Topic: COVID-19 will pave the way for CBDCs - page 2. (Read 907 times)

Instead of this I do think one needs to remember that not every country is fortunate enough , the digital currencies and online transactions are still very weird for some people who are just trying to survive , the one's who cannot even afford to buy a smart phone . The government need to take these things into consideration before doing something like this , one needs time to do something like this , I did read comments on the USA digital currency where they mentioned how they are going to present the currency in like 3 years .
All the governmental process takes time and one has to even think about everyone or provide a basic tutorial for people about how to use it .
At the same time one can actually remember that "there are an estimated 1.1 billion people in the world who don't have access to electricity, meaning charging a phone, let alone owning one, would likely be difficult." .(taken from Google)

I feel like governments are already making their move towards creating their digital form of cash and corona is great opportunity for them to inject more digitally printed money so they can reduce the printing costs as well but I don't think they have necessity to create their own centralized version of cryptos since it will be no more different from the fiat money in digital form.

China is already on a transition: First Glance of China's Digital Currency so we're closer than we think. Yes, we still has Visa and Mastercard at the sideline, but these CBDC's will be the next alternative coming from the government. Of course, there will be a lot of cros and pros, but with the recent pandemic, their use case multiple by many factors that's why government's are quickly trying to go live on at least on the testing phase of their CBDC.

CBDC is really a good idea, but if it is made available to the general public, it will implement a separate mechanism that is understood only by people working in government agencies. Do you think that the world's governments' digital currencies will be listed on Coinmarketcap or the crypto market? are not ! That is not possible. Cryptocurrencies are just one of the short-term solutions, and fiat money is one of the most manageable currencies. it can cause inflation, but we still have many ways to fix it and the bull will reappear. My advice is not to expect blockchain technology to have a future.

If this digital coin in the future won't come with blockchain then it has no point to use at all, and I don't think government does not see this fraction of mistake to implement. I don't think fiat will be replaced by this, in most probable case, digital currencies will be backed by fiat currency for it not to be so volatile and literally stablecoin. I know there are several countries that is taking experiment on it, I've read the tokenization experiment by the Russia.

Do you guys seriously think that CBDC somehow will become more like stablecoins? I mean there is no way they would turn into stablecoins at all, they will definitely be just the digital form of the fiat currency and that would be the end of it, it will not be some sort of coin or a token or anything that uses blockchain at all, it will definitely be just a fiat thing that is ones and zeroes on some bank and that's it, nothing more.

Literally the same thing as you having money at the bank and using their cards to spend your money, you think your money is there, everyone thinks the same, and more often than not you can actually go and withdraw all of your money, however when it comes down to everyone withdrawing all at the same time bank wouldn't be capable of giving that, which means money is mostly digital there as well.

Unless we are not being relist the Central bank digital currencies is inevitable, we see the progress China has made iwth their own. The issue is that people should not compare this to the public blockchains we have in the space because they are not, you won't be able to verify their data

When we consider their level of development, not only the economic, but also the sense of how their thinking is shaped, they are very likely to be the first country to become a cashless society. A truly special country, even when almost all the world is quarantined, they keep schools open, restaurants and cafes are packed with people, and they send a message to the world not to put people over 80 on the respirators (which shows that they do not experience death in the same way as the others).


I remember reading a few months ago that there is a service in China that allows you to connect your bank account with your face, and only pay by face scan. Imagine not having to carry your wallet, mobile phone or card, remember your PIN, and that all you need is your smile? Well it's not SF anymore, it's happening in China and it's working.


What is important to emphasize is that such things are much easier to implement in countries like China, because the state has mechanisms that put things in their place without asking ordinary people what they think about something. Western civilizations, however, have some kind of apparent democracy in which the people decide, so any radical change will go very slowly.

I don't think that COVID-19 will speed up the transition from cash to national digital currencies in any way. After all, even now there is a parallel with cash - their non-cash form. And recently, more and more payments are made using credit cards, in addition, Visa and Mastercard also support noncontact technology.

Interesting fact. Sweden could be one of the first countries to adopt a CBDC within the mainstream world. That's largely because people are accustomed in paying digitally than using physical cash for their purchases. As countries begin to develop their own CBDCs, it'll only be a matter of time before everyone in the world starts conducting payments digitally without the need for physical cash. The first country to launch a CBDC, will be the one leading the world's economy in my own opinion. I think that China was the first country to announce a CBDC, so this should encourage the US to launch its own digital dollar in the least time possible. After all, the US wouldn't want its internal Fiat currency (USD) to lose its position as the reserve currency of the world.

With the transition of physical cash to a CBDC, physical credit/debit cards might as well cease to exist in the future. Contactless payments will be the norm where everyone can pay using their computer or mobile device without the need to interact physically with a cashier. In the online world, you can use digital Fiat directly without the need for a credit/debit card. We still don't know if governments will be using Blockchain technology for their own CBDCs. But looking at how successful Bitcoin has been over time, it looks very likely that its core technology will be used for the world's monetary system sometime in the future.



The risks of hacks and theft will always be there no matter how secure a Blockchain network is against external attacks. For what I know, nothing is perfect. In all the years Bitcoin has been used as a currency for daily payments, it hasn't experienced a single hack that would disrupt its entire network. Maybe governments' own Blockchain networks will have a massive hashrate and nodes worldwide to protect against a 51% attack? As long as they have some sort of "fail-safe mechanism", nothing should go wrong. It's time to change to a new monetary system for the 21st century. Physical cash and credit/debit cards will be no more as we shift into the digital realm. Not everyone will find it easy to switch into completely digital payments, but they will as governments slowly introduce their CBDCs to the public. Just my thoughts

As far as I know, Sweden is a country where 98% of all transactions are already done without cash, so I don't think it would be difficult to map this model to other European countries. I don't see that it would be difficult to implement a full cashless payment, just give all people cards and replace all cash with digital version of fiat. It may not be as simple as it may seem at first glance, but it all depends on how much the banks will be interested to move in that direction.


The truth is that printing money requires a large amount of resources, there is certainly room for savings. There is also the question of counterfeiting money, will CBDC solve this problem as well as completely leaving in the past the possibility of physical robbery? Or hackers will find ways to steal digital money from people in a same way they are doing today with BTC and altcoins?

As long as there are old people using physical cash, the idea of a CBDC will take longer than usual to become adopted by everyone in the mainstream world. Governments would need to slowly introduce the new payment system to the world, while phasing out physical cash from existence. A great level of education is needed for people to understand how to perform digital payments more thoroughly. While credit/debit cards have existed for a very long time, they aren't as efficient as a digital currency is. With a CBDC, governments can cut costs and increase efficiency with the power of Blockchain technology. Central banks are slowly beginning to realize that it is no longer worth printing physical cash for circulation. After all, physical cash is harmful to the environment in every way. Not to mention, they serve as carriers of germs and bacteria increasing the risk of contagion from the COVID-19 pandemic. Focusing entirely on digital payments seems to be the way of the future.

I believe that COVID-19 will accelerate the development of national digital currencies as we speak. Remember, Bitcoin was created in a situation where there was a global financial crisis in 2008. We're now getting closer each day to those events, so I'd expect governments to start rolling out their own CBDCs real soon. Just my thoughts

I guess the times are passing and I am very very sorry to say this because it will sound horrible but so will the elderly people as well. People who are on their 60's right now lived at a time when computers have been a very important part of our world during their 20's and 30's so they did get a bit better at it than their elders, anyone who are younger (under 60 year old) have been around literally during the technological boom.

So, when you talk about some new invention like bitcoin to get at the hands of everyone, you do not have to think about just 20 year old people, if needed I am sure everyone up to 50 years old could adapt quite very easily and the rest will either adapt with time or eventually no longer be with us. Sure, it will take couple decades at least but it could potentially happen.

CBD's will get more popular as states begin to lift restrictions on them but I'm not sure what COVID-19 has to do with it. If anything, coronavirus will slow down it's legalization with the fact that everyone doesn't care about drug legalization at the moment.

China actually postponed it because of covid-19. No matter what happened and will happen almost every country will have their own cryptocurrency. Mostly countries that are not allowed ( Euro countries) will have none.

As this virus is still constantly spreading around the world, it is more likely that digital currency will become more popular and noticeable by the society. Some people tend to use credit card or e-wallet to pay for their balance or transactions so there is a possibility that mass adoption of bitcoin will strengthen the probability of CBDCs to become more popular. But in some context, there's some features of digital money that is not enough to replace physical money in our society. Some importance of fiat currency is that it is the currency that the people used for so many years and digital currency nowadays can easily hacked because of our technology that is constantly advancing from time to time. For the mean time, we just need to focus on how this cryptocurrency will develop mass adoption during this kind of pandemic.

Of course, I think that Crypto will have more use due to the quarantine caused by Coronavirus, and in the future, the world rulers will give it an important position. I have read that China plans to create a CBDC but not speculative like BTCitcoin, nor stable coins.
If any country, either China or another, successfully launches its CBDC. There will be other governments who want to follow the model or improve it.

I figured as much.  Definitely going to try to drag it out as long as possible, though.  I use cash over card wherever I can, but I'm already starting to see cashless bars at music venues.  It has already begun.   

Most of these CBDC schemes aren't aimed at removing cash from circulation, at least early on. I think there is a general understanding that banning cash would be discriminatory towards the elderly.

Unfortunately, that argument won't hold up forever. I'm sure the plan is to eventually go cashless.

I don't know if it will exactly be a CBDC. I think many companies utilize debit and credit cards right now for online and in-person transactions. This also helps limit the spread if people are not touching a lot of things while doing these transactions. I don't see a world-leading country putting out a CBDC because many citizens wouldn't know how to use it.