanked statistics, and instead will be widening it should we ever come to a time when CBDCs are already enforced and is a reality to us.
May time we forget that there are millions of people out there that do not have access to any type of banking. I am speaking of millions that do not geenrate a recurrent income, do not have access to credit and have their lives quite limited for that fact.
One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
We cant really deny that not all does have the access nor able to benefit out when it comes to those banking services due to lack of capacity or capability when it comes to finance sector and its true One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
that ones these digital coins would commence out then that would surely be a relevant move.
Comparing about Initiatives between these digital coins compared to bitcoin is somewhat really be different because when it comes to exposure or marketing then nothing beats out when government
do really introduce things up.
People who had been used to traditional things will easily believe on and would just simply stick on it.
May time we forget that there are millions of people out there that do not have access to any type of banking. I am speaking of millions that do not geenrate a recurrent income, do not have access to credit and have their lives quite limited for that fact.
One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
I think even worse than that some areas and set of people don't even have access to Technology & Computers too so even if Banks create digital currency they still won't be able to take any advantage of it, but let's keep that apart, talking about the possibility of it how exactly will digital coins help in banking the unbanked? Infact I think it's easier to operate a bank account than to operate a digital wallet isn't it? Moreover, if the government isn't able to bank the unbanked with a normal currency, something like a CDBC would be a lot more difficult task for them to handle. I don't really understand your idea? One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
I heard on the radio the other day that those digital curencies will eliminate the need for banks. With them, the Central Banks can give aid directly to certain sectors of the population or to individuals who request it and meet certain requirements. When the Central Bank decides to give the aid, it will simply transfer the digital currency to that person's wallet and will not need an intermediary bank.
It remains to be seen whether this will be the case, as I do not see central banks doing away with traditional banking just like that.
It seems to me that you did not fully understand this news. The central bank cannot send digital currency to people and to do it without the involvement of other banks. If we are talking about the stable coins of the central banks of states (CBDC), then the banks will all the same participate here.It remains to be seen whether this will be the case, as I do not see central banks doing away with traditional banking just like that.
CBDCs will partially displace fiat currencies from circulation, but they will not completely replace them. The need for paper money will all the same exist both on the part of states and on the part of certain groups of people.
I believe CBDCs will be accessed through browsing phones or computers
Once the gatekeepers have granted you access. And given that they'll be the same gatekeepers who are currently keeping people unbanked in the current legacy financial system, I honestly don't expect CDBCs to be any different in that regard. The floodgates are not going to rush open (IMHO). They'll probably still want your multiple forms of ID, your proof of address, all the security checks they ask for now. Wouldn't surprise me if they added some new checks as well. Don't have some of those things they insist on having to prove your identity and satisfy their government-mandated checklist? Too bad. No entry for you.
The people pushing for these CBDCs can give lip service by listing any number of potential advantages, but will be suddenly silent when none of those advantages materialise in execution. They don't know how to change for the better. It's an alien concept to them.
In my Country Nigeria, I was surprised really when I saw that we are ranked 2nd in the crypto market. I wasn't really expecting that because some people like you said in my country don't have a bank account, I asked my office cleaner once if she has and she said no and with the rate at which people are really into this I was amazed.
I heard on the radio the other day that those digital curencies will eliminate the need for banks. With them, the Central Banks can give aid directly to certain sectors of the population or to individuals who request it and meet certain requirements. When the Central Bank decides to give the aid, it will simply transfer the digital currency to that person's wallet and will not need an intermediary bank.
It remains to be seen whether this will be the case, as I do not see central banks doing away with traditional banking just like that.
It remains to be seen whether this will be the case, as I do not see central banks doing away with traditional banking just like that.
What I have noticed in my country which is among the ones you mentioned is that most people that are not using bank are not also using a type of phone that can browse, they use a very cheap phones that they can just use for calls, if they can not use good phone, definitely they are also not having laptop. I believe CBDCs will be accessed through browsing phones or computers or maybe also stored on hardware wallets.
The present cryptocurrencies which are decentralized are enough for this, but yet such people do not know what cryptocurrencies are, that is just the problem, I do not think CBDCs can add anything to this for now as some people are not literates. It is people that are still using decentralized currencies that might be able to use CBDCs also. But these centralized cryptocurrencies may not let privacy to exist at all for users that are using the centralized cryptocurrencies.
The present cryptocurrencies which are decentralized are enough for this, but yet such people do not know what cryptocurrencies are, that is just the problem, I do not think CBDCs can add anything to this for now as some people are not literates. It is people that are still using decentralized currencies that might be able to use CBDCs also. But these centralized cryptocurrencies may not let privacy to exist at all for users that are using the centralized cryptocurrencies.
May time we forget that there are millions of people out there that do not have access to any type of banking. I am speaking of millions that do not geenrate a recurrent income, do not have access to credit and have their lives quite limited for that fact.
One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
One of the possible advantages of having digital currencies that are recognised by strong central banks and can be moved digitally is the possible access of all this people to a system of storage, exchange and maybe even credit through the digital official coins. I can only begin to imagine how huge can be the economy enabled by these initiatives if bitcoin alone has already taken a preeminent place in a few countries such as Nigeria, Myanmar, Venezuela, ...
Jump to: