Topic: How long will it take for CBDCs to become a reality? - page 3. (Read 306 times)

I've heard about some countries beginning the development of a CBDC (Central Bank Digital Currency). With crypto/Blockchain tech becoming extremely popular since the start of the pandemic a year ago, we'll be heading to a new era where paper money will cease to exist. Crypto still has some challenges to overcome (like scalability, fungibility, and volatility). This will not be a problem with CBDCs as they will be manipulated by governments and central banks to a greater extent than today's Fiat currencies. All it takes is for central banks to copy Bitcoin's (or Ethereum's) code to start their own digital currencies for the whole world to use.

Now, the real deal would be getting people to adopt a new kind of money when they're used to paper money and credit/debit cards. Not everyone is quite fond with crypto/Blockchain tech these days. Third-world countries will be the ones left behind as they lack the infrastructure necessary to make CBDCs a reality. How fast will it take for the whole world to switch to CBDCs is beyond me. Time is moving fast during the COVID-19 pandemic, but there's no indication of a CBDC launching soon.

I wonder how long will it take for CBDCs to become a reality? Will it be decades or centuries from now? Do you think it's still too early for CBDCs to come into fruition? If not, why? What may be the cause for delaying the launch of the new digital Fiat system? Your input will be greatly appreciated. Thanks.