Topic: MAP of cbdc adoption over the world. (Read 173 times)

It's not okay dude, the money that they're using for that project are the money of the people and I don't think that it's really in our best interest to ignore them if we already know that they're not doing any good with launching CBDCs. The reason they do this is because they want to control money and when you control the finances of your people then you just gripped their balls a bit more tighter.

China was the first to lunch CDBC. I think digital Yuan was launched in 2020.

According to what Nigeria's CBDC (eNaira) was referred to, cyptocurrencies are banned in Nigeria, that eNaira is not a cryptocurrency but a digital currency that is making us of blockchain technology. They are even confusing themselves to let us know which is which.

I am waiting for how the US CBDC would be designed. There are 18 designs now, we are going to finally know the perfect one they would choose.

I see no reason for CBDC when fiat has been in digital form since many years ago that makes transactions easier and very much convenient.

Feels like it's pretty useless for now, or kind of unnecessary? Technically you can say that payment solutions are already methods you can use for digital payments, the only thing CBDC has over it is probably that it's government-owned, and even then as others have said, I don't think they'd actually disappear. I mean I guess it's going to end up being developed sooner or later (since it's government-backed), but I don't see a reason why it should be rushed or prioritized. If it was for convenience, the existence of E-wallets so far has been pretty convenient imo.

What I see is the same old fiat currency garbage trying to adapt to the digital medium as a result of the threat posed by Bitcoin. That some are more advanced than others doesn't tell me much. Surely if one of the big players, say China or the Eurozone, launches it first, rivals will speed up the process so as not to be left behind.

Somehow I feel CBDC is not really needed. because its value will be equal to the value of the country's currency itself. and can only be used in the country itself. because when we go to other countries. then we have to keep converting CBDC coin to CBDC coin in the country we are visiting. isn't that the same as ordinary money. which can be transferred via m-banking (mobile). our money is in the bank but we can transact anywhere via m-banking on our mobile phone. isn't that practical? and if go to another country. then we just exchange our money into the money of the country visited. and even then it can be done only through internet transactions or m-banking. without having to hold money in hand.
So what is the difference between CBDC functions and ordinary currencies that can be used practically anywhere through m-banking transactions?
maybe I'm talking like this because I don't really understand the difference in function between the two. and the advantages between the two.

but I think people need a currency that can be spent in every country without having to exchange it first. such as Bitcoin. if bitcoin is accepted in every country then the transaction will be much easier. or with other altcoins.
I have to learn more about this CBDC. because I think that way due to my lack of knowledge. and that's what people who don't understand like me say. please correct and later I will read it. because I want to learn.

From the map shown, Nigeria is the only nation that has so far introduced its own digital money. However, with more nations in the development and pilot stages, the adoption will likely accelerate quickly. Even though we are aware that this will still be subject to government regulation, offering a digital payment method is not a bad idea. If so, transactions made through it should be less difficult and more transparent than those made using fiat. In Nigeria where it has been launched, there is no distinction between it and fiat currency, since you are signing up and submitting your KYC, and your transactions can be tracked and monitored by the authorities.

It's okay let them do it, waste more money in projects that are not even far from using the banking system.
Then there are applications now where you can send money even with slowest internet. That's their real enemy in this business and perhaps they should just empower that and use one application that will be beneficial for the money.
I still don't understand why they are doing this. Fiat will stay and nothing can prevent that but using CBDC is not the answer to strengthen it or speed things up.

China isn't the first to create a central bank digital currency. Europe was the first to do it with ECU in the '80s and probably even before with EUA in the '70s. Then they changed since €uro was alive in the 2000s.
Maybe a European here will remember about https://en.wikipedia.org/wiki/European_Currency_Unit
Sound familiar with CBDC?

Right, no blockchain but who says a CBDC has to use a blockchain? No cryptography? That's wrong

Someone mentioned privacy. I don't know about other areas but in the Eurozone, if you read their very long white papers from the Parliament, privacy has to be 'a must' to consider for development. Of course, it won't be something 100% anonymous, but more than using a traditional bank account, and of course, less than using bank notes (they're not so crazy lol)

Years ago, Hal Finney said something like:
"In the future, we will have 2 layers: the (crypto) currencies used by banks, and cryptocurrencies used by people"

See now in 2022 how this guy was so right

If there is a German or French here, look for a recent documentary from Arte TV with the title in german "Do we still need banks?" and in French "Avons nous encore besoin des banques?"
You will think about CBDC immediately.

If cbdc can be equated with physical fiat, then bank savings still have an advantage in terms of providing passive benefits and other reward programs offered by private banks.
Honestly I wouldn't deny the existence of a cbdc if it had become a priority use of those around me, but I would first see what a cbdc can offer especially management procedures and security compared to banks.

That's correct. But having "government approved" wallet(s) for the CBDC is just a tiny step forward, and then the people will be able to pay with that wallet via smartphone, instead of paying with Google Pay/Apple Pay with the Visa/MasterCard cards enrolled.


Indeed, my use case works primarily inside the borders a certain fiat currency already works as legal tender.


Then they may have no "selling point" for those CBDCs. I mean the shops will have no benefits to accept that, the users will have no benefit to use that, only the govt has benefits, from surveillance and control to less money spent to issue the old/existing "paper".


If so, I fail to see what entity can actually benefit of CBDCs.

I am not really interested in this CBDC because I don't think there is any urgency, especially what I see is that this CBDC is just a FIAT digitization, it cannot be called a "cryptocurrency. But even so, if the government is interested in digitizing their currency through this CBDC, it is good thing, because I'm also still using FIAT and I think currency digitization is pretty good.

A CBDC is still the local fiat currency. In which case, it isn't really a replacement of international financial services like Visa, Mastercard, Paypal, and others. And I guess, although this may highly vary from one country to another, a CBDC implementation does not eradicate payment solutions like the ones mentioned primarily because the government would most probably lack the ability to innovate and develop infrastructures that would effectively render these private companies useless.

To my mind, and based on observation, the government would continue to accredit third party payment providers. As a matter of fact, I don't believe that a country implementing a CBDC would only allow a single government-operated wallet. It's likely that there'd be a number of them, privately-operated mostly.

Exactly, there is no difference in the value of the Naira and e-Niara and there is also no difference in the function the internet Banking system was and still performing but the Government just wanted to make the less crypto-understanding citizens of the country think this is a digital currency like cryptocurrency but failing to realize that the Banked population of the citizens already knows better. Why would I get a different app to do a transaction that I can already do straight from the Bank app itself without any additional benefit?

I know that Türkiye plans to do same as we are included on map. But there are no roadmap or anything like that. I think digital currency usage should be favored by states as its far more easy with accounting controls. Its easy for citizens as well, I personally stopped used fiat money except for tipping waiters etc. Most people went for credit cards or mobile payment methods. Digital currencies are gonna next big evolution on it.

The map shows much more countries into CBDCs than I've expected.

But your logic has a flaw: the fact that in developed countries and even big cities people goes pretty much cashless is not a no-go for CBDCs, rather the opposite. I see CBDCs as a replacement for VISA/Mastercard, replacing those fees with smaller (or none) plus increased surveillance of the state. Most shops will embrace it to save money, people will have no other choice than complying.

The truth is that I cannot see the urgency or even the necessity for a CBDC. In a developed country, a lot of people are already going cashless. That's even if there isn't a CBDC yet. In developing countries, digital cash isn't also that important because a lot of people lack digital awareness. They've got no choice but to use hard cash. So a CBDC is also not necessary.

While there is indeed a sense of inclusivity with a CBDC, it could very well be done with existing digital fiat infrastructures. Digital banks in my country, for example, are rising and that's even without a CBDC yet.

People's Bank of China was the first to launch its own CBDC, digital Renminbi (digital Yaun). There are more other central banks that have launched their own CBDC:

Central Bank of The Bahamas (Sand Dollar)
Eastern Caribbean Central Bank (DCash)
Central Bank of Nigeria (e-Naira)
Bank of Jamaica (JamDex).

https://en.m.wikipedia.org/wiki/Central_bank_digital_currency

It is done in a way that people still can transfer from bank to eNaira wallet in Nigeria. Nigeria prefer to deal with naira directly than first transfering the naira to eNaira wallet.

In Nigeria, people still prefer naira.

I had the eNaira app, I later deleted it because I prefer the bank that I am using, I have their app and I see no reason why eNaira was created, nothing more than the fiat that we are transferring on our bank app.

I do not see CBDCs to be necessary as long as we can transfer fiat using electronic transfer.

You could do a screenshot of the nap and not putting out the link for menbers to click on, if the shot is taken this will be easier to assess the map better than to follow from the link. However, very few countries have flagged off the adoption of cbdc but  some are still on pilot stage.

Edit: I now see the chat, is looking like the chat was not ready when I was commenting.

I saw this post recently on visual capitalist. It shows CBDCs adoption over the world.

Nigeria is the only one so far that launched its own cdbc. Russia and China already have their pilot.

I see that countries which are democracies that have more respect for individual rights are not rushing cdbc adoption.
Privacy issues and conflict with banks may be the problem. Banks wouldn't want people to have cdbcs, as they would lose clients.


https://www.visualcapitalist.com/visualized-the-state-of-central-bank-digital-currencies/


What do you think when you see this map?