Few words about CBDC


The world is actively discussing various CBDC (Central Bank Digital Currency) implementation projects. 


China is testing the digital yuan and seriously expects its introduction into the financial system, Russia presented a roadmap for digital ruble testing.


At the same time, in the UK, there is an active discussion about the digital pound. No time frame or functionality has yet been defined. The Bank of England has stated that this topic needs to be seriously considered, and a decision may not be taken until 2025. Gentlemen are in no hurry.




The most principled discussions take place in the US.. The discussion is intensified by the current electoral campaign. The Fed is working on its own digital dollar, and presidential candidate Donald Trump says he will never allow it.


Why did such contradictions arise?


In public opinion the development and release of CBDC is often perceived as support by the authorities for crypto business. It’s actually a completely different project. The authorities are trying to introduce a specific technology that is quite different from the "classical" decentralized blockchain. Of course, Central Banks are not going to accept decentralization and to abandon the ability to regulate emissions and affect transactions.


Financial bosses are only interested in a part of the blockchain’s functionality, primarily the one related to its transparency. Being able to see every dollar at any point in time seemed extremely attractive to them. In reality, it means total control! The state is tracking your every move, tracking your purchases, accounts, and actions.


It’s like a fantasy anti-utopia story. 


So, the introduction of the digital dollar is not a step for the authorities towards crypto, but only part of the movement to tighten control. 


However, CBDC is not a blockchain in Satoshi Nakamoto’s meaning, and it is not obvious that it will have its characteristics: stability and reliability and the success of its implementation is not guaranteed.


#CBDCDebate #DigitalCurrencyTrends #CentralBankTalks #FinancialControlDebate #CryptoVsCBDC

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