Topic: COVID-19 will pave the way for CBDCs - page 4. (Read 907 times)

You have solid points but we don't know for sure because in this situation people need cash more than anything so people are selling their asset and crypto was unstable as well even though now it's stable but we never know when it's become unstable again and who wants unstable crypto right? but I think major currency like USDT and other coins will be stable but since the government can"t trace crypto they are chance that government won"t get much tax which why they are approving crypto and crypto is one of way people are laundering their money. so you can see there are many reasons why crypto won't get CBDC but let's stay positive.

I have the same thought and conviction that central banks will develop their own digital coins, this impact of this pandemic is just too massive and humbling. It's even more expensive to manage fiat than managing digital coins. The fiat has a whole lot of bottle necks to deal with.

They've already approved a bill to it, so i think this is currently underway and will be fully useable in just a few months, although im harding difficulty understanding what is USDT for ? or is that their Digital dollar ?

About dollars being digitalized, If they go live it would really cause them some issues including hacking and identity theft. So people, will probably switch to better unmonetized payments.

Well, this is too early for the development of CBDC because the government cannot do that in a short time, maybe developing countries in technology will recognize CBDC, how about other countries will require a long process and I think this pandemic will not be as long as there is, so real money will to become an irreplaceable medium of exchange that is irreplaceable.
As the epidemic continues to spread and increase some people do not make contact transactions, but that is only partly so what about the small people if they will be able to with it? I do not think so.
When this social distance is what they use is the best thing maybe online transactions will be safer than having to contact but after the situation recovers it will be normal when real money will be used a lot.
CBDC is only a few central banks that are available.

It is now clear that digital currency has a place in the history of humanity because of what we are seeing now. I guess the world is now waiting for the pandemic to be over before real focus on bitcoin starts properly.

Right, as @figmentofmyass has said, US is moving towards a digital dollar to combat this pandemic.

So probably we will see countries moving in this direction, China will accelerate and possible that other EU nations as well. I'm still a bit skeptical about Russia though, we all know that they want to put everything under their control. Although issuing digital + nsert local fiat here> might be also be used as surveillance measures to track everyone.

you're probably right, the pandemic will accelerate things. south korea is burning cash as a public health measure, and the USA government is obviously embracing the idea of digital currency too. i'm not sure all these systems will incorporate blockchains though. they may just use trusted databases.

the stimulus bill they just passed in the USA actually included a provision creating the "digital dollar"---a central bank issued digital currency. they were planning on using it to pay out stimulus money, but it was stripped from the bill at the last minute. they are paying out stimulus funds via the IRS tax return system instead. https://www.theblockcrypto.com/linked/59692/digital-dollar-proposal-stripped-from-latest-house-democrat-coronavirus-stimulus-bill

For the first time on such a scale, states are now taking measures to disinfect paper money in connection with the spread of coronavirus, and they themselves are urging people to use it less and switch to non-cash forms of payment. It is unlikely that the coronavirus pandemic will last too long, but the current situation will certainly contribute to the further crowding out of paper money and the issuance of nationally stable state coins. Figures have already appeared that about 70 percent of all states are working on the creation of their digital currencies of central banks. Many states have already noted the positive role of digital currencies compared to paper money, because every few years paper money must be replaced with new ones, and this is a very costly process. However, people, and even states, are not yet ready to completely switch to non-cash forms of payments.

Right. Central banks may see highly infectious disease and epidemics as a justification towards their creation of digital currencies. Then again, it needs a lot more than that, and the public really needs more convincing for them to accept this novel idea of replacing physical cash with online ones. Perhaps after the older population is gone, they will have to push even harder for this to become a reality, but for the time being I don't think there is any solid reason to hasten the formation of CBDCs.

What is happening right now is certainly an additional support in favor of developing a digital currency. The argument for CBDCs is made a little stronger due to this. While a pandemic as large as this does not happen often, it is always prudent to be at least taking the safer path. With the population explosion that we have been facing, a fiat bill or coin shifts hands countless of times in a single day. And if it is indeed true that unseen virus and bacteria could survive in it for a few hours, that is enough to wreak havoc on an entire village or even a country. And, after all, we are now on the threshold of a digital age.

In times where social distancing is a must, the way we make payments changes in its entirety. Physical cash will cease from existence, as they serve as "carriers" or "vehicles" of the deadly coronavirus "COVID-19". Governments will notice that printing more money will not be worth their time, leading them towards the creation of their very own digital currency. That is if the pandemic continues extends long enough in order to have a negative impact on the world's economy.

Considering that everything has been moving to the "online world" lately, I believe that the coronavirus pandemic will pave the way for CBDCs (Central Bank Digital Currencies) quicker than we've expected. After all, it'll be much safer to conduct transactions online (and eco-friendly too) than doing so in the physical realm. Crypto will rise like never before because of this, leading towards the accelerated development of CBDCs.

While many countries like the US and Russia are skeptical about crypto/Blockchain technology, they might change their stance once they see it's no longer worth printing physical cash. China has already been working on a CBDC solution of its own, so it's only a matter of time before it starts rolling it to the public.

What are your thoughts? Will this be the era of CBDCs? Or is it still too early to tell?